Individual Tax Brackets for 2009, 2010
If you’re looking for individual tax brackets I’m going to assume you are single or head of household.
Single Filing Status
If you are single and wondering where you place in the table of tax brackets you’ve come to the right place. The tax rate starts at ten percent and goes all the way up to thirty five percent. Let’s start at the ten percent rate. If you make $0 to $8,350 you will be taxed at a ten percent rate. Okay here’s the good news and bad news. If you’re making over $372,590, that’s the good news, here’s the bad news, you will be taxed at thirty five percent plus $108,216.
Head of Household
You may be wondering what qualities you must have to file as head of household. Generally speaking here are the qualifications;
· You should be unmarried at the end of the year
· Usually you provide a home for your child, parent, or qualifying dependent relative
· The household must be your home and usually the main home of the qualifying relative for more than half of the year
· You must provide more than half of the cost of maintaining the home
· You must be a United States citizen or resident alien for the entire tax year
Head of Household Tax Rate
Okay now that we defined Head of Household, let’s move onto the tax rate. Filing as head of household in an income bracket between $0 and $11,950 will place you at a ten percent tax rate. Now for the highest tax rate of thirty five percent you must make an income of over $372,950 and will be charged an additional $104,892.50.
Calculating Individual Tax Brackets
If you would like to calculate the tax bracket for yourself then you have come to the right place. Turbo Tax Online has a fantastic tax calculator that will display your refund or (tax owed) on every screen and updates the amount as you answer questions. How cool is that?
Not only that but, the web site is very user friendly and I think a kindergartener could use it. They use graphical icons with no tax jargon at all.
Visit TurboTax Online today to see the top six benefits.
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