Yahoo Finance is answering your most-asked financial questions of the year, as asked on Yahoo.com. The second most asked thing was: "What's my 2014 tax bracket?"

Your tax bracket, which determines your federal income tax rate, is based on two major factors — your annual income and your filing statu (for example, if you’re filing together with your spouse or on your own as an individual).

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Since your income and filing status can change over time, so can your tax bracket. On top of that, the IRS makes its own adjustments to federal income tax brackets each year to account for inflation.

For these reasons, it can sometimes be confusing to determine what bracket you’re in. To figure it out, you can use this free tool from TaxAct.com, which calculates it for you. We like this chart from Bankrate, too, because it gives you the big picture while also helping you find out which bracket you’re in.

Figuring out your tax bracket is especially important for people who are self-employed, because you have to decide each how much to set aside for taxes at the beginning of each year.

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More of your top finance questions answered:

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Number 5: Can you buy a house with bad credit?

Number 6: Should you buy Facebook stock?

Number 7: Why are gas prices going down?

Number 8: Who is the richest man in the world?

Number 9: Is social security taxable?

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