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Tax brackets in the United States
Main article: Rate schedule (federal
income tax)
In the United States, the dollar amounts
of the Federal income tax standard
deduction and personal exemptions for
the taxpayer and dependents are adjusted
annually to account for inflation. This
results in yearly changes to the
personal income tax brackets even when
the Federal income tax rates remain
unchanged.
For 2010, the standard deduction is
$5,700
single individuals and
married individuals filing separately
(up $250 from 2008)
$8,350 for heads of
household (up $350)
$11,400 for
married couples filing a joint return
(up $500).
The dollar amount of each personal and
dependency exemption is $3,650 (up $150
from 2008). Nearly
two out of three taxpayers take the
standard deduction, rather than
itemizing deductions, such as mortgage
interest, charitable contributions and
state and local taxes.
The Federal
income tax brackets for 2010 are as
follows:
Schedule
X — Single
|
If taxable
income is over |
But not over-- |
The tax is: |
|
$0 |
$8,350 |
10% of the
amount over $0 |
|
$8,351 |
$33,950 |
$835.00 plus 15%
of the amount
over $8,350 |
|
$33,951 |
$82,250 |
$4,675.00 plus
25% of the
amount over
$33,950 |
|
$82,251 |
$171,550 |
$16,750.00 plus
28% of the
amount over
$82,250 |
|
$171,551 |
$372,950 |
$41,754.00 plus
33% of the
amount over
$171,550 |
|
$372,951 |
no limit |
$108,216.00 plus
35% of the
amount over
$372,950 |
Schedule Y-1 — Married
filing Jointly or
Qualifying Widow(er)
|
If taxable
income is over |
But not over-- |
The tax is: |
|
$0 |
$16,700 |
10% of the
amount over $0 |
|
$16,701 |
$67,900 |
$1,670.00 plus
15% of the
amount over
$16,700 |
|
$67,901 |
$137,050 |
$9,350.00 plus
25% of the
amount over
$67,900 |
|
$137,051 |
$208,850 |
$26,637.50 plus
28% of the
amount over
$137,050 |
|
$208,851 |
$372,950 |
$46,741.50 plus
33% of the
amount over
$208,850 |
|
$372,951 |
no limit |
$100,894.50 plus
35% of the
amount over
$372,950 |
Schedule Y-2 — Married
Filing Separately
|
If taxable
income is over- |
But not over-- |
The tax is: |
|
$0 |
$8,350 |
10% of the
amount over $0 |
|
$8,351 |
$33,950 |
$835.00 plus 15%
of the amount
over $8,350 |
|
$33,951 |
$68,525 |
$4,675.00 plus
25% of the
amount over
$33,950 |
|
$68,526 |
$104,425 |
$13,318.75 plus
28% of the
amount over
$68,525 |
|
$104,426 |
$186,475 |
$23,370.75 plus
33% of the
amount over
$104,425 |
|
$186,476 |
no limit |
$50,447.25 plus
35% of the
amount over
$186,475 |
Schedule Z — Head of
Household
|
If taxable
income is over |
But not over-- |
The tax is: |
|
$0 |
$11,950 |
10% of the
amount over $0 |
|
$11,951 |
$45,500 |
$1,195.00 plus
15% of the
amount over
$11,950 |
|
$45,501 |
$117,450 |
$6,227.50 plus
25% of the
amount over
$45,500 |
|
$117,451 |
$190,200 |
$24,215.00 plus
28% of the
amount over
$117,450 |
|
$190,201 |
$372,950 |
$44,585.00 plus
33% of the
amount over
$190,200 |
|
$372,951 |
no limit |
$104,892.50 plus
35% of the
amount over
$372,950 |
The amount of people that file their
federal taxes online is growing
exponentially and the entire process is
becoming more beneficial and secure.
When E-filing first began virtually no
one was willing or capable of filing
online. Now that has all changed and
more than 68 million people E-filed
their returns in 2005 alone and that has
grown dramatically since..
Filing your taxes online is a lot
cheaper than many of the other options
available today. With online tax filing
you can access and use efficient tax
software for just a few dollars..
One reasons for this growth is the
electronic filing system is that it
allows you to directly file your taxes
with the government which means that you
can receive your refund in as little as
8 days. On top of this undeniable speed,
the whole process can make filing your
taxes drastically easier to understand
and complete with fully guided
preparation.
Secure websites will walk you through
the steps of tax return preparation in
an easy and time efficient manner. This
allows you to file your completed tax
return in a matter of minutes compared
to hours in the past. There's no rush
though, you can log in and enter a few
details and then come back in a few days
if you wish. However it is possible to
finish your entire tax return in under
30 minutes if that is how you wish to
complete it.
It's worth a shot, keep up with the
Jones's, give it a try!
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