Marginal Tax Rate

If you’re thinking about moving to a new state, then you might want to look at its taxes. Since individual income, property, and sales/excise taxes vary from state to state, your total tax burden can vary significantly. So, where do residents pay the most taxes? To figure that out, a recent WalletHub report compares every […]

Each year, the Internal Revenue Service (IRS) updates their marginal income tax rates. In other words, they issue new tax brackets for the year ahead to reflect the ongoing impact of inflation. For 2021, there are seven income tax brackets in the United States: 10%, 12%, 22%, 24%, 32%, 35% and 37%. These will be […]

I was recently emailing back-and-forth with one of my readers at MoneyNing. I was explaining how contributing to a 401(k) is a better option for most people. That’s because the entire contribution to a 401(k) is deducted at the participant’s marginal tax rate. Since the withdraws are typically done after retirement, they are taxed at […]