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New Member
posted Feb 9, 2025 1:54:02 PM

What should my tax bracket be if I'm filing as single with a total income of $67,485 and deductions of $29,202?

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3 Replies
Expert Alumni
Feb 9, 2025 2:08:40 PM

Assuming that your taxable income is $38,283 ($67,485 - $29,202), your marginal tax bracket is 12%.

 

Marginal rates: For tax year 2024, the top tax rate remains 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly).

 

The other rates are:

35% for incomes over $243,725 ($487,450 for married couples filing jointly)

32% for incomes over $191,950 ($383,900 for married couples filing jointly)

24% for incomes over $100,525 ($201,050 for married couples filing jointly)

22% for incomes over $47,150 ($94,300 for married couples filing jointly)

12% for incomes over $11,600 ($23,200 for married couples filing jointly)

The lowest rate is 10% for incomes of single individuals with incomes of $11,600 or less ($23,200 for married couples filing jointly).

New Member
Feb 9, 2025 2:15:47 PM

Thank you - I'm seeing a 29% blended tax rate on Turbotax? Is this because some of my income is from 1099s?

Expert Alumni
Feb 10, 2025 7:11:20 PM

If your 1099 is for self-employment income, yes, your blended rate would be higher than your statutory tax rate (12%). Your statutory rate doesn't take into account self-employment tax, which is 15.3%.