Frank DiPaola, EA

Frank DiPaola, EA
Tax Accountant
 Tax Form Processing LLC 
FOR THE TAXPAYERSM
www.TaxFormProcessing.com
2400 N Forsyth Road Suite 101
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What's NEW for Tax Year 2003?
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Regular Income Tax Rate Schedule for Tax Year 2003
The following tax rate schedule has been updated to reflect changes as a result of the:

"Job & Growth Tax Relief Reconciliation Act of 2003"
Single
If taxable income is between:
$1

to

 $7,000

X

 10%

minus

 $0.00 = Tax
$7,001

to

 $28,400

X

 15%

minus

 $350.00 = Tax
$28,401

to

 $68,800

X

 25% minus $3,190.00 = Tax
$68,801 to $143,500 X 28% minus $5,254.00 = Tax
$143,501 to $311,950 X 33% minus $12,429.00 = Tax
$311,951 to ............. X 35%  minus $18,668.00 = Tax
Head of Household
If taxable income is between:
$1

to

 $10,000

X

 10%

minus

 $0.00 = Tax
$10,001

to

 $38,050

X

 15%

minus

 $500.00 = Tax
$38,051

to

 $98,250

X

 25% minus $4,305.00 = Tax
$98,251 to $159,100 X 28% minus $7,252.50 = Tax
$159,101 to $311,950 X 33% minus $15,207.50 = Tax
$311,951 to ............. X 35%  minus $21,446.50 = Tax

Married Filing Jointly or Qualifying Widow(er)
If taxable income is between:
$1

to

 $14,000

X

 10%

minus

 $0.00 = Tax
$14,001

to

 $56,800

X

 15%

minus

 $700.00 = Tax
$56,801

to

 $114,650

X

 25% minus $6,380.00 = Tax
$114,651 to $174,700 X 28% minus $9,819.50 = Tax
$174,701 to $311,950 X 33% minus $18,554.50 = Tax
$311,951 to ............. X 35%  minus $24,793.50 = Tax

Married Filing Separately
If taxable income is between:
$1

to

 $7,000

X

 10%

minus

 $0.00 = Tax
$7,001

to

 $28,400

X

 15%

minus

 $350.00 = Tax
$28,401

to

 $57,325

X

 25% minus $3,190.00 = Tax
$57,326 to $87,350 X 28% minus $4,909.75 = Tax
$87,351 to $155,975 X 33% minus $9,277.25 = Tax
$155,976 to ............. X 35%  minus $12,396.75 = Tax
EXAMPLE TAX CALCULATION
Joe is a SINGLE taxpayer and has taxable income in the amount of $43,500. What is his regular Federal income tax?

Using the 2003 regular income tax rate schedule above:

$43,500 X 25% = $10,875 - $3,190 = $7,685
REMEMBER: The IRS tax tables MUST be used for taxable income LESS THAN $100,000.

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