Rosary Bay is a Christian mission-driven online resource and shop inspired from the beauty of Catholic faith, tradition, and arts. we promote fully Traditional Catholic Latin Mass, Sacraments, Doctrine, and Morality. Â© 2016 Rosary Bay. All Rights Reserved.
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.
Fourty-four of the fifty states collect a state income tax, all of which are lower than the Federal Income Tax. The highest marginal tax bracket in any state is just over 10%, comparable to the lowest tax bracket in the Federal Income Tax. While most states use a bracketed system similar to the Federal Income Tax, some use a flat income tax which collects a single, low percentage of all income from the first dollar to the last.