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How Federal Income Tax Brackets Work. Say a married couple, filing jointly, in 2016, had a taxable income of $175,000. Each dollar over $151,900âor $23,100âwould fall into the 28% federal income tax bracket. However, the couples' total federal tax would have been $35,986âjust about 20%, of their adjusted gross income.
Image Source: Getty Images. The IRS has announced the 2017 federal tax brackets, and as usual, the income thresholds have increased slightly from the previous year. Your bracket will depend on your income, current marital status, and whether you choose to file a joint or separate tax return.