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2007 Income Tax Rates

 
Taxable Income $
Tax Rate (%)
Married,
Filling Jointly
0 - 15,650
10
15,651 - 63,700
15
63,701 - 128,500
25
128,501 -195,850
28
195,851 -349,700
33
349,700 and more
35
Head of Household
0 - 11,200
10
11,201 - 42,690
15
42,691-110,100
25
110,101 -178,350
28
178,351 -349,700
33
349,701 and more
35
Single
0 - 7,825
10
7,826 - 31,850
15
31,851 - 77,100
25
77,101 - 160,850
28
160,851 - 349,700
33
349,701 and more
35
Married,
Filing Separately
0 - 7,825
10
7,826 - 31,850
15
31,851 - 64,250
25
64,251 - 97,925
28
97,926 - 174,850
33
174,851 and more
35
Income of Estates & Trusts
0 - 2,050
15
2,051 - 4,850
25
4,851 - 7,400
28
7,401 - 10,050
33
10,051 and more
35
*Exemption Per Person: $3,400
 

2007 Standard Deduction
  Under Age 65 Age 65 and older
Married, Filling Jointly $10,700 $11,750
(one spouse 65 or older)
    12,800
(both spouses 65+)
Head of Household 7,890 8,900
Single 5,350 6,650
Married, Filing Separately 5,350 6,400
Blind taxpayers get an extra $1,050 if married, $1,300 if single

 

 

 

Ward & Meyers LLC,
Certified Public Accountants
3201 Flagler Ave. Suite 506
Key West, FL 33040
Phone: (305) 293-0265
Fax: (305) 293-0263
Email: info@wardandmeyerscpa.com

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