[Verse 1]
When you file your taxes every year
Choose your status, make it crystal clear
Single filer stands alone with pride
Married jointly, couples side by side
Married separate keeps your money apart
Head of household, dependents in your heart
Qualifying widow gets two more years
To file as joint and dry those tears
[Chorus]
Seven brackets climbing up the ladder
Ten twelve twenty-two, it doesn't matter
Twenty-four thirty-two thirty-five top rate
Thirty-seven percent, don't be late
Filing status sets your bracket right
AMT might give you quite a fright
Know your rates and where you stand
Tax law's dancing through the land
[Verse 2]
Marginal brackets step up as you earn
More income means higher rates you'll learn
But only on the dollars past each line
Lower brackets keep their rates so fine
Investment income gets a special tax
Three point eight percent, those are the facts
Net Investment Income Tax applies
When your income reaches certain highs
[Chorus]
Seven brackets climbing up the ladder
Ten twelve twenty-two, it doesn't matter
Twenty-four thirty-two thirty-five top rate
Thirty-seven percent, don't be late
Filing status sets your bracket right
AMT might give you quite a fright
Know your rates and where you stand
Tax law's dancing through the land
[Verse 3]
Medicare tax gets an extra bite
Point nine percent on wages burning bright
Two hundred thousand singles feel the sting
Two fifty married, hear that cash register ring
Alternative Minimum Tax lurks near
With exemptions that can disappear
Phase-outs hit when income climbs too high
TCJA raised the limits to the sky
[Bridge]
Kiddie tax on unearned income flows
Using parent's brackets as it goes
Trust and estate rates apply so steep
When little ones their investments keep
Know your filing status from the start
It determines rates that play their part
[Chorus]
Seven brackets climbing up the ladder
Ten twelve twenty-two, it doesn't matter
Twenty-four thirty-two thirty-five top rate
Thirty-seven percent, don't be late
Filing status sets your bracket right
AMT might give you quite a fright
Know your rates and where you stand
Tax law's dancing through the land
[Outro]
From single filer to surviving spouse
Choose your status, learn the tax code house
Rates and brackets, AMT too
Filing smart is what you've got to do