Post Cliff Tax Brackets for 2013

There are two major insights to take away from the post cliff tax brackets for 2013. One, all but the highest tax bracket will remain the same. This is, the percentages for each bracket will remain the same, but the income ranges to qualify for each will change due to inflation. The newest, and most notable change is the last (highest) bracket. Congress settled on a compromise between the republicans number which was $1,000,000, and President Obama's view of 200-$250,000, reaching a $400,000 income level. With inflation and the new Taxpayer Relief Act of 2012 in the books, this will more than likley be the tax brackets for the year of 2013.

It is always important to remember these are the marginal tax rates. This means this is not the tax rate at which you will be placed on your total income. For an even better explanation on how you can calculate your tax brackets this year, we invite you to watch the video below.
updated tax brackets