|
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
XIf
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-1If 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-2If 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
ZIf 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
|