Frank DiPaola, EA

Frank DiPaola, EA
Tax Accountant
 Tax Form Processing LLC 
FOR THE TAXPAYERSM
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What's NEW for Tax Year 2007?
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Regular Income Tax Rate Schedule for Tax Year 2007
 
Single
If taxable income is between:
$1

to

 $7,825

X

 10%

minus

 $0.00 = Tax
$7,826

to

 $31,850

X

 15%

minus

 $391.25 = Tax
$31,851

to

 $77,100

X

 25% minus $3,576.25 = Tax
$77,101 to $160,850 X 28% minus $5,889.25 = Tax
$160,851 to $349,700 X 33% minus $13,931.75 = Tax
$349,701 to ............. X 35%  minus $20,925.75 = Tax
Head of Household
If taxable income is between:
$1

to

 $11,200

X

 10%

minus

 $0.00 = Tax
$11,201

to

 $42,650

X

 15%

minus

 $560.00 = Tax
$42,651

to

 $110,100

X

 25% minus $4,825.00 = Tax
$110,101 to $178,350 X 28% minus $8,128.00 = Tax
$178,351 to $349,700 X 33% minus $17,045.50 = Tax
$349,701 to ............. X 35%  minus $24,039.50 = Tax

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

to

 $15,650

X

 10%

minus

 $0.00 = Tax
$15,651

to

 $63,700

X

 15%

minus

 $782.50 = Tax
$63,701

to

 $128,500

X

 25% minus $7,152.50 = Tax
$128,501 to $195,850 X 28% minus $11,007.50 = Tax
$195,851 to $349,700 X 33% minus $20,800.00 = Tax
$349,701 to ............. X 35%  minus $27,794.00 = Tax

Married Filing Separately
If taxable income is between:
$1

to

 $7,825

X

 10%

minus

 $0.00 = Tax
$7,826

to

 $31,850

X

 15%

minus

 $391.25 = Tax
$30,851

to

 $64,250

X

 25% minus $3,576.25 = Tax
$64,251 to $97,925 X 28% minus $5,503.75 = Tax
$97,926 to $174,850 X 33% minus $10,400.00 = Tax
$174,851 to ............. X 35%  minus $13,897.00 = 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 2007 regular income tax rate schedule above:

$43,500 X 25% = $10,875 - $3,576.25 = $7,298.75

CAUTION

 The IRS tax tables MUST be used for taxable income LESS THAN $100,000.

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