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taxes by income level Bnb XRP aave Bonk coinbase futures litecoin futures cardano futures

What is average income tax rate?

“Average income tax rate” is defined as income taxes paid divided by adjusted gross income. The latest federal income tax data 2022 shows that the individual income tax continues to be progressive, borne primarily by the highest income earners.

How much of my income is taxed?

The following $50,649 of your income (from $44,726 to $95,375) is taxed at the 22% federal tax rate. That leaves $4,627 of your taxable income (the amount over $95,373) that is taxed at the 24% rate for your federal tax bracket.

What are the different income tax rates?

There are seven different income tax rates: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Generally, these rates remain the same unless Congress passes new tax legislation. For instance, the Tax Cuts and Jobs Act, also known as the “Trump tax cuts,” temporarily lowered the highest tax rate to 37% until 2025, after which it will increase to 39.6%.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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