|
| |
| 2005
Individual Income Tax Rates |
| |
Tax Rates |
Married/Joint
(MFJ) |
Head of Household
(HH) |
Single
(S) |
| |
110% |
0 –
14,600 |
0 – 10,450 |
0 - 7,300 |
| |
115% |
14,600 –
59,400 |
10,450 –
39,800 |
7,300 – 29,700 |
| |
125% |
59,400 – 119,950
|
39,800 – 102,800 |
29,700 – 71,950 |
| |
1(2)28% |
119,950 – 182,800 |
102,800 – 166,450 |
71,950 – 150,150 |
| |
(2)33% |
182,800 – 326,450 |
166,450 –
326,450 |
150,150 – 326,450 |
| |
1(2)35% |
326,450 & ABOVE |
326,450 & ABOVE |
326,450 & ABOVE |
| |
*1 This
rate is not applicable to capital gains, which is mostly capped at 5% & 15%.
(2)
The
actual effective marginal tax rate is higher due to the disallowance
of exemptions & itemized deductions.
|
| |
Children & Other
Dependents |
|
| UNearned income ONLY: |
(First $ 800) |
NO tax |
| |
($801 - $7,300)* |
10% |
| |
|
|
| *If under age 14: |
($1,601 & up) |
Taxed @ Parent's rate |
| |
|
|
| EARNED income ONLY: |
(First $5,000) |
NO tax |
| (All ages) |
(Above $5,000) |
Taxed @ Single rate (see above) |
| |
|
|
| COMBINATION of EARNED & UNearned Income: |
|
| |
(First $ 800) |
NO tax |
| (EARNED income> $800 BUT < $5,000) |
ONLY UNearned income over $250 taxed |
| (EARNED income > $5,000) |
Excess EARNED income taxed
AND ALL UNearned income taxed |
| |
Married Filing Jointly $10,000 |
Head of Household $7,300 |
Single $5,000 |
| |
|
|
|
| PLUS: |
$ 1,000 |
for EACH 65+ spouse |
| or: |
$1,250 |
for a single filer age 65 or older |
| or: |
$ 1,250 |
if legally blind each |
|
|
|
| |
Personal Exemptions |
|
| |
$3,200 per person |
|
|
| |
|
