Quote:
The US Federal personal income tax structure currently looks like this:
0-$7550 - 10% (with earned income tax exclusion for the poorest)
$7551-%30,650 = 15%
$30,651-$74,200 = 25%
$74,201-$154,800 = 28%
$154,801-$336,550 = 33%
$336,550 and above = 35%
These figures are for federal taxable income. A married couple filing jointly (only male-female couples, regardless of whether state law recognizes same sex marriages) has a standard deduction of $10,900 and personal exemptions of $3500 each (2008 rates).
So for a married couple with no dependents filing jointly and using only the standard deduction, the first $17,900 is tax free. Amounts of taxable income above this level apply the marginal tax rates above.
Edited, Nov 24th 2008 12:29pm by Ahkuraj