How Do Brackets Work
How do the NFL playoffs work? Although the postseason will take place in 2021, this is the 2020 season we're talking about, so of course things are different. Nov 12, 2020 2019 tax brackets. The 2019 tax brackets determine your tax rates for income earned in 2019. Your employer may have already adjusted your withholding to account for the new tax brackets, so if your income remains the same then your take-home pay should be slightly higher. Everyone starts out on the top bracket, or winners bracket. After the first round, when half the teams lose, they drop down to the loser bracket. A loss in the losers bracket eliminates you from the tournament. MATH: Income Tax Brackets How exactly do tax brackets work? When we file our taxes, where does the number for total tax come from? In this activity, you will practice calculating your taxable income, reading a tax bracket table, and finding total tax due based on how much you made in the calendar year. NOTE: This is just the fundamentals of how taxes are calculated and does not include further.
I came close. So close. Like ... this close to not writing this subject column, at the risk of it being a yawn, yawn and Yaaaaaawwwwwwn … for far too many people. So, don’t feel bad if you don’t find this narrative as thrilling as I do! In fact, I won’t be offended if you just take a deep breath and turn the page to perhaps something more to your liking.
OK, enough of the chit chat … away we go. We (United States) have what is referred to as a progressive tax system, which means folks with higher taxable incomes pay higher federal income tax rates. However, being “in” a tax bracket does not mean one pays federal income at that rate on all of their taxable income.
I like the way that the informative website, www.nerdwallet.com, explains it; “The government decides how much tax you owe by dividing your taxable income into chunks — also known as tax brackets — and each chunk gets taxed at the corresponding tax rate. The beauty of this is that no matter which bracket you’re in, you won’t pay that tax rate on your entire income.”
You got it? In other words, one could be “in” say a 24% tax bracket but his or her “effective” tax rate will always be lower. I will give you an example that should add clarity to the issue in question, but first take a moment to review the 2021 marginal tax brackets below for an unmarried individual and married individuals filing a joint return.
Rate For Unmarried Individuals Filing Joint Returns for Married Individuals
10% Up to $9,950 Up to $19,900
12% $9,951 to $40,525 $19,901 to $81,050
22% $40,526 to $86,375 $81,051 to $172,750
24% $86,376 to $164,925 $172,751 to $329,850
32% $164,926 to $209,425 $329,851 to $418,850
35% $209,426 to $523,600 $418,851 to $628,300
37% Over $523,600 Over $628,300
Example: Let’s say you are a single filer with $32,000 in taxable income. Please keep in mind that the $32,000 is the “taxable” income, which is your income after you apply your standard deduction (see below) or if you itemize, after your itemized deductions.
2021 Standard Deduction
Filing Status Deduction Amount
Single $12,550
Married Filing Jointly $25,100
Head of Household $18,800
Source: nerdwallet.com, IRS
OK, back to the example … the $32,000 puts you in the 12% tax bracket (see above brackets). To see if you are paying attention allow me to ask you a question …
would you pay 12% on all of your $32,000? If you said, nope, and it was not a guess, kudos to you student! You are correct if you are thinking that you would pay 10% on your first $9,995 (see above brackets) and then you would pay 12% on the rest. Therefore, you might be “in” the 12% marginal tax bracket, but your “average” or “effective” tax rate is 11.36%. Confused? Don’t be, as it is rather simple math to get to the 11.36% rate.
Here is how the math works … 10% of $9,995 = $995 + 12% of 22,005 (which is the additional amount to get to $32,000) = $2,640. So, your tax amount due is $995 + $2,640 or $3,635. To determine what the average rate is, you would simply divide your tax amount, which is $3,636 by $32,000, which is your taxable income (your taxable income). That my friends is how you get to 11.36% effective tax rate on $32,000 of taxable income. Once again, you’re in the 12% marginal tax bracket but your effective tax rate is lower at 11.36%.
If you need time to unpretzel your brain, now would be great, as the teacher is going home!
Harry Pappas Jr. CFP®
Managing Director-Investments
Master of Science Degree Personal Financial Planning
How Do Brackets Work In Math
Certified Estate & Trust Specialist ™
Certified Divorce Financial Analyst™
Pappas Wealth Management Group of Wells Fargo Advisors
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There have been face mask trends practically ever since public health officials recommended their use back in April. People have tried face mask chains and ear-saving button bands, among other things. And now, there’s a new one to have on your radar: face mask brackets.
The brackets, which are also known as a mask brace, are usually made from silicone and are designed to keep your mask from touching your face. The goal: easier breathing, a lowered risk of maskne in the process, and even saving your makeup. Searches for these brackets have shot up on Google, and there are several options on Amazon right now.
Given that face masks are made to be worn to prevent the spread of COVID-19 and that these brackets keep your mask away from your face, it raises some obvious questions about safety. Here’s what you need to know.
How does a face mask bracket work, exactly?
While there are different bracket makers out there, the brackets all tend to have the same design. Each bracket has a pear shape, with a narrow top that fits over your nose and a wide bottom that nestles against your chin. In the middle is a T-shape that covers your nose and mouth, with sizable air vents in between.
The brackets have small hooks to secure them onto the inside of a surgical-style mask. From there, the bracket rests against your face, creating a barrier between your face and your mask.
So, are face mask brackets safe?
For the record: There is no data to suggest that these are any more or less safe than just wearing a mask. But infectious disease experts have some concerns, largely around how the bracket can impact how well your mask fits.
Face masks are designed to create a barrier between you and everyone else, and a good fit around your nose and mouth is an important element of that, says Richard Watkins, M.D., an infectious disease physician in Akron, OH, and a professor of internal medicine at Northeast Ohio Medical University. “Personally, I would not use this as I would be concerned about the integrity of the seal,' he says.
William Schaffner, M.D., an infectious disease specialist and professor at the Vanderbilt University School of Medicine, agrees. “The bracket could make your mask less effective,” he says. “You would have to be really careful in using it.”
Most face mask brackets are designed to be used inside surgical-style masks, but Dr. Schaffner points out that there are other mask styles out there that people will likely try to use a bracket inside—and that could also make a mask less effective. “You really have to look to see whether the bracket disrupts the seal and opens things up around the edges of your mouth,” he says.
But Amesh A. Adalja, M.D., senior scholar at the Johns Hopkins Center for Health Security, says that the brackets seem to fit OK, at least when they're used as directed. 'Based on how they look, I don't think they're going to make a huge difference [in safety],' he says. Still, he says, 'this just underscores the need to do research on what types of masks people should or shouldn't be wearing. We have that for healthcare workers, but we don't have that for the general public.'
On the skin front, a mask bracket could actually cause issues with a person's skin, says Gary Goldenberg, M.D., an assistant clinical professor of dermatology at the Icahn School of Medicine at Mount Sinai in New York City. 'Silicone and plastic can irritate the skin, especially when in contact for a long time and weather is hot,' he says, noting that some people might also have allergies to plastic, silicone, or any other components of the bracket. While the brackets can reduce direct contact of the mask with skin 'it's still possible to get breakouts in the area of the support bracket,' Goldenberg says. That's why he says that 'the best solution for maskne is proper skincare and even prescription acne creams.'
Overall, Dr. Schaffner recommends that people keep this in mind: “The mask is designed to protect both you and others and, if it doesn’t fit appropriately, it’s not doing that. You’re not wearing the mask for show; You’re wearing it for function.”