what percentage of your income is taxed
As of 2013, the IRS had seven different tax rates. Taxpayers with the smallest taxable incomes paid 10 percent, and tax rates rose with income to 15, 25, 28, 33, 35 and 39.6 percent. The highest rate that applies to your income is your tax bracket.. But here's the tricky part: Even if you're in, say, the 25 percent tax bracket, your taxes don't actually equal 25 percent of your taxable income. Often, your true tax rate doesn't even come close to your bracket rate.