About.com: “The United States imposes tax on income using progressive rates. That means that a person’s tax liabilities gradually increases as income increases. There are currently six tax brackets, ranging from ten percent to thirty five percent. These six tax brackets are scheduled to expire, along with other tax reforms signed into law under President G.W. Bush, at the end of the year 2010. President Obama has signaled his desire to increase the top two tax brackets, effectively increasing the tax burden on higher income persons.”
[Tax Rate Schedule X, Internal Revenue Code section 1(c)]
- 10% on income between $0 and $8,375
- 15% on the income between $8,375 and $34,000; plus $837.50
- 25% on the income between $34,000 and $82,400; plus $4,681.25
- 28% on the income between $82,400 and $171,850; plus $16,781.25
- 33% on the income between $171,850 and $373,650; plus $41,827.25
- 35% on the income over $373,650; plus $108,421.25
Married Filing Jointly or Qualifying Widow(er) Filing Status
[Tax Rate Schedule Y-1, Internal Revenue Code section 1(a)]- 10% on the income between $0 and $16,750
- 15% on the income between $16,750 and $68,000; plus $1,675
- 25% on the income between $68,000 and $137,300; plus $9,362.50
- 28% on the income between $137,300 and $209,250; plus $26,687.50
- 33% on the income between $209,250 and $373,650; plus $46,833.50
- 35% on the income over $373,650; plus $101,085.50
Married Filing Separately Filing Status
[Tax Rate Schedule Y-2, Internal Revenue Code section 1(d)]- 10% on the income between $0 and $8,375
- 15% on the income between $8,375 and $34,000; plus $837.50
- 25% on the income between $34,000 and $68,650; plus $4,681.25
- 28% on the income between $68,650 and $104,625; plus $13,343.75
- 33% on the income between $104,625 and $186,825; plus $23,416.75
- 35% on the income over $186,825; plus $50,542.75
Head of Household Filing Status
[Tax Rate Schedule Z, Internal Revenue Code section 1(b)]- 10% on the income between $0 and $11,950
- 15% on the income between $11,950 and $45,550; plus $1,195
- 25% on the income between $45,550 and $117,650; plus $6,235
- 28% on the income between $117,650 and $190,550; plus $24,260
- 33% on the income between $190,550 and $373,650; plus $44,672
- 35% on the income over $373,650; plus $105,095
Wow these numbers are kind of bigger than i tought they would be…