How are LLC members taxed?

If an LLC is setup with two members (50% each) and the total income is $200,000 annual, how does that work for each member with regard to taxation? Does each member have to file an income of $100,000? If so, is each member put in a tax bracket for $100k or are they taxed at the bracket for $200k?

Bonus question: How does that workout if the members are married (to each other) and filing jointly?

I added USA as location tag, since from my experience most of the people who think their country is the only one in the world are coming from the USA.

First: I'm not a tax professional. For proper tax advice you should be talking with a EA/CPA/Attorney licensed in your State.

If an LLC is setup with two members (50% each)

50% of what?

LLC, unless otherwise explicitly elected, is a "disregarded entity". I.e.: a single-member LLC doesn't file its own (Federal) tax returns at all, it all flows through directly to the member's tax return. For multiple-member LLC such as yours, the LLC is considered a partnership and files (Federal) tax form 1065, which is an informational return only, and the members get the share of the income and losses attributable to them on the 1065's schedule K-1, which gets added to their personal tax return through the personal 1040's schedule E.

Since you're in a partnership, you should have a partnership agreement (for LLCs it is usually called "Operating Agreement") which should state the division of the income, losses and capital. They don't have to be the same, hence my question. I'm guessing, in your case, they are the same.

Does each member have to file an income of $100,000? If so, is each
member put in a tax bracket for $100k or are they taxed at the bracket
for $200k?

Assuming you divide the attributable income 50/50, yes - each member will report additional $100K on their respective tax returns. Brackets are calculated per each member individually.

How does that workout if the members are married (to each other) and
filing jointly?

Exactly the same, except that "each member's tax return" will be the same tax return.

Note : State law differs. Some states require LLCs to file their own tax returns and pay their own taxes. For example, California (California taxes LLCs gross proceeds, not income).