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Tax bracket

Each tax bracket encompasses a certain amount of income to be taxed at a set rate. The rates now run from 10 percent to 35 percent. You are said to be in the 25 percent bracket if your highest dollar of income falls in that bracket. Even if you’re in the 25 percent bracket, part of your income is taxed at the 10 percent rate and some at 15 percent. Some of your income—such as the amounts protected by your personal and any dependent exemptions and your standard or itemized deductions —is not taxed at all.