HOW MUCH WILL I PAY?
Filing status
Married, filing separately – you are married, but you and your spouse will each file your own taxes, separately
Work across the table to find out how much you will owe:
2004 Tax Rate Schedule – Status: Married, filing separately
If taxable income is over |
but less than |
your tax is |
plus |
of the amount over
|
$0 |
$7,150 |
$0 |
10% |
$0 |
7,150 |
29,050 |
715.00 |
15% |
7,150 |
29,050 |
58,625 |
4,000.00 |
25% |
29,050 |
58,625 |
89,325 |
11,393.75 |
28% |
58,625 |
89,325 |
159,550 |
19,989.75 |
33% |
89,325 |
159,550 |
----- |
43,164.00 |
35% |
159,550 |
Example:
$10,000 income = $715.00 + 15% of (10,000-7,150) = $1,142.50 tax
The different sections on the table are called “tax brackets.” A tax bracket sets what percent of your income you pay in taxes. The more money you make, the higher the percentage you pay.
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