Howdy, iam Kristina Bowles, Peace out!
Woah, talk about a shocker! The news that the 70k higher tax bracket is here has got everyone talking. It’s no surprise that people are feeling the pinch - after all, it’s a big jump from the previous threshold of 50k. But don’t worry, there are ways to make sure you’re not left out of pocket. With some savvy financial planning and careful budgeting, you can make sure you’re not hit too hard by this new tax bracket. So let’s take a look at what this means for your finances and how to make sure you stay on top of things!
Is 70K A Higher Tax Bracket? [Solved]
If you’re single and earn $70K, you’re in the 22% tax bracket - but don’t worry, you won’t be paying 22% on all of it. You’ll pay 10% on the first $9,950, 12% on income between $9,951 and $40,525 and then 22% on the rest.
If you’re in the 70k higher tax bracket, you’re in luck! You’ll be paying a lower rate than those below you, so it pays to make more money. It’s a win-win situation - more money for you and less taxes for Uncle Sam. Sweet!
