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Any accountants or irs agents here?
Posted by: Skd ()
Date: January 19, 2020 12:22PM

Is it true, that people that make $45k a year are in the 22% bracket this year BUT next year will be in the 12% bracket?

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Re: Any accountants or irs agents here?
Posted by: Gross v. Taxable Income ()
Date: January 19, 2020 02:00PM

A single taxpayer who earns $45,000 in GROSS income, who claims the standard deduction and has no income tax credits would be in the 12% income tax bracket in both 2019 and 2020. A single taxpayer who had $45,000 in TAXABLE income and had no credits would be in the 22% tax bracket in both 2019 and 2020.

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