Bracket Marginal Tax Rate

$$011,00010\%$

$$11,00044,72512\%$

$$44,72595,37522\%$

$$95,375182,10024\%$

$$182,100231,25032\%$

$$231,250578,12534\%$

$$578,125$ and above $37\%$

The above information is accurate information for $2023$ individual filers.

The marginal tax bracket is the percentage on the next dollar earned you would pay in tax.

You are a partner in a successful accounting firm. You estimated your income for the year, and estimated tax payments based on that income, to be $$150,000.$ Because of an influx of business, you received extra compensation and a bonus $($taxed at regular rates$)$ of an additional $$50,000$ for the year. How much additional tax do you owe due to the $$50,000$ increase in your income? What is your new marginal tax bracket because of this increase in income?

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