Filing Status The first thing you need to determine in preparing your 1040 is what your filling status is. What your marital status is on the last day of the year has the most effect on which options are available to you. The five classification of filing status are: Single Married Filing Jointly Married [...]
2019 Federal Income Taxes Federal income taxes are assessed by the IRS on your worldwide income. The amount of tax you’ll need to pay is determined by your gross income, less your standard deduction and any tax credits. The amount you will owe is then determined by the tax bracket you fall into and your [...]
Your filing status is what determines what table is used to determine your tax rate. Federal Income Tax 2019 Tax Brackets: Single Filers The income tax brackets if you’re just filing a 1040 for yourself are: Tax rate Taxable income bracket Tax owed 10% $0 to $9,700 10% of taxable income 12% $9,701 to [...]
