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IRS 2007 Tax Rates for Married Couples Filing Jointly
(Schedule Y-1)

These tax tables are designed for married individuals filing their 2007 income tax return, and represent significant changes from Tax Year 2006.

These tables are effective January 1, 2007, and may also be used for qualifying widows and widowers. These rates do not take into account any credits, such as the standard deduction, mortgage deductions, etc.

 

 


Single

Joint Married

Married Filing Separate

Head of Household

Trusts

 

 
If Taxpayer's Income Is... Then Estimated Taxes Are...

Between

But Not Over

Base Tax

+ Rate

Of the Amount Over

$0
$15,650
$0
10%
$0
$15,650
$63,700
$1,565.00
15%
$15,650
$63,700
$128,500
$8,772.50
25%
$63,700
$128,500
$195,850
$24,972.50
28%
$128,500
$195,850
$349,700
$43,830.50
33%
$195,850
$349,700
- - - - -
$94,601.00
35%
$349,700

 

 

Example #1

Richie and Randi Reynolds, two married taxpayers, have 2007 TAXABLE INCOME of $130,000. The Reynolds' income would fall between:

Between

But Not Over

Base Tax

+ Rate

Of the Amount Over

$128,500
$195,850
$24,972.50
28%
$128,500


 

 

 

Richie and Randi Reynolds' Estimated Taxes

  = Base Tax + (Rate x Amount Over)
  = $24,972.50 + [.28 x ($130,000 - $128,500)]
  = $24,972.50 + (.28 x $1,500)
  = $24,972.50 + $420.00
  = $25,392.50

Assuming Richie and Randi made the same amount last year, their 2007 tax bill dropped over $411, using the 2006 income tax rate table for joint married taxpayers.

 


 

 

Example #2

Madeline Meadow is a widow whose husband died in 2007. She has combined 2007 TAXABLE INCOME of $210,000. Her income falls between:

Between

But Not Over

Base Tax

+ Rate

Of the Amount Over

$195,850
$349,700
$43,830.50
33%
$195,850

 

 

 

 

Madeline Meadow's Estimated Taxes

  = Base Tax + (Rate x Amount Over)
  = $43,830.50 + [.33 x ($210,000 - $195,850)]
  = $43,830.50 + (.33 x $14,150)
  = $43,830.50 + $4,669.50
  = $48,500

Madeline also experienced tax savings from the previous year, assuming she and her husband earned the same amount last year. Her total tax dropped $781.50 over last year, using the 2006 income tax rate table for joint married taxpayers and qualifying widow(ers).

 

These sample equations do not reflect standard deductions, mortgage deductions, or any other credits that may decrease your estimated taxable income. Use only for 2007 income taxes. The names mentioned in these samples are fictitious and not based on any individual. For illustrative and planning purposes only. For more information, or to review the official tax tables, please download Instructions for Form 1040.

 

 

 

 

 
 
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