If interested in specific details, you can get more information from the IRS website.
These tables can help you estimate your tax bill | ||
---|---|---|
For single taxpayers | ||
If taxable income is over -- | But not over-- | The tax is: |
$0 | $7,825 | 10% of the amount over $0 |
$7,825 | $31,850 | $782.50 plus 15% of the amount over $7,825 |
$31,850 | $77,100 | $4,386.25 plus 25% of the amount over $31,850 |
$77,100 | $160,850 | $15,698.75 plus 28% of the amount over $77,100 |
$160,850 | $349,700 | $39,148.75 plus 33% of the amount over $160,850 |
$349,700 | no limit | $101,469.25 plus 35% of the amount over $349,700 |
For married couples filing jointly* | ||
If taxable income is over-- | But not over-- | The tax is: |
$0 | $15,650 | 10% of the amount over $0 |
$15,650 | $63,700 | $1,565 plus 15% of the amount over $15,650 |
$63,700 | $128,500 | $8,772.50 plus 25% of the amount over $63,700 |
$128,500 | $195,850 | $24,972.50 plus 28% of the amount over $128,500 |
$195,850 | $349,700 | $43,830.50 plus 33% of the amount over $195,850 |
$349,700 | no limit | $94,601 plus 35% of the amount over $349,700 |
* Or qualifying widow(er ) | ||
For married couples filing separately | ||
If taxable income is over-- | But not over-- | The tax is: |
$0 | $7,825 | 10% of the amount over $0 |
$7,825 | $31,850 | $782.50 plus 15% of the amount over $7,825 |
$31,850 | $64,250 | $4,386.25 plus 25% of the amount over $31,850 |
$64,250 | $97,925 | $12,486.25 plus 28% of the amount over $64,250 |
$97,925 | $174,850 | $21,915.25 plus 33% of the amount over $97,925 |
$174,850 | no limit | $47,300.50 plus 35% of the amount over $174,850 |
For heads of households | ||
If taxable income is over | But not over | The tax is: |
$0 | $11,200 | 10% of the amount over $0 |
$11,200 | $42,650 | $1,120 plus 15% of the amount over $11,200 |
$42,650 | $110,100 | $5,837.50 plus 25% of the amount over $42,650 |
$110,100 | $178,350 | $22,700 plus 28% of the amount over $110,100 |
$178,350 | $349,700 | $41,810 plus 33% of the amount over $178,350 |
$349,700 | no limit | $98,355.50 plus 35% of the amount over $349,700 |
For more on The Practice of Personal Finance, check back every Wednesday for a new segment.
This is not financial advice. Please consult a professional advisor.
Copyright © 2007 Achievement Catalyst, LLC
1 comment:
Sure they can help, provided you can approximate your deductions as well. I never cease to be amazed at the number of people who don't know the difference between AGI and taxable income, though the difference is several thousand dollars at least. Here's hoping that Mr Dimes and I wind up in the 10% bracket again!
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