2023 Tax Bracket Quiz

Amanda (Single) made $12,500 this year. What is her federal tax rate?

• 10%

• 12%

• 22%

• 35%

Caleb and Carrie (Married) are filing jointly. They made a total of $47,000. What is their tax rate?

• 10%

• 12%

• 22%

• 35%

Joan and Jona are married and are trying to decide if it is cheaper to file their taxes together or separately. They made $85,000 and $15,000.

• It is cheaper to file jointly

• It is cheaper to file separately

• It is the same tax rate either way

Andy (single) had two jobs this year. He made $24,000 at one and $6,000 at another. What is his tax rate?

• 22%

• 10%

• 12%

• 24%

Christina (Single) is trying to decide if she should accept a new promotion at work.

Her current salary is $42,500. Her new salary would be $45,000.

What is the tax advantage of NOT accepting this promotion?

• The tax advantage is irrelevant - go for the dough!

• The tax advantage is that she is in a lower tax bracket at her current income

• There is never a tax advantage

True or False:

Your marital status (Single, Married) affects your taxes

• True

• False

Answer explanation

True or False:

Your income level affects your taxes

• True

• False

Answer explanation

True or False:

Your gender affects your taxes

• True

• False

Answer explanation

Bonus question!

How much would a millionaire (earning exactly $1,000,000) pay in taxes each year based on this tax bracket?

• 37%

• $3,700

• $370,000

• None, they are exempt from taxes