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2007 Income Tax Rates for Individuals
This page is updated as more accurate information becomes available.
2007 Income Tax Rates for Individuals | Taxable income is income after all deductions, including either itemized deductions or the Standard Deduction, and exemptions. |
Single Taxpayer
|
Taxable Income |
PAY |
Plus % on excess |
Of the Amount Above |
Below $7,825 |
Not Applicable |
10.0 % |
$ 0 |
$7,825- 31,850 |
$782.50 |
15.0 % |
$7,825 |
$31,850 - 77,100 |
$4,386.25 |
25.0 % |
$31,850 |
$77,100 - 160,850 |
$15,698.75 |
28.0 % |
$77,100 |
$160,850 - 349,700 |
$39,148.75 |
33.0 % |
$160,850 |
Over $349,700 |
$101,469.25 |
35.0 % |
$349,700 |
Married Taxpayer filing Joint / Surviving Spouse
|
Taxable Income |
PAY |
Plus % on excess |
Of the Amount Above |
Below $15,650 |
Not Applicable |
10.0 % |
$ 0.00 |
$15,650 - 63,700 |
$1,565.00 |
15.0% |
$15,650 |
$63,700 - 128,500 |
$8,772.50 |
25.0 % |
$63,700 |
$128,500 - 195,850 |
$24,972.50 |
28.0 % |
$128,500 |
$195,850 - 349,700 |
$43,830.50 |
33.0 % |
$195,850 |
Over $349,700 |
$94,601.00 |
35.0 % |
$349,700 |
Married filing Separately
|
Taxable Income |
PAY |
Plus % on excess |
Of the Amount Above |
Below $7,825 |
Not Applicable |
10.0 % |
$ 0 |
$7,825 - 31,850 |
$782.50 |
15.0 % |
$7,825 |
$31,850 - 64,250 |
$4,386,25 |
25.0 % |
$31,850 |
$64,250 - 97,925 |
$12,486.25 |
28.0 % |
$64,250 |
$97,925 - 174,850 |
$21,915.25 |
33.0 % |
$97,925 |
Over $174,850 |
$47,300.50 |
35.0 % |
$174,850 |
Head of Household
|
Taxable Income |
PAY |
Plus % on excess |
Of the Amount Above |
Below $11,200 |
Not Applicable |
10.0 % |
$ 0 |
$11,200 - 42,650 |
$1,120.00 |
15.0 % |
$11,200 |
$42,650 - 110,000 |
$5,837.50 |
25.0 % |
$42,650 |
$110,100 - 178,350 |
$22,700.00 |
28.0 % |
$110,100/td> |
$178,350 - 349,700 |
$41,810.00 |
33.0 % |
$178,350 |
Over $349,700 |
$98,355.50 |
35.0 % |
$349,700 |
2007 Standard Deductions | Single |
$5,350 | Married filing Jointly |
$10,700 | Married filing Separately |
$5,350 | Head of Household |
$7,850 | Extra Deduction if Blind OR over 65 | Single (not surviving spouse) |
$1,300 | Married / Joint |
$1,000 EACH |
Personal & Dependency Exemption: $3,400.00> | These exemptions have been phased out for: |
Single with income between |
$156,400 and 278,900 |
Married filing Joint with income between |
$234,600 and 357,100 |
Married filing Separately with income between |
$117,300 and 178,550 |
and Heads of Households with income between |
$195,500 and $318,000. |
Child Tax Credit: $1,000.00 per eligible child | These exemptions have been phased out by $50 for every $1,000 that AGI exceeds: |
Single with income over |
$75,000 |
Joint with income over |
$110.000 |
Married filing separately with income over |
$55,000. |
Kiddie Tax Rules | The Kiddie Tax Rules require that the unearned income of a child under age 14 be taxed: | Unearned income up to $850 is not subject to tax. | Unearned income of more than $850 and up to $1,600 is taxed at the child's tax rate of 10 %. | Unearned income that exceeds $1,600 is taxed at the greater of the child's or parent's marginal tax bracket. |
Individual Dividend Exclusion: |
Qualified dividends generally means dividends received during fiscal year 2007 from domestic corporations and qualified foreign corporations. You must own the stock for more than 60 days during the 120 day period beginning 60 days before the ex-dividend date. These periods are doubled for preferred stock. |
Single with income less than $31,850 | Joint with income less than $63,700 and Heads of Households with less than $42,650
5% for qualified dividends |
15% maximum rate |
Single with income greater than $31,850 | Joint with income greater than $63,700 and Heads of Households with greater than $42,650
15% for qualified dividends |
35% maximum rate |
Capital Gains Tax Rates: | Qualified Capital Gains refers to gains realized after May 5, 2003. The maximum rate on qualified five-year gains has effectively been eliminated for capital gains realized after May 5, 2003. It is scheduled to return in 2009. |
Holding period |
Maximum Rate |
Rate for qualified Capital Gains |
Assets held One year or less |
35% |
35% |
Assets held more than one year and sold by
Single with income more than $31,850 | Joint with income more than $63,700 and Heads of Households with more than $42,650
15% |
15% |
Assets held more than one year and sold by
Single with income less than $31,850 | Joint with income less than $63,700 and Heads of Households with less than $42,650
5% |
5% | |
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NOTE:
ALL information contained in this site is for illustration purposes only, and by NO means should be considered individual tax or legal advice under any circumstances whatsoever!
Lynn R. Siewert AIMC
© 2008 Advanced Corporate Planning All rights reserved |
