I want to be sure I pay the right amount in tax. How is tax calculated when my taxable income is a round number?
For example, say my taxable income is $1,000. The tax table says there are two options that could apply: the first tax calculation is for the $950 - $1,000 range and another tax calculation is for $1,000 - $1,050.
If my taxable income is $1,000, does that mean both ranges apply, so theoretically I could take the slightly smaller tax calculation based on the $950 - $1,000 range?
This is confusing and I want to be sure and pay the right amount. Thank you in advance for your help.
