Quick List of Income Tax Rates for 2010

What are the Income Tax Rates for 2010?

The federal income tax in the United States is a progressive model where those individuals who earn higher wages are taxed at a higher percentage and vice versa. The Tax brackets represent the divisions at which tax rates are implemented; these rates will change based on a given fiscal year in accordance with inflation and the macro-economic standing of the country. In essence, the Tax Rates represent cutoff values for an earner’s taxable income—incomes past a certain point will be taxed at the next available tax bracket.

Additionally the tax rates will fluctuate for individuals who file separately or for those couples who file joint returns. The tax rate is dependent on income, meaning the amount of money an individual earns from his or her job; however, the tax rates will also fluctuate given the delivery of tax deductions, tax credits, and the status of the filing.

The following brackets will elucidate on the taxable incomes of American earners and the separate filing statuses that are present in the Federal income taxation system.

2010 Tax Rates for single earners:

Single 2010 Tax Rates

Taxable Income: Income Tax:

$0-$8,375 10% of the amount over $0

$8,375-$34,000 $837.50 plus 15% of the amount over $8,375

$34,000-$82,400 $4,681.25 plus 25% of the amount over $34,000

$82,400-$171,850 $16,781.25 plus 28% of the amount over $82,400

$171,850-$373,650 $41,827.25 plus 33% of the amount over $171,850

$373,650+ $108,421.25 plus 35% of the amount over $373,650

An individual’s tax bracket is dependent on two primary variables: the individual’s taxable income and their filing status. The options for filing status include the following: the individual will file a single return, a Married Filing Jointly return, a Married Filing Separately Return, a head of household, or a Qualifying Widower with Dependent Child.

The filing status is dependent upon the filer’s marital and family situation on the last day of the taxable year. If on the last day of the taxable year, multiple filing statuses apply, the individual will be allowed to choose between them.

2010 Tax Rates for individuals who file for Married Jointly:

Married Filing Jointly 2010 Tax Rates

Taxable Income: Income Tax:

$0-$16,750 10% of the amount over $0

$16,750-$68,000 $1,675 plus 15% of the amount over $16,750

$68,000-$137,300 $9,362.50 plus 25% of the amount over $68,000

$137,300-$209,250 $26,687.50 plus 28% of the amount over $137,300

$209,250-$373,650 $46,833.50 plus 33% of the amount over $209,250

$373,650+ $101,085.50 plus 35% of the amount over $373,650

Tax Rates for those who are Married but File Separately:

Married Filing Separately 2010 Tax Rates

Taxable Income: Income Tax:

$0-$8,375 10% of the amount over $0

$8,375-$34,000 $837.50 plus 15% of the amount over $8,375

$34,000-$68,650 $4,681.25 plus 25% of the amount over $34,000

$68,650-$104,625 $13,343.75 plus 28% of the amount over $68,650

$104,625-$186,825 $23,416.75 plus 33% of the amount over $104,625

$186,825+ $50,542.75 plus 35% of the amount over $186,825

Tax Rates for those who file as Head of Household:

Head of Household 2010 Tax Rates

Taxable Income: Income Tax:

$0-$11,950 10% of the amount over $0

$11,950-$45,550 $1,195.00 plus 15% of the amount over $11,950

$45,550-$117,650 $6,235 plus 25% of the amount over $45,550

$117,650-$190,550 $24,260 plus 28% of the amount over $117,650

$190,550-$373,650 $44,672 plus 33% of the amount over $190,550

$373,650+ $105,095 35% of the amount over $373,650

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