The IRS has set many tax deductions and benefits secure for people. Unfortunately, some taxpayers who are earning a advanced of income can see these benefits phased out as their income increases. Marginal tax rate could be the rate of tax obtain a on your last (or highest) associated with income. In the last described example, the individual is being taxed with a marginal tax rate of 25% with taxable income of $45,000. This is mean one is paying 25% federal tax on her last dollars of income (more than $33,950).
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