|
Income
Tax Rates
Tax payable on taxable income is as follows in
2010 for several categories of taxpayer.
Single
individuals:
| If
taxable income is over-- |
But
not over-- |
The
tax is: |
| $0 |
$8,375 |
10%
of the amount over $0 |
| $8,375 |
$34,000 |
$837.50
plus 15% of the amount over 8,375 |
| $34,000 |
$82,400 |
$4,681.25
plus 25% of the amount over 34,000 |
| $82,400 |
$171,850 |
$16,781.25
plus 28% of the amount over 82.400 |
| $171,850 |
$373,650 |
$41,827.26
plus 33% of the amount over 171,850 |
| $373,650 |
no
limit |
$108,
421.25 plus 35% of the amount over 373,650 |
Married individuals:
| If
taxable income is over-- |
But
not over-- |
The
tax is: |
| $0 |
$16,750 |
10%
of the amount over $0 |
| $16,750 |
$68,000 |
$1,675.00
plus 15% of the amount over 16,750 |
| $68,000 |
$137,300 |
$9,362.50
plus 25% of the amount over 68,000 |
| $137,300 |
$209,250 |
$26,687.50
plus 28% of the amount over 137,300 |
| $209,250 |
$373,650 |
$46,833.50
plus 33% of the amount over 209,250 |
| $373,650 |
no
limit |
$101,085.50
plus 35% of the amount over 373,650 |
Married
individuals filing separately:
| If
taxable income is over-- |
But
not over-- |
The
tax is: |
| $0 |
$8,375 |
10%
of the amount over $0 |
| $8,375 |
$34,000 |
$837.50
plus 15% of the amount over 8,375 |
| $34,000 |
$68,650 |
$4,681.25
plus 25% of the amount over 34,000 |
| $68,650 |
$104,625 |
$13,343.75
plus 28% of the amount over 68,650 |
| $104,625 |
$186,825 |
$23,416.75
plus 33% of the amount over 104,625 |
| $186,825 |
no
limit |
$50,542.75
plus 35% of the amount over 186,825 |
Head
of Household:
| If
taxable income is over-- |
But
not over-- |
The
tax is: |
| $0 |
$11,950 |
10%
of the amount over $0 |
| $11,950 |
$45,550 |
$1,195.00
plus 15% of the amount over 11,950 |
| $45,550 |
$117,650 |
$6,235.00
plus 25% of the amount over 45,550 |
| $117,650 |
$190,550 |
$24,260.00
plus 28% of the amount over 117,650 |
| $190,550 |
$373,650 |
$44,672.00
plus 33% of the amount over 190,550 |
| $373,650 |
no
limit |
$105,095.00
plus 35% of the amount over 373,650 |
'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
2010, a standard deduction is available in the
following amounts: US$11,400 for married persons
filing jointly; US$5,700 for married persons filing
separately; US$8,400 in 2010 for heads of households;
and US$5,700 for single taxpayers. Taxpayers are
also allowed to take personal exemptions of US$3,650
per person in 2010. The Dependant's Standard Deduction
is to be no more than the greater of $900 or $300
plus the individual's earned income.
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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