College graduates and those who are about to open a new business might consider the following information from the piece handy:
- Understanding tax rates and how to calculate them
- Knowing tax exemptions in the U.S. Tax Code, applicable to a few
- Differentiating tax rates from different industries and incomes
- How to file taxes and correct tax mistakes
It is also noted that the brackets for the head of household are wider, so a 12% rate that would allow a maximum income of $41,775 is stretched to $55,900 at the same rate for this person.