Federal income tax brackets show the percentage of tax to be paid based on taxable income. The Internal Revenue Service has seven tax brackets as of 2015, according to its website.Continue Reading
The IRS reports that the income tax rates for 2015 are 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent and 39.6 percent. Taxes are paid progressively within each bracket and, except for the 10 percent rate, not as a total within one bracket.
Forbes magazine and the IRS provide outlines of income tax rates. Taxable income for single filers, to a $9,225 maximum, or $18,450 for married couples who file jointly, is taxed at 10 percent. Income up to $37,450 for singles and $70,900 for joint filers, is taxed at 10 percent on the first $9,225 and 15 percent in the second bracket.
The 39.6 percent income tax rate is paid on taxable income above $413,200 for single filers and $464,850 for joint filers, according to the IRS. An individual is charged for $119,996.25, and joint filers pay $129,996.25, for the tax levels below the thresholds and 39.6 percent on the additional income. Taxable income is determined by gross income less deductions, and credits further reduce the income tax when tax forms are filed in 2016.Learn more about US Government