A Quick Reminder About Income Taxes

In this country, we have a progressive income tax system. Once you are a single person who makes over about hundred and 24 thousand dollars, any income above that you pay a 37 % marginal federal income tax on. And it goes even beyond that as because, yes, it's a progressive tax rate, meaning the more you make, the more you pay in taxes. But there's also an thisis back to that, say, the business owner that i would do their taxes, and then all of a sudden they'd notice a hear where their taxes went up substantially.