A few weeks ago, as I was searching the IRS website (for an unrelated publication), I stumbled across this PDF File, outlining the 2009 IRS Federal Income Tax Rate Schedules. These rate schedules define various tax brackets. It’s always good to have an idea of which tax bracket you are in, so that you can figure your effective tax rate. Remember, your tax bracket and your effective tax rate are two entirely different things!
Single Filing 10% on income between $0 and $8,350 15% on income between $8,350 and $33,950; + $835 25% on income between $33,950 and $82,250; +$4,675 28% on income between $82,250 and $171,550; + $16,750 33% on income between $171,550 and $372,950; + $41,754 35% on income over $372,950; + $108,216 Head of Household Filing 10% on income between $0 and $11,950 15% on income between $11,950 and $45,500; + $1,195 25% on income between $45,500 and $117,450; + $6,227.50 28% on income between $117,450 and $190,200; + $24,215 33% on income between $190,200 and $372,950; + $44,585 35% on income over $372,950; + $104,892.50 Married Filing Jointly 10% on income between $0 and $16,700 15% on income between $16,700 and $67,900; + $1,670 25% on income between $67,900 and $137,050; + $9,350 28% on income between $137,050 and $208,850; + $26,637.50 33% on income between $208,850 and $372,950; + $46,741.50 35% on income over $372,950; + $100,894.50 Married Filing Separately 10% on income between $0 and $8,350 15% on income between $8,350 and $33,950; + $835 25% on income between $33,950 and $68,525; + $4,675 28% on income between $68,525 and $104,425; + $13,318.75 33% on income between $104,425 and $186,475; + $23,370.75 35% on income over $186,475; + $50,447.25
These rate schedules may come in handy, especially considering this news from Yahoo that millions of couples and retirees might have higher-than-expected tax bills come next April. Keep your tax rate in mind as you plan your retirement contributions and other tax-related financial decisions.
Whew… still in the 25% bracket. I hate taxes.
I hate taxes too. But like if don’t get taxes!
No wonder athletes and celebs are always doing charity and NPO work!! Great info!
Thanks NCN
Valuable update. Everyone take note to find more places to hide your income! Building a budget will help you learn how much you have each month to allocate to tax shelters– a key for any pf savvy individual.