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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.
Federal income tax brackets were last changed one year ago for tax year 2016, and the tax rates were previously changed in 2012. Federal tax brackets are indexed for inflation, and are updated yearly to reflect changes in cost of living. The Federal Income Tax consists of seven marginal tax brackets, ranging from a low of 10% to a high of 39.6%.