Strictly speaking, the federal government taxes individual income progressively. As a person earns more and progresses through the tax brackets, their tax rate increases. But it's not a monumental change when you jump from one tax bracket to another, as only a portion of your income is taxed at the highest level.in 2020 — but while 22% of $50,000 is $11,000, you're not paying $11,000 in taxes.Think of it like a set of stairs.
Some states also tax income progressively, while others have a flat tax rate or don't tax income at all.Figure out your taxable income: gross income minus deduction.Everyone pays a 12% federal-income tax rate on their next $9,876 to $40,125 of taxable income.And so on and so forth. For his 2020 taxes, John would subtract the standard deduction and take zero personal exemptions, since they were eliminated with the Tax Cuts and Jobs Act.Here's how to estimate how much he would owe in taxes:
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