A Simple Guide to Current Tax Brackets and How They Work
The U.S. tax system is progressive. This just means that as your income increases, you pay a higher tax rate, but only on the portion of your income that falls into a higher bracket. A common fear is that a pay raise will bump you into a higher tax bracket and somehow cause you to […]
What Does FIT Mean on My Paystub? Full Explanation
Ever glanced at your paystub, seen the letters 'FIT' next to a deduction, and scratched your head? You're definitely not the only one. Those three little letters simply stand for Federal Income Tax. Think of it as the government's "pay-as-you-go" plan for your annual taxes. Instead of you having to save up all year and […]