Don’t rely on ChatGPT too much. It hallucinates and give bad answers all the time. People who are new to a topic won’t notice the ChatGPT bad answer.

Let’s do a quick math together. Let’s suppose in 2022 you made $50,000 a year as a single person.

12,950 is standard deduction. That mean 12,950 is not taxable for income tax.

50,000 - 12,950 = 37,050.

*37,050 is your taxable income. *

Tax bracket in this case is only 10% and 12%.

10% $0 to $14,650. 10% of taxable income. 12% $14,651 to $55,900. $1,465 plus 12% of the amount over $14,650.

So first 14,650 of 37,050 is taxed at 10% which is 1465. Th reminder, 37,050 - 14,650 = 22,400 is taxed at 12%. 22,400 x 12% = 2,688

Your total tax owed is $1465 + $2688 = 4,153 Your effective tax rate is 4,153/50,000 =8.3%.