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What is chargeable income?

What are the different income levels (e.g. lower income, middle income, upper middle income, upper income) that determine ones income bracket?

  • My question isn't referring to "class".  I'm asking what are the actual dollar amounts that determine which income bracket one is in (e.g. lower, middle, upper).

  • Answer:

    I think the only objective way to approach this is to look at federal income tax brackets: For a single filer, the upper bracket is defined as greater than $400,001, the lower bracket is anything less than $8925.  You can make up your own definitions from there, looking at the median income of all filers and saying that the $36,251 to $87,850 bracket is the middle bracket, but there's no real definition for these terms. Source: http://www.bankrate.com/finance/taxes/tax-brackets.aspx

Travis Addair at Quora Visit the source

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According to http://www.census.gov/hhes/www/income/data/historical/household/, in 2012 the breakdown was Lowest Quintile - $0 - $20,599      Lower Middle - $20,600 - $39,764      Middle Quintile - $39,765 - $64,582      Upper Middle Quintile - $64,582 - $104,096 Upper Quintile - > $104,096

Jennifer Dowdy

There is no official definition based on income.  In fact many would say that class distinctions are not based solely on income or wealth.   In other words class is a sociological concept, not just an economic one.  Education and status are other factors to consider. Take for example a PhD in Art History, waiting tables at a trendy urban cafe and compare to a successful plumber in the mid-West.  Compare their lifestyles, their social affinities, their consumer preferences, their values, etc.

Rob Weir

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