Personal Income Tax Rates for 2009, 2010

Knowing what federal tax bracket your income will fit into will help you in planning for this years tax season.

When referencing the tax bracket charts listed below, remember your taxable income is your bottom line after you have deducted all of your deductions and exemptions.

Your tax bracket is the percentage rate you pay on the “last dollar” you earn. The following are a couple of examples of the federal tax brackets according to your filing status for 2009, 2010:

Single:
Taxable income amount/ Tax bracket:

$0 – $8,350 / 10%
$8,350 – $33,950 / 15%
$33,950 – $82,250 / 25%
$82,250 – $171,550 / 28%
$171,550 – $372,950 / 33%
$372,950 – above / 35%

Married filing Jointly:
Taxable income amount/ Tax bracket:
$0 – $16,700 / 10%
$16,700 – $67,900 / 15%
$67,900 – $137,050 / 25%
$137,050 – $208,85 /28%
$208,850 – $372,950 / 33%
$372,950 – above / 35%

** Other tax brackets are available according to your filing status, for example, filing married but separately, and head of household.

There are online calculators that make estimating your taxes extremely easy. By answering just a few basic questions, it will estimate your tax liability or your refund amount. I suggest TurboTax Online for this service.

Also for this year, there are several changes and additions that you may qualify for as a deduction. The following are a few examples:

 

  • 1st time home buyers tax credit
  • Payroll tax credit
  • Sales tax deduction for new vehicles
  • Higher standard deduction
  • Tax credit for college tuition

Visit TurboTax Online today for more information regarding additional tax deductions that you may qualify for and to find your personal income tax rates.

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Tuesday, April 6th, 2010, by Andrew and is filed under "Keep at it ". Both comments and pings are currently closed.

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