Income Tax Brackets

 

Using Income Tax Brackets to Determine Your Income Tax Rate
 

If you are looking for a simple way to figure out how much taxes you have to pay on your income, you have come to the right place. With a glance at the Tax Tables, you can see how much taxes are owed on your taxable income depending on your filing status.

 

This quick look can also help you figure out what the right filing status is for you.

If you are looking for a quick way to estimate your taxes, you have come to the right place. There are a few simple steps to calculate your income taxes using the tax tables I have included.

One note on using the tax tables. The tax you have to pay is not one number for all your income. Some of your income will be taxed at 10%, some at 15% and so on.

Here is a quick example. Let’s say you are single and have a taxable income (after your deductions are subtracted) of $40,000. You take 10% of the first $8,025, 15% of $32,550 minus $8,025, and 25% of $40,000 minus $32,550.

This can get a bit confusing so I recommend you just take advantage of some of the great online tax software available. You can save a bunch of money versus going to your local tax man and you will get a faster (and probably better) refund check than doing them yourself by hand.

Tax Bracket Rates for 2009

Tax Bracket - Single
Income $0 to 8,025 – 10%
8,025 < Income < 32,550 – 15%
32,550 < Income <78,850 – 25%
78,850 < Income < 164,550 – 28%
164,550 < Income < 357,700 – 33%
357,700 < Income – 35%

Head of Household
Income < 11,450 – 10%
11,450 < Income < 43,650 – 15%
43,650 < Income < 112,650 – 25%
112,650 < Income < 182,400 – 28%
182,400 < Income < 357,700 – 33%
357,700 < Income – 35%

Married Filing Separately
Income < 8,025 – 10%
8,025 < Income < 32,550 – 15%
32,550 < Income < 65,725 – 25%
65,725 < Income < 100,150 – 28%
100,150 < Income < 178,850 – 33%
178,850 < Income – 35%

Married Filing Jointly
Income < 16,050 – 10%
16,050 < Income < 65,100 – 15%
65,100 < Income < 131,450 – 25%
131,450 < Income < 200,300 – 28%
200,300 < Income < 357,700 – 33%
357,700 < Income – 35%
 

Software for Tax Preparation and Determining Tax Rates

H&R Block and TurboTax are the cats meow when it comes to finding a quality product to prepare your return. They are both top of the market software brands that make preparing and filing your return a very easy project to complete

 

Make sure your using a well rated product to file your return and you won't have to hassle with the Internal Revenue Service (IRS) due to mistakes that can easily be made when using lower quality tax software. I can tell you from past experience that not all software brands will make filing a easy task. Check your tax rate through the current tax bracket table and that can help you determine which tax software edition will suite you best.

 

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Tags: tax brackets, tax tables, tax bracket, tax table, tax rate

Tax Tables - Using Tax Brackets to Determine Your Tax Rate
Posted in income tax rates February 20th, 2009 . by admin

 

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