Updated on January 25, 2011.

·Click here to see the worksheet below

SO YOU'RE ANGRY that big bonus knocked you into the 33% tax bracket? Well, if it's any consolation, you don't have to pay the 33% tax rate on all your income. That's because you're only taxed at the 33% rate on income beyond a certain threshold — $174,400 for a single filer in 2011. Those who are married, filing jointly don't reach the 33% mark until $212,300. Income up to that point is taxed at the lower rates of 10%, 15%, 25% and 28%. So, your average tax rate is actually much lower than the highest rate you pay. Here's how it works.

For example, say, you're single and have taxable income of $185,000 in 2011. And let's say your gross income was $210,000. Well, your income up to $8,500 is taxed at 10%. From $8,501 to $34,500 is taxed at 15%. From $34,501 up to $83,600, it's taxed at 25%. From $83,601 to $174,450, the rate is 28%. And you'll pay 33% on the remaining $10,600. (The top rate, 35%, kicks in at $379,150 for singles.) In this case, your average tax rate (the proportion of gross income you'll pay in taxes) is about 22%.

Plug your own numbers into our calculator to find your own average tax rate and see how it changes at different income levels.

What's Your Tax Rate?