2007 Tax Rates and Income Brackets |
| Lower tax brackets for all taxpayers |
 |
In 2007 the tax bracket thresholds increased adjusted for inflation. This is required by law and is adjusted yearly according to the government inflation tables. The taxable income threshold for each filing status, such as single, married, married filing separately, and head of household, have been increased.
By raising the income limits, your effective tax tax bracket has been in effect lowered and therefore you will pay lower income taxes for the filing year 2007. Estimate your taxable income by taking your gross income less all your tax deductions. |
2007 Tax Rates and Brackets
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These tables can help you compute your tax liability |
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For single taxpayers |
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|
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If taxable income is over -- |
But not over -- |
The tax is: |
|
$0 |
$7,825 |
10% of the amount over $0 |
|
$7,825 |
$31,850 |
$782.50 plus 15% of the amount over $7,825 |
|
$31,850 |
$77,100 |
$4,386.25 plus 25% of the amount over $31,850 |
|
$77,100 |
$160,850 |
$15,698.75 plus 28% of the amount over $77,100 |
|
$160,850 |
$349,700 |
$39,148.75 plus 33% of the amount over $160,850 |
|
$349,700 |
no limit |
$101,469.25 plus 35% of the amount over $349,700 |
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|
|
|
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For married couples filing jointly* |
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|
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If taxable income is over -- |
But not over -- |
The tax is: |
|
$0 |
$15,650 |
10% of the amount over $0 |
|
$15,650 |
$63,700 |
$1,565 plus 15% of the amount over $15,650 |
|
$63,700 |
$128,500 |
$8,772.50 plus 25% of the amount over $63,700 |
|
$128,500 |
$195,850 |
$24,972.50 plus 28% of the amount over $128,500 |
|
$195,850 |
$349,700 |
$43,830.50 plus 33% of the amount over $195,850 |
|
$349,700 |
no limit |
$94,601 plus 35% of the amount over $349,700 |
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* Or qualifying widow(er) |
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For married couples filing separately |
|
|
If taxable income is over -- |
But not over -- |
The tax is: |
|
$0 |
$7,825 |
10% of the amount over $0 |
|
$7,825 |
$31,850 |
$782.50 plus 15% of the amount over $7,825 |
|
$31,850 |
$64,250 |
$4,386.25 plus 25% of the amount over $31,850 |
|
$64,250 |
$97,925 |
$12,486.25 plus 28% of the amount over $64,250 |
|
$97,925 |
$174,850 |
$21,915.25 plus 33% of the amount over $97,925 |
|
$174,850 |
no limit |
$47,300.50 plus 35% of the amount over $174,850 |
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|
|
|
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For heads of households |
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|
|
If taxable income is over -- |
But not over -- |
The tax is: |
|
$0 |
$11,200 |
10% of the amount over $0 |
|
$11,200 |
$42,650 |
$1,120 plus 15% of the amount over $11,200 |
|
$42,650 |
$110,100 |
$5,837.50 plus 25% of the amount over $42,650 |
|
$110,100 |
$178,350 |
$22,700 plus 28% of the amount over $110,100 |
|
$178,350 |
$349,700 |
$41,810 plus 33% of the amount over $178,350 |
|
$349,700 |
no limit |
$98,355.50 plus 35% of the amount over $349,700 | |