
A smart artist’s guide to income taxes - skilled
https://thecreativeindependent.com/guides/a-smart-artists-guide-to-income-taxes/
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spacedog11
I really love the way they explain tax bracket. It's very easy to understand.

" Let’s say my total income was $50,000 in 2018. This means my income would be
portioned out into the following tax brackets:

You must pay 10% on income up to $9,525:

$9,525 x .10 tax rate = $952.50 owed in 10% tax bracket

You must pay 12% on income between $9,526, and $38,700:

$38,700 - $9,526 = $29,174 of income in the 12% bracket $29,174 x .12 tax rate
= $3,500.88 owed in 12% bracket

You must pay 22% on income between $38,701 and $82,500:

$50K (my income) - $38,701 = $11,299 of income in the 22% bracket $11,299 x
.22 tax rate = $2,485.78 owed in 22% bracket

Add taxes owed from all brackets together:

$952.60 + $3,500.88 + $2,485.78 = $6,939.26 in total taxes owed "

