Q&A: The basics on tax brackets

April 11, 2015 3:07 AM

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Your tax bracket determines how much money you will owe the IRS or how much of a tax refund you will receive. Understanding your tax bracket and how your income is taxed is crucial to keeping as much of your money as possible.

Each filing category contains seven income-based brackets. Brackets range from those who have no income at all to those who earn more than $400,000 a year.

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