Tax brackets 2024: Single filers Tax Brackets as \"Pockets\" e wnete bracket $0 to $11,600. Your income is taxed at different levels depending on how much you make. $1,601 to $47150. $47)151 to $100,525. Because of this, you can think of the tax brackets as \"pockets\" that can only hold so much money. Quick Example 1 - If your taxable $191.951 to $243.725. income is $12,000 per year as a single person, $11,600 of your income would $243.726 to $609,350. be taxed at 10% and the remaining income would be taxed at 12%. 7 3 it $11,600 ~ $1,160 in tax} et $100,526 to $191,950. Standard Deduction When calculating taxes, the first thing to consider is any deductions to lower your taxable income. For single filers, that amount for 2024 will be $14,600. It changes each year due to inflation. This is subtracted from your income BEFORE you start calculating your taxes owed. Quick Example 2 - If you made $50,000 before taxes, you would subtract $14,6G0 from that to determine your TAXABLE income. That income is used to calculate your taxes owed. Calculate Taxes Owed To practice calculating taxes owed, we will do one example together. Income = $65,000 Don't forget...Standard Deduction is $14,600 Taxable Income = $50,400 Tax brackets 2024: Single filers Tax rate Taxable income bracket Do $11,600. to $47150. :to $100,525. $100,526 to $191,950. $191,951 to $243,725 $243,726 to $609,350. $609,351 or more. Question 1 Looking at Quick Example 1 from the video, what is the amount of INCOME that would be taxed at 12567 Question 2 Looking at Quick Example 1 from the video, how much would you pay in TAXES just for the 10% portion? Locking at Quick Example 1 from the video, how much would you pay in TAXES just for the 129% portion? Question 3 Using your answers to the previous question, how much is paid in taxes TOTAL? Question 4 Looking at Quick Example 2 from the video, what is the TAXABLE INCOME for this situation? 10 pts 10 pts 10 pts Question 5 10 pts Looking at Quick Example 2 from the video, what would be the highest tax bracket this income would get to? O 12% O 10% O 22% O 24% Question & 10 pts What was the TAXAELE INCOME of the question we did together in the video? Question 7 10 pts What was the TOTAL TAXES OWED that we found in the question we did together? Question & 20 pts Now it's your turn! Use the table from the video to help you answer this question. Jeffhas an income of 537,720. What is |effs TAXABLE INCOME? Using that income, what is the highest tax bracket |eff's income will be in? Calculate the TOTAL TAXES OWED for |eff