What to Pay - 2007 Tax Schedules

MAIN Your Money Taxes 2007 Tax Schedules

Go Figure -
How Much You'll Probably Pay in Taxes in 2007

It's tax time again.

For those of you who are new to the process (or just willfully unknowledgeable - ignorance is bliss!) you've nevertheless most likely heard that you should expect to pay about a 1/3 of what you've earned to Uncle Sam come April 15.

While the "pay a 1/3" rule is a good approximation, check out the 2006 IRS Tax Schedules below for a clearer explanation of how the percentages are calculated, depending on whether your filing as Single, Married filing jointly, Married filing separately or as Head of household.

NOTE: for the exact amount you own in Federal taxes this year, be sure to consult the complete 2007 Tax Table at the IRS.

Schedule X—If your filing status is Single

If your taxable income is: Over—	But not over—	The tax is:	of the amount over—
$0	$7,825	--------- +10%	$0
7,825	31,850	$782.50 + 15%	7,825
31,850	77,100	4,386.25 + 25%	31,850
77,100	160,850	15,698.75 + 28%	77,100
160,850	349,700	39,148.75 + 33%	160,850
349,700	--------	101,469.25 + 35%	349,700

Schedule Y-1—If your filing status is Married filing jointly or Qualifying widow(er)

If your taxable income is: Over—	But not over—	The tax is:	of the amount over—
$0	15,650	--------- +10%	$0
15,650	63,700	$1,565.00 + 15%	15,650
63,700	128,500	8,772.50 + 25%	63,700
128,500	195,850	24,972.50 + 28%	128,500
195,850	349,700	43,830.50 + 33%	195,850
349,700	--------	94,601.00 + 35%	349,700

Schedule Y-2—If your filing status is Married filing separately

If your taxable income is: Over—	But not over—	The tax is:	of the amount over—
$0	7,825	--------- +10%	$0
7,825	31,850	$782.50 + 15%	7,825
31,850	64,250	4,386.25 + 25%	31,850
64,250	97,925	12,486.25 + 28%	64,250
97,925	174,850	21,915.25 + 33%	97,925
174,850	--------	47,300.50 + 35%	174,850

Schedule Z—If your filing status is Head of household

If your taxable income is: Over—	But not over—	The tax is:	of the amount over—
$0	$10,750	--------- +10%	$0
11,200	41,050	$1,120.00 + 15%	11,200
42,650	106,000	5,837.50 + 25%	42,650
110,100	171,650	22,700.00 + 28%	110,100
178,350	336,550	41,810.00 + 33%	178,350
349,700	--------	98,355.50 + 35%	349,700

Related Links:

State Comparisons - Income Tax Rates

Corporate & Individual Tax Rates

Also see in Taxes -> Tax Forms & Instructions by U.S. State

1040, 1040 EZ & Other IRS Tax Forms

Tax Filing Tips | How to Avoid an IRS Audit