2009 Tax Brackets
Are you aware of the marginal tax brackets for 2009? Even though you may still be worried about the end of this year, you need to look ahead. After all, 2009 is going to be upon you soon enough.
Tax rates apply to taxable income. That being said, deductions and adjustments can and will lower your taxable income. Generally speaking, your taxable income will be much less than your total income. This works out well from a tax point of view because it means that you will owe less.
Single Filing Status
10% on income between $0 and $8,350
15% on income between $8,350 and $33,950; plus $835
25% on income between $33,950 and $82,250; plus $4,675
28% on income between $82,250 and $171,550; plus $16,750
33% on income between $171,550 and $372,950; plus $41,754
35% on income over $372,950; plus $108,216
Married Filing Separately Filing Status
10% on income between $0 and $8,350
15% on income between $8,350 and $33,950; plus $835
25% on income between $33,950 and $68,525; plus $4,675
28% on income between $68,525 and $104,425; plus $13,318.75
33% on income between $104,425 and $186,475; plus $23,370.75
35% on income over $186,475; plus $50,447.25
Married Filing Jointly
10% on income between $0 and $16,700
15% on income between $16,700 and $67,900; plus $1,670
25% on income between $67,900 and $137,050; plus $9,350
28% on income between $137,050 and $208,850; plus $26,637.50
33% on income between $208,850 and $372,950; plus $46,741.50
35% on income over $372,950; plus $100,894.50
Head of Household Filing Status
10% on income between $0 and $11,950
15% on income between $11,950 and $45,500; plus $1,195
25% on income between $45,500 and $117,450; plus $6,227.50
28% on income between $117,450 and $190,200; plus $24,215
33% on income between $190,200 and $372,950; plus $44,585
35% on income over $372,950; plus $104,892.50
With this information you can determine how much money you will owe in taxes in 2009, as well as how much you can save by searching for qualified deductions and adjustments.
