Individual Tax Brackets for 2009, 2010
First of all the tax brackets depend on your filing status. The first step is to determine what filing status best suits your needs.
If you aren’t sure, here they are:
- Married Filing Jointly
- Married Filing Separately
- Single
- Head of Household
There are basically two categories, one being a married person and the other being an unmarried person. Unmarried includes people who are legally separated or divorced at the end of the year. Now if you’re unmarried and can claim a dependent then, you may qualify for Head of Household status which will provide even more tax benefits.
Married Filing Jointly
Let’s say you’re married and filing jointly for the year 2009. The tax brackets start at ten percent and go all the way up to thirty five percent. This is based on taxable income which includes all income not just employment income. Big difference between the two so, I hope you understand that.
Let’s say you’re married filing jointly and your taxable income is $70,000. Your tax bracket would fall into the twenty five percent tax rate because taxable income between $67,900 and $137,050 is the twenty five percent tax bracket.
Filing as Single
Well if you happen to be single and are wondering what your individual tax bracket is then, I will give you an example. Let’s say you’re single and do not have any dependents. If your taxable income was between $33,950 and $82,250 then, your individual tax bracket will fall into the 25% bracket for the year 2009.
If you’re really doing well and your taxable income was over $372,950 then, you will be in the 35% tax bracket. Of course you can always find the tax bracket tables if you use an online tax preparation software program like Turbo Tax Online.
Head of Household
If you are unmarried, can claim a dependent for over half of the year then, you can claim Head of Household as your filing status. You will benefit from a higher standard deduction and lower tax rates than a single taxpayer. Not every single parent can qualify as Head of Household so read the fine print first.
Help Me Find My Individual Tax Bracket
Do you need help finding your individual tax bracket? If you can answer simple questions and know how to use a computer then, you’re in luck. TurboTax Online will ask easy to understand questions and guide you each and every step of the way. It’s like having someone hold your hand as you prepare your tax return online.
TurboTax can get W-2 information directly from over 100,000 companies and investment information from several well-known financial institutions. Here’s the hand holding part, they will automatically put the information into the correct places for you on your tax return.
No need to worry about messing up and getting hit with an audit. TurboTax Online will scour your tax return for any errors and make sure you haven’t missed one deduction you deserve to take! How’s that for service? Give them a try today!
Related posts:
- Renewable Energy Efficient Tax Breaks for 2009, 2010 The Renewable Energy and Energy Conservation Tax Act of...
- History of Individual-2-Individual Lending What is it worth to you to learn about an...
- What is the AMT, Alternative Minimum Tax ? AMT stands for Alternative Minimum Tax. The Alternative Minimum...
- Finding Above The Line Tax Reductions for your venture in 2010 When it comes to federal internet taxes, your goal needs...
- What Is Your Choice Separate or Cover All Policies? A piece discussing one policy that offers six alternative types...
Related posts brought to you by Yet Another Related Posts Plugin.