Can someone tell me how the new tax brackets will work?
The 12% bracket includes income of $19,051 to $77,400
The 22% bracket includes income of $77,401 to $165,000
Let us say my income is $80,000. Will I be taxed 12% for the amount of $77,400 and then 22% for the remaining $2,600?
OR
Will I be taxed for the whole $80,000 at 22%?
Thanks!