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Covered by New York Times, and other outlets. Fake heiress accused of conning the city’s wealthy, and has an HBO special being made about her.

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Accused of stalking Alec Baldwin. The case garnered nationwide attention, with USAToday, NYPost, and other media outlets following it closely.

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Meet Todd Spodek

WE PROVIDE WHITE GLOVE SERVICE TO CLIENTS
WHO WANT MORE FROM THEIR ATTORNEY

The Spodek Law Group understands how delicate high-profile cases can be, and has a strong track record of getting positive outcomes. Our lawyers service a clientele that is nationwide. With offices in both LA and NYC, and cases all across the country - Spodek Law Group is a top tier law firm.

Todd Spodek is a second generation attorney with immense experience. He has many years of experience handling 100’s of tough and hard to win trials. He’s been featured on major news outlets, such as New York Post, Newsweek, Fox 5 New York, South China Morning Post, Insider.com, and many others.

In 2022, Netflix released a series about one of Todd’s clients: Anna Delvey/Anna Sorokin.

Why Clients Choose Spodek Law Group

The reason is simple: clients want white glove service, and lawyers who can win. Every single client who works with the Spodek Law Group is aware that the attorney they hire could drastically change the outcome of their case. Hiring the Spodek Law Group means you’re taking your future seriously. Our lawyers handle cases nationwide, ranging from NYC to LA. Our philosophy is fair and simple: our nyc criminal lawyers only take on clients who we know will benefit from our services.

We’re selective about the clients we work with, and only take on cases we know align with our experience – and where we can make a difference. This is different from other law firms who are not invested in your success nor care about your outcome.

If you have a legal issue, call us for a consultation.
We are available 24/7, to help you with any – and all, challenges you face.

Tax Brackets

Understanding Tax Brackets in the United States

Paying taxes is a reality for most working Americans. The US federal tax system is based on a progressive tax rate structure, meaning higher incomes are taxed at higher rates. This is accomplished through a system of tax brackets. Understanding how tax brackets work is important for all taxpayers.

What are Tax Brackets?

Tax brackets are the income ranges that determine what tax rate applies to a portion of your income. There are currently 7 federal income tax brackets. As your taxable income increases, successive portions of your income fall within higher tax brackets that are taxed at higher rates. This creates a progressive tax system where higher earning individuals and households pay a larger share of taxes.For example, a single filer with $50,000 in taxable income falls into the 22% bracket for income between $40,126 and $85,525. However, they do not pay 22% on their entire $50,000 income. Lower rates apply to the portions of income that fall into lower brackets. So $9,950 is taxed at 10%, $30,176 is taxed at 12%, and only the amount above $40,126 ($9,874) is taxed at 22%.

2024 Federal Income Tax Brackets and Rates

Here are the tax brackets and rates for 2024 according to the IRS:

Tax Rate Single Filers Married Filing Jointly
10% Up to $11,000 Up to $22,000
12% $11,001 to $44,975 $22,001 to $89,950
22% $44,976 to $95,375 $89,951 to $190,750
24% $95,376 to $182,100 $190,751 to $364,200
32% $182,101 to $578,125 $364,201 to $693,900
35% $578,126 to $2,762,400 $693,901 to $2,762,400
37% Over $2,762,400 Over $2,762,400

As you can see, income under $11,000 for single filers is taxed at 10%. The 12% rate applies to the next portion up to $44,975, the 22% rate applies to income between $44,976 and $95,375, and so on.Higher income individuals have more of their income taxed at higher rates. But income is always taxed based on which bracket it falls into, not at a single fixed rate.

How Tax Brackets Calculate Your Tax Liability

Calculating tax liability involves adding up tax owed across all brackets. First you determine your total taxable income. Then apply the rates step-by-step:

  • 10% on the portion up to $11,000
  • Plus 12% on the portion from $11,001 to $44,975
  • Plus 22% on the portion from $44,976 to $95,375
  • Plus 24% on the portion from $95,376 to $182,100
  • Plus 32% on the portion from $182,101 to $578,125
  • Plus 35% on the portion from $578,126 to $2,762,400
  • Plus 37% on any portion over $2,762,400

For example, if taxable income is $100,000:

  • 10% of $11,000 = $1,100
  • Plus 12% of $33,975 ($44,975 – $11,000) = $4,077
  • Plus 22% of $50,399 ($95,375 – $44,976) = $11,088
  • Plus 24% of $4,625 ($100,000 – $95,375) = $1,110
  • Total Tax = $17,375

So while $100,000 income reaches into the 24% bracket, the total effective tax rate is 17.4% after accounting for the lower rates on lower brackets.

Common Misconceptions

There are some common misconceptions about how tax brackets work:

  • Myth: You pay a single rate on your whole income equal to your top bracket.
  • Fact: You pay increasing marginal rates on incremental portions, not your top rate on everything.
  • Myth: If you earn $1 more and move into a higher bracket, you lose money.
  • Fact: Your entire income is never taxed at the higher rate, only each portion in its bracket. $1 more may add about $0.22 to $0.37 tax.
  • Myth: Lower income earners pay no taxes.
  • Fact: Income under $11,000 is taxed at 10%. Very low but not zero.

Understanding these points helps avoid overpaying or getting surprised at tax time. When in doubt, use IRS tax calculators or talk to a tax professional.

How Tax Brackets Are Determined and Updated

Federal income tax brackets are set by Congress and adjusted yearly for inflation. The 2024 tax brackets are based on the Consumer Price Index for Urban Consumers (CPI-U) as of September 2023. Bracket levels typically increase a little each year. Major federal tax reform could change brackets more substantially.Some discussions around tax policy involve questions about the optimal number and scope of brackets. There are also debates around the merits of a progressive tax system in general. But income tax brackets have been a core component of the US tax code for decades.

Impact on Financial Decisions

Understanding tax brackets can inform financial decisions in areas like retirement planning or investment strategies. For example, realizing capital gains or withdrawals from pre-tax retirement accounts creates additional taxable income. This income could push you into higher brackets in a given year.Strategies like tax loss harvesting with investments or converting traditional retirement accounts to Roth IRAs over multiple years can help manage bracket outcomes.For most taxpayers, the marginal impact of crossing into a higher ordinary income bracket is relatively small. But for very high earners, the jump from 35% to 37%, or from 24% to 32%, deserves attention.Financial advisors and tax professionals can help assess tax bracket impacts when making major financial choices. The goal is maximizing after-tax income and building wealth efficiently.

Frequently Asked Questions

Here are some common questions about how federal income tax brackets work:Are tax brackets adjusted for inflation every year?Yes, the IRS adjusts federal income tax brackets for inflation annually based on the Consumer Price Index. Bracket levels typically increase slightly year-over-year.Do tax brackets vary by location or state?No, federal income tax brackets apply equally across all states and locations in the US. Some states also have their own income tax brackets in addition to federal tax.Can you jump to a lower bracket by earning less income?Yes, by reducing your taxable income – for example by maxing out tax-advantaged retirement accounts – you may shift down to a lower bracket. Your total tax bill could go down as a result.Do married couples file taxes jointly or separately?Most married couples file jointly using wider ‘Married Filing Jointly’ brackets. Some couples can pay less total tax by filing separately, depending on respective incomes.Are capital gains taxed at ordinary income rates?No, long-term capital gains have different tax rates – usually 0%, 15% or 20% – determined separately from ordinary income brackets.I hope this overview has helped explain how federal income tax brackets work! Let me know if you have any other questions.

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I was searching for a law firm with some power to help me deal with a warrant in New York . After 6 days I decided to go with Spodek Law Group. It helped that This law firm is well respected by not only the top law firms in New York , but the DA , Judge as well. I...

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It was my good fortune to retain Spodek Law Group for representation for my legal needs. From the beginning, communication was prompt and thorough. Todd, Kenneth and Alex were the first people I worked with and they all made me feel comfortable and confident that the team was going to work hard for me. Everything was explained and any concerns...

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After meeting with several law firms, I chose the Spodek Law Group not only for their professionalism and experience, but for the personal attention given to me right from the initial consultation. It is important to recognize how crucial having the right legal team is when faced with potentially life altering events that impact families and the lives of loved...

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