How do i find out what tacket bracket I'm in?

Question

I'm 28 live in Chicago, single, no kids - how do i find what tax braket I'm in. I'm trying to max out my 401k to get bumped down on the tax bracket but don't know where I even sit. 2) If i get a second job I take it that will contribute to "how much i make" according to the IRS?

thanks

Answer 1

1. For Single with no dependent, for income up to $8,750 you will not pay any federal tax. Any income over $8,750 is your taxable income.

Your Taxable Income
is over-- But not over-- The tax is:
$0 -- $7,825 -- 10% of the amount over $0
$7,825 -- $31,850 -- $782.50 plus 15% of the amount over 7,825
$31,850 -- $77,100 -- $4,386.25 plus 25% of the amount over 31,850
$77,100 -- $160,850 -- $15,698.75 plus 28% of the amount over 77,100
$160,850 -- $349,700 -- $39,148.75 plus 33% of the amount over 160,850
$349,700 -- no limit -- $101,469.25 plus 35% of the amount over 349,700

Answer 2

Getting "bumped down a tax bracket" would only change the tax you owe on the amount over the top limit for that bracket, not for any amounts less than that - tax on the amount you make that's below that limit wouldn't change.

And you are correct that if you take a second job, your income from the two jobs is added together to figure out how much you make, and how much tax you owe.

Answer 3

You can find the published IRS tax rate schedules for 2007 here.

http://www.irs.gov/formspubs/article/0,,id=164272,00.html

For single, it would be schedule X. This is based on taxable income which would be your income - adjustments - standard deduction or itemized deductions - personal exemptions.

A second job would increase your gross income for taxable purposes.