How Do I Win the 'Game' of Income Tax in the USA?by@indexcoop

How Do I Win the 'Game' of Income Tax in the USA?

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Photo by Emily Schultz on Unsplash For Index Coop contributors in the United States, INDEX rewards are considered taxable income because they are received in exchange for services rendered. Income is taxed differently than investment proceeds, which are subject to capital gains tax, so it is important to know the differences between each tax type. For U.S. contributors, INDEX received in exchange for work performed is subject to Federal Income Tax, State Income Tax, and Self Employment Tax. 1. Federal Income Tax Federal Income Tax rates vary by filing status and tax bracket. Your total taxable income (not just your INDEX rewards) is used to determine the tax bracket that you land in, and the implicit rate that you pay increases as you move up tax brackets.

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