Money

Nearly half of Americans don't know what tax bracket they're in—here's how to find out

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After surveying more than 2,000 U.S. adults on the new tax bill, legal and illegal tax-saving strategies and tax bracket knowledge, personal finance site NerdWallet found that most Americans are in the dark.

An increasing share of Americans don't know their income tax bracket: 48 percent, compared to 40 percent in 2016. And 1 in 14 Americans don't even know what a tax bracket is.

To further complicate things, the tax brackets are changing under the the new GOP tax plan.

"About 1 in 4 Americans (26 percent) don't know that a new tax bill was signed into law in 2017," NerdWallet reports, "and about half (51 percent) don't know that income tax brackets are changing under the new rules."

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The new law maintains the seven-bracket system, but Congress has tweaked the rates and income levels at which they apply.

Currently, the seven tax brackets are 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent and 39.6 percent. These are the brackets that apply to the 2017 tax year and relate to the tax return you'll file this year, in 2018.

The new rates, which relate to the tax return you'll file in 2019, will be 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 37 percent.

NerdWallet provided a breakdown of the old and new income tax brackets. Click on the charts to enlarge.

Here are the old and new rates for singles:

nerdwallet single filers tax bracket

Here are the old and new rates for married couples who file jointly:

nerdwallet joint filers tax brackets

Finally, here are the old and new rates for heads of household:

nerdwallet hoh tax brackets
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