Planning For 2007 Tax Returns - Tax Tables

The best time to plan and prepare for taxes is before the tax year is completed. Since the IRS publishes the next year's tax rate the previous fall, the 2007 tax brackets, as well as amounts for standard deductions, personal exemptions and other tax areas, are already available. These tables can help you develop tax strategies and estimate your tax bill for 2007.

If interested in specific details, you can get more information from the IRS website.

2007 tax rates and brackets

These tables can help you estimate your tax bill
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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This is not financial advice. Please consult a professional advisor.

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