This applies only to amounts above $8,950 (assuming the standard deduction of $5,450 plus one personal exemption of $3,500) for an individual. For example, a single individual without children pays:
Single Filing Status (Tax Rate Schedule X)
10% on income between $0 and $8,025
15% on the income between $8,025 and $32,550; plus $802.50
25% on the income between $32,550 and $78,850; plus $4,481.25
28% on the income between $78,850 and $164,550; plus $16,056.25
33% on the income between $164,550 and $357,700; plus $40,052.25
35% on the income over $357,700; plus $103,791.75
http://www.moneychimp.com/features/tax_brackets.htm
http://taxes.about.com/od/2008taxes/qt/2008_tax_rates.htm
http://en.wikipedia.org/wiki/Tax_bracket#Tax_brackets_in_the_USA
This table applies only to amounts above $8,950 (assuming the standard deduction of $5,450 plus one personal exemption of $3,500) for an individual. For example, a single individual without children pays:
Late: Hmmm… Looks like I started to write a post on this and never finished it. I’m guessing it got published when I changed from MovableType to WordPress. This happened with a few posts. Sorry…
