Hey! Do you know what your tax bracket is?
A tax bracket refers to a range of incomes subject to a certain income tax rate. There are seven federal income tax brackets, ranging from 10% to 37%.
Your bracket depends on your taxable income and your filing status. The more money you make, the more taxation will increase.
There are four options for filing status: single, married and filing together, married and filing separately, and head of household, which means that you are unmarried and pay more than half the cost of supporting and housing a qualifying person, such as a child or parent.
For many people, a tax refund is a great once-a-year opportunity to work toward or achieve a big financial goal, such as buying a car, paying down debt, or funding a vacation.
For more information about filing taxes, call or visit your trusted Southern Bank advisor. See you next time on Money Matters!