The higher that number, the higher tax bracket you find yourself in. If you make
$50,000 in taxable income, then $7,550 is taxed at 10%, $23,100 is taxed at 15%, and the rest, $19,350, is taxed at 25%. That means you pay a total of $9,057.50 in income tax.
$40,942.50 is yours to keep.
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