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Federal Tax Brackets

Federal Tax Brackets Definition

Federal Tax Brackets are income tax groupings that determine how tax rates change in a tax system. The brackets specified by the Internal Revenue Service (IRS) are structured so that individuals or legal entities are taxed at different rates depending upon the amount their annual income. Income past a certain point is taxed at a higher rate.


Additional meaning of Federal Tax Brackets:

Federal tax brackets are adjusted periodically as inflation results in higher revenues.


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RELATED CATEGORIES
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