What is the key to being able to confidently do your federal income taxes?
Select an answer:
Know the tax code.
Hire a tax expert.
Keep good records.
Find the loopholes.
Answers
Answer:
The key to being able to confidently do your federal income taxes - Keep good records.
Explanation:
The U.S. currently has seven federal income tax brackets, with rates of 10%, 12%, 22%, 24%, 32%, 35% and 37%. If you’re one of the lucky few to earn enough to fall into the 37% bracket, that doesn’t mean that the entirety of your taxable income will be subject to a 37% tax. Instead, 37% is your top marginal tax rate.
With a marginal tax rate, you pay that rate only on the amount of your income that falls into a certain range. To understand how marginal rates work, consider the bottom tax rate of 10%. For single filers, all income between $0 and $10,275 is subject to a 10% tax rate. If you have $10,475 in taxable income, the first $10,275 is subject to the 10% rate and the remaining $200 is subject to the tax rate of the next bracket (12%).
To learn more about federal income tax visit
https://brainly.in/question/2886977
https://brainly.in/question/6197683
#SPJ1