HOW MUCH WILL I PAY?
Filing status
Single – on the last day of the year, you were not married, or you were legally separated from your spouse
Work across the table to find out how much you will owe:
2004 Tax Rate Schedule - Status: Single
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 |
70,350 |
4,000.00 |
25% |
29,050 |
70,350 |
146,750 |
14,350.00 |
28% |
70,350 |
146,750 |
319,100 |
35,717.00 |
33% |
146,750 |
319,100 |
----- |
92,592.50 |
35% |
319,100 |
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.
Back to Filing Status |
