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Information provided on this site is for general guidance only and
is often simplified. Actual IRS procedures are complex, and taxpayers
should obtain professional assistance or use IRS sources for complete
information.
Income
TaxA summary of the income tax
situation of a normal individual.
Income
Tax Rates2009 and 2010 income tax rates for 'married', 'single' and 'head of household' categories.
Overseas
Investment IncomeThe IRS has done a good job of 'catching' just about all types of overseas income. Now it is pursuing undisclosed overseas accounts with a vengeance.
President
Bush's Tax PanelThe Panel made far-reaching
recommendations for reform of the Tax Code
in 2005 - but the proposals remain on the
shelf, and probably won't be taken down any
time soon.
Estate
TaxA summary of the estate tax and
its future.
Income
Tax Rates
Tax payable on taxable income is as follows in
2009 and 2010 for several categories of taxpayer.
Single
individuals:
If
taxable income is over--
But
not over--
The
tax is:
$0
$8,350
10%
of the amount over $0
$8,350
$33,950
$835.00
plus 15% of the amount over 8,350
$33,950
$82,250
$4,675.00
plus 25% of the amount over 33,950
$82,250
$171,550
$16,750.00
plus 28% of the amount over 82.250
$171,550
$372,950
$41,754.00
plus 33% of the amount over 171,550
$372,950
no
limit
$108,
216.00 plus 35% of the amount over 372,950
For
2010 the bands will be slightly increased to $8,375,
$34,000, $82,400, $171,850 and $373,650.
Married individuals:
If
taxable income is over--
But
not over--
The
tax is:
$0
$16,700
10%
of the amount over $0
$16,700
$67,900
$1,670.00
plus 15% of the amount over 16,700
$67,900
$137,050
$9,350.00
plus 25% of the amount over 67,900
$137,050
$208,850
$26,637.50
plus 28% of the amount over 137,050
$208,850
$372,950
$46,741.50
plus 33% of the amount over 208,850
$372,950
no
limit
$100,894.50
plus 35% of the amount over 372,950
For
2010 the bands will be slightly increased to $16,750,
$68,000, $137,300, $209,250 and $373,650.
Married
individuals filing separately:
If
taxable income is over--
But
not over--
The
tax is:
$0
$8,350
10%
of the amount over $0
$8,350
$33,950
$835.00
plus 15% of the amount over 8,350
$33,950
$68,525
$4,675.00
plus 25% of the amount over 33,950
$68,525
$104,425
$13,318.75
plus 28% of the amount over 68,525
$104,425
$186,475
$23,370.75
plus 33% of the amount over 104,425
$186,475
no
limit
$50,447.25
plus 35% of the amount over 186,475
For
2010 the bands will be slightly increased to $8,375,
$34,000, $68,650, $104,625 and $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
$45,500
$1,195.00
plus 15% of the amount over 11,950
$45,500
$117,450
$6,227.50
plus 25% of the amount over 45,500
$117,450
$190,200
$24,215.00
plus 28% of the amount over 117,450
$190,200
$372,950
$44,585.0
plus 33% of the amount over 190,200
$372,950
no
limit
$104,892.50
plus 35% of the amount over 372,950
For
2010 some bands will be slightly increased to
$45,550, $117,650, $190,550, and $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
2009 and 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$8,350 (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
2009 and 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.
Income
TaxA summary of the income tax situation
of a normal individual.
Income
Tax Rates2009 and 2010 income tax rates for 'married', 'single' and 'head of household' categories.
Overseas
Investment IncomeThe IRS has done a good job of 'catching' just about all types of overseas income. Now it is pursuing undisclosed overseas accounts with a vengeance.
President
Bush's Tax PanelThe Panel made far-reaching
recommendations for reform of the Tax Code in 2005
- but the proposals remain on the shelf, and probably
won't be taken down any time soon.
Estate
TaxA summary of the estate tax and its
future.
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One of the web's largest and most authoritative business and investment
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The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax.
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