this post was submitted on 18 Oct 2023
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IRS will pilot free, direct tax filing in 2024 (techcrunch.com)
submitted 1 year ago by [email protected] to c/[email protected]
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IRS will pilot free, direct tax filing in 2024::Direct File is a shot across the bows of Turbotax, H&R Block, and others who have resisted free and simple tax filing for decades.

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[–] [email protected] 4 points 1 year ago

We have progressive tax rates so you'll be paying less than 20%. A simple example using your single week of work would have you paying 0% for day 1, 5% for day two, 10% for day 3, 15% for day 4, and 20% for day 5. Assuming you make $100 a day/$500 a week, this would put your tax bill at $50 for the week or 10% even though you hit the 20% bracket.