Below are the US 2008 federal tax rates for informational purposes. To compute your actual income tax, follow the 2008 instructions that accompany Form 1040.
Here are the 2008 IRS tax rates:
|
Rate |
Filing Status* |
|||
|
S |
MFJ/QW |
MFS |
HOH |
|
|
10% |
Up to $8,025 |
Up to $16,050 |
Up to $8,025 |
Up to $11,450 |
|
15% |
$8,026 - $32,550 |
$16,051 - $65,100 |
$8,026 - $32,550 |
$11,451 - $43,650 |
|
25% |
$32,551 - $78,850 |
$65,101 - $131,450 |
$32,551 - $65,725 |
$43,651 - $112,650 |
|
28% |
$78,851 - $164,550 |
$131,451 - $200,300 |
$65,726 - $100,150 |
$112,651 - $182,400 |
|
33% |
$164,551 - $357,700 |
$200,301 - $357,700 |
$100,151 - $178,850 |
$182,401 - $357,700 |
|
35% |
$357,701 or more |
$357,701 or more |
$178,851 or more |
$357,701 or more |
*S = Single
MFJ/QW = Married filing jointly or qualifying widow
MFS = Married filing separately
HOH = Head of household
These tax rates apply only to the portion of your taxable income within that bracket. So if you are a single filer and have taxable income of $100,000, you’d be in the 28% bracket. That doesn’t mean that you pay 28% on all of your taxable income. Rather, it means that you pay 10% of your first $8,025, 15% of your next $24,524 ($32,550-$8,026), 25% on your next $46,299 and then 28% on your final $21,150. So you’re only paying 28% on the portion of your income that exceeds the 25% bracket, 25% on that which exceeds the 15% bracket, and so on.
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