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               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

These tables can help you compute your tax liability

For single taxpayers

 

 

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

 

 

 

For married couples filing jointly*

 

 

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

* Or qualifying widow(er)

 

 

 

 

 

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

 

 

 

For heads of households

 

 

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

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