1 post tagged with "us federal income taxes"
Calculating Progressive Income TaxesJanuary 18, 2023 | 4 min read
In the United States (as well as other locations), we have a progressive income tax system. What this means is that the percentage or amount you pay in taxes increases as your income increases, basically higher income individuals pay a larger percentage of their income in taxes. While working on a side project I was unable to find an algorithm explanation of how to calculate progressive income taxes based on brackets, so this post goes into detail on a simple algorithm to do so.