Individual Federal Tax Rate for 2009, 2010
Your individual tax rate is determined by your income level. For example if you’re filing single and your income is between $33,950 and $82,250 then, your tax bracket will be 25%. Your tax bracket is the rate you pay on the “last dollar” you earn. Now your tax rate is usually less than the tax bracket percentage.
Taxable Income
Your taxable income is the amount that is left after you subtract adjustments, deductions and exemptions. Of course the tax rates will change as we have seen in the past. We will experience tax hikes and tax cuts depending on who is in office and how the general economy is faring.
Tax Calculator
If you would like to use a tax calculator to estimate your federal tax rate then, you should try the free tax calculator at Turbo Tax Online. We all wonder how the money situation is going to work out and it’s usually better to know where you stand financially than worrying about it. I find the online tax preparation software very easy to use and the graphical icons are a no brainer.
Federal Income Tax Rates History
If you’re curious about the history of federal tax rates then, you can go online and research the history and will see how it all started and where we are today. The history starts at 1913 and goes to the present day. Of course the tax rate is always based on income level and filing status. It is very interesting to see how things have changed.
Federal Tax Rates
Generally speaking the federal tax rates run from 10% to 35% depending on your filing status and your taxable income. There are some changes and they fall into the categories of;
· Personal Exemptions and Exemptions for Dependents
· Standard Deduction
· Overall Tax Bracket Thresholds
· Earned Income Tax Credit
For More Information
The above list is not exhaustive and to learn more about your individual federal tax rate you can go to TurboTax Online and use their tax estimator to find out what tax rate you fall into. Tax rates will always change with the times and it’s best to visit the tax experts who make their living by keeping up with the tax law changes.
I don’t know about you but, I have enough on my plate already! Save yourself some time and visit their website today!
This entry was posted on Monday, February 22nd, 2010 at 4:12 am and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.