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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.
What is your tax bracket? Knowing your income tax rate can help you calculate your tax liability for unexpected income, retirement planning or investment income. This calculator helps you estimate your average tax rate for 2016, your 2016 tax bracket, and your marginal tax rate for the 2016 tax year. Bankrate's 2017 Tax Guide We'll help you understand the extremely complicated tax code in easy-to-understand language.