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Taxes
2007 Marginal Tax Rates |
Did you know that you're charged different tax rates for the different levels
of taxable income that you bring home each year. And as your income increases through the various tax brackets, so does
the percentage of tax that you pay. This is called a "graduated tax".
The table below outlines how your marginal tax rate is affected by income:
2007 Federal income tax
brackets
|
When
Your Taxable Income Is Over:
|
Tax Rate: |
| Single |
Joint |
Separate |
Household |
| $0 |
$0 |
$0 |
$0 |
10% |
| $7,300 |
$14,600 |
$7,300 |
$10,450 |
15% |
| $29,700 |
$59,400 |
$29,700 |
$39,800 |
25% |
| $71,950 |
$119,950 |
$59,975 |
$102,800 |
28% |
| $150,150 |
$182,800 |
$91,400 |
$166,450 |
33% |
| $326,450 |
$326,450 |
$163,225 |
$326,450 |
35% |
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