Tax season is officially underway, and it’s important to understand how your income might impact your tax bracket. Yahoo Finance personal finance reporter Molly Moorhead sits down in-studio with Wealth host Brad Smith to break down the latest changes to tax brackets. Tax brackets ranging from 10% to 37% are applied through a progressive system, meaning only portions of income within each bracket are taxed at that rate. Moorhead explains that a single filer making $80,000 would end up paying around $9,400, rather than $17,000, thanks to this system. To watch more expert insights and analysis on the latest market action, check out more Wealth here.
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