(Kristen) Welcome to Money Matters at 7:57 with Justin Chastain. And Justin, today we are looking into that exciting world of tax brackets. So everybody wants to know, at least, what are the basics.
(Justin) Because taxes are so fun, right? But a marginal tax bracket is — whatever you are earning in your total income that you are reporting — that last dollar earned is what's gonna be in a marginal tax bracket.
(Kristen) OK, and for the people that, you know, need to know, what goes into being in that tax bracket or is held accountable for?
(Justin) Exactly. So, there are seven tax brackets — you can find them on the irs.gov — that start at 10 percent and go all the way up to 37 percent. The more you earn, the higher the percentage you will be in in your marginal tax brackets.
(Kristen) OK, but always go to your trusted advisor, right?
(Justin) For sure.
(Kristen) But we don't want to jump into that information lightly.