As a single taxpayer having a gross total income of $45,000, I fall into the 25% tax bracket. A total of $7,022 is hence, required to be payable as income tax for the year 2016 at a rate of 15.6%. The next lowest tax bracket is the 15% bracket that includes income from $9,276 to $37,650. My gross total income is hence, $7,350 away from the 15% tax bracket. A standard deduction of $6,300 is available for single filers that can reduce my gross total income to $38,700. Alternatively, itemized deductions are ...
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