Last year, Americans were surveyed about what federal income tax bracket they were in for the 2016 tax year, and 2 in 5 reported that they didn’t know. For the 2017 tax year, this has increased, with almost half of Americans (48%) unsure of their tax bracket.

This year about 1 in 14 Americans (7%) don’t know what a tax bracket is, but this is a slight improvement on last year (10%). Millennials are most likely to not know what a tax bracket is (16%, compared to 4% of Gen Xers and 3% of baby boomers).

The U.S. has a progressive tax plan, so the higher your income, the higher your tax rates. But your income isn’t taxed all at one rate; instead each chunk of income is taxed at a corresponding rate. For example, if you’re a single filer making $30,000, the first $9,325 is taxed at 10% and the rest is taxed at 15%.

Oops! We could not locate your form.

Advisory Services offered through Annex Wealth Management®, LLC. Securities offered through H. Beck, Inc Member FINRA & SIPC. Annex Wealth Management®, LLC and H. Beck, Inc are separate and unrelated companies.

This site has been published for residents of: AZ, CA, CO, FL, IL, IN, IA, KY, MI, MN, NC, SC, TN, TX & WI ONLY. By entering you certify you are a resident of one of those states. All information herein has been prepared solely for information purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any security.

/* */

<br /><br /><div style=”display:inline;”><br /><br /><img height=”1″ width=”1″ style=”border-style:none;” alt=”” src=”//″/><br /><br /></div><br /><br />