2008 Tax Tables

[tags]General,,[/tags]

With the filing deadline for 2007 near, here’s some information to get ready for 2008 tax returns. Since the IRS publishes the tax rates in the previous fall, the 2008 tax brackets, as well as amounts for standard deductions, personal exemptions and credits, are already available. The following tables can help you develop tax strategies and estimate your tax bill for 2008.

If interested in additional details, you can get more information from the IRS website.

These tables can help you estimate your tax bill
For single taxpayers
If taxable income is over –	But not over–	The tax is:
$0	$8,025	10% of the amount over $0
$8,025	$32,550	$802.50 plus 15% of the amount over $8,025
$32,550	$78,850	$4,481.25 plus 25% of the amount over $32,550
$78,850	$164,550	$16,056.25 plus 28% of the amount over $78,850
$164,550	$357,700	$40,052.25 plus 33% of the amount over $164,550
$357,700	no limit	$103,791.75 plus 35% of the amount over $357,700

For married couples filing jointly*
If taxable income is over–	But not over–	The tax is:
$0	$16,050	10% of the amount over $0
$16,050	$65,100	$160.50 plus 15% of the amount over $16,050
$65,100	$131,450	$8,962.50 plus 25% of the amount over $65,100
$131,450	$200,300	$25,550 plus 28% of the amount over $131,450
$200,300	$357,700	$44,828 plus 33% of the amount over $200,300
$357,700	no limit	$96,770 plus 35% of the amount over $357,700
* Or qualifying widow(er )

For married couples filing separately
If taxable income is over–	But not over–	The tax is:
$0	$8,025	10% of the amount over $0
$8,025	$32,550	$802.50 plus 15% of the amount over $8,025
$32,550	$65,725	$4,481.25 plus 25% of the amount over $32,550
$65,725	$100,150	$12,775 plus 28% of the amount over $65,725
$100,150	$178,850	$22,414 plus 33% of the amount over $100,150
$178,850	no limit	$48,385 plus 35% of the amount over $178,850

For heads of households
If taxable income is over	But not over	The tax is:
$0	$11,450	10% of the amount over $0
$11,450	$43,650	$1,145 plus 15% of the amount over $11,450
$43,650	$112,650	$5,975 plus 25% of the amount over $43,650
$112,650	$182,400	$23,225 plus 28% of the amount over $112,650
$182,400	$357,700	$42,755 plus 33% of the amount over $182,400
$357,700	no limit	$100,605 plus 35% of the amount over $357,700

The best time to plan and prepare for taxes is before the tax year is completed, especially if one has self employment or retirement income. The tax tables are among the elements that can help one get started.

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This is not financial advice. Please consult a professional advisor.