2006 Tax Rates and Brackets

I received my Federal income tax forms last week. The 2006 tax rates have a 3.1% inflation adjustment versus the 2005 tax rates. For reference, here are the tax rates and brackets for 2006.

2006 Tax Rates and Brackets

For single taxpayers
If taxable income is over--	But not over--	The tax is:
$0	$7,550	10% of the amount over $0
$7,550	$30,650	$755 plus 15% of the amount over $7,550
$30,650	$74,200	$4,220 plus 25% of the amount over $30,650
$74,200	$154,800	$15,107.50 plus 28% of the amount over $74,200
$154,800	$336,550	$37,675.50 plus 33% of the amount over $154,800
$336,550	no limit	$97,653 plus 35% of the amount over $336,550
For married couples filing jointly*
If taxable income is over --	But not over--	The tax is:
$0	$15,100	10% of the amount over $0
$15,100	$61,300	$1,510 plus 15% of the amount over $15,100
$61,300	$123,700	$8,440 plus 25% of the amount over $61,300
$123,700	$188,450	$24,040 plus 28% of the amount over $123,700
$188,450	$336,550	$42,170 plus 33% of the amount over $188,450
$336,550	no limit	$91,043 plus 35% of the amount over $336,550
* Or qualifying widow(er)
For married couples filing separately
If taxable income is over --	But not over --	The tax is:
$0	$7,550	10% of the amount over $0
$7,550	$30,650	$755 plus 15% of the amount over $7,550
$30,650	$61,850	$4,220 plus 25% of the amount over $30,650
$61,850	$94,225	$12,020 plus 28% of the amount over $61,850
$94,225	$168,275	$21,085 plus 33% of the amount over $94,225
$168,275	no limit	$45,521.50 plus 35% of the amount over $168,275
For heads of households
If taxable income is over --	But not over--	The tax is:
$0	$10,750	10% of the amount over $0
$10,750	$41,050	$1,075 plus 15% of the amount over $10,750
$41,050	$106,000	$5,620 plus 25% of the amount over $41,050
$106,000	$171,650	$21,857.50 plus 28% of the amount over $106,000
$171,650	$336,550	$40,239.50 plus 33% of the amount over $171,650
$336,550	no limit	$94,656.50 plus 35% of the amount over $336,550

This is not financial or tax advice. Please consult a professional advisor.

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