tax bracket

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tax bracket

A family reviews their tax bracket on a financial planning chart.

Definition
  1. Noun:
    • A category of taxpayers based on the amount of their income: A "tax bracket" is a range of incomes subject to a particular income tax rate. The tax system is often progressive, meaning different portions of a taxpayer's income fall into different brackets, each taxed at a specific rate.
Usage
  • The term "tax bracket" is used to describe the segment of the income tax system into which a person's taxable income falls. It is a key concept for calculating income tax liability.
  • Example:
Examples
  • Noun:
    • Falling into a higher tax bracket does not mean all your income is taxed at that higher rate.
    • The government announced changes to the income thresholds for each tax bracket.
    • You need to know your tax bracket to estimate how much you will owe.
Advanced Usage
  • "To be pushed into a higher tax bracket": To have one's income increase to a level that places it in a range taxed at a higher percentage.
    • The year-end bonus pushed her into the next tax bracket.
  • "Marginal tax bracket": The tax bracket that applies to the last dollar of a taxpayer's income. This is the rate paid on an additional dollar of earnings.
    • His marginal tax bracket is 24%, so he keeps 76 cents of every extra dollar he earns.
Variants and Related Words
  • Tax rate (n): The percentage at which income is taxed. A tax bracket has an associated tax rate.
    • The tax rate for the lowest bracket is 10%.
  • Income tax (n): A tax levied on personal or corporate income.
  • Progressive tax (n): A tax system where the tax rate increases as the taxable amount increases, creating multiple tax brackets.
Synonyms
  • Income tax bracket: A more explicit term for the same concept.
  • Tax band: A term used similarly, especially in some other English-speaking countries.
Related Phrases
  • "Bracket creep" (n): The process by which inflation pushes income into higher tax brackets even if the taxpayer's real purchasing power hasn't increased.
    • The government indexed the brackets to inflation to prevent bracket creep.
tax bracket

A family reviews their tax bracket on a financial planning chart.

Noun
  1. a category of taxpayers based on the amount of their income

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