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Income
Tax Rates
Tax payable on taxable income is as follows in
2007 for several categories of taxpayer.
Single
individuals:
| 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 |
Married
individuals:
| If
taxable income is over-- |
But
not over-- |
The
tax is: |
| $0 |
$15,650 |
10%
of the amount over $0 |
| $15,650 |
$63,700 |
$1,565.00
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 |
$94,601.00
plus 35% of the amount over 349,700 |
Married
individuals 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 |
Head of Household:
| If
taxable income is over-- |
But
not over-- |
The
tax is: |
| $0 |
$11,200 |
10%
of the amount over $0 |
| $11,200 |
$42,650 |
$1,120.00
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 |
$22,700.00
plus 28% of the amount over 110,100 |
| $178,350 |
$349,700 |
$41,810.00
plus 33% of the amount over 178,350 |
| $349,700 |
no
limit |
$98,355.50
plus 35% of the amount over 349,700 |
'Standard
deductions' and 'itemized deductions' are alternatives.
A standard deduction is the standard amount you
may deduct from your adjusted gross income (AGI)
to calculate taxable income. The amount depends
on your tax filing status.
The
IRS recommends deductions should be itemized when
the total itemized amount exceeds the standard
deduction for a given tax filing status. Itemized
deductions begin to be lost when adjusted gross
income reaches a certain amount.
For
2007, a standard deduction is available in the
following amounts: US$10,700 for married persons
filing jointly; US$5,350 for married persons filing
separately; US$7,850 for heads of households;
and US$5,350 for single taxpayers. Taxpayers are
also allowed to take personal and dependent exemptions
of US$3,400 per person in 2007.
An exemption is the amount a taxpayer can deduct
from his or her adjusted gross income to calculate
taxable income.The exemption phases out at higher
incomes.
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