How much you pay in taxes is determined by which tax brackets you fall into. For tax year 2024 (filing in 2025), there are seven brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%. That will remain ...
The marginal tax rate (TMI) is the tax rate that applies to the highest tranche of your income. The average tax rate is the average rate at which your income is taxed. It tells you the how much ...