My 2018 income is $367,653 and the total tax is $71,367 which is equal to about 19.41%. How does the 2018 tax rate apply? (35% Income $200,000. to $500,000.)
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You are confusing marginal and average tax rates. Only income above the tax bracket thresholds are taxed at the higher rate. And, as Lisa mentioned, some sources of income are taxed at a lower rate than wage income.
You are confusing marginal and average tax rates. Only income above the tax bracket thresholds are taxed at the higher rate. And, as Lisa mentioned, some sources of income are taxed at a lower rate than wage income.
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