Wednesday, April 16, 2014

2014 U.S. Federal Income Tax Brackets

Per our discussion in class today, here are the tax brackets for the 2014 tax year. (Note that this is for the current year, not for the taxes that your parents just paid - that was the 2013 tax year.)

These are just the tax brackets. Notice that it refers to "taxable income" which is not the same thing as total income (there are lots of deductions and credits that get factored in), plus some types of income (for example, capital gains, which you might get from selling a stock) are taxed at a different rate than the brackets.

If you look at any one of these categories, you should be able to clearly see how these are examples of piecewise functions.

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