The 2010 tax brackets are out. Now you can start planning for your 2010 taxes and determine your correct withholding using the federal income tax brackets below.
As a reminder, tax rates are marginal; you pay tax at each incremental tax rate until you reach your taxable income level for each filing status.
2010 Tax Brackets
| Tax Rate | Single | Married Filing Joint | Married Filing Separate | Head of Household |
|---|
| 10% | Up to $8,375 | Up to $16,750 | Up to $8,375 | Up to $11,950 |
| 15% | $8,376 – $34,000 | $16,751 – $68,000 | $8,376 – $34,000 | $11,951 – $45,500 |
| 25% | $34,001 – $82,400 | $68,001 – $137,300 | $34,001 – $68,650 | $45,501 – $117,650 |
| 28% | $82,401 – $171,850 | $137,301 – $209,250 | $68,651 – $104,625 | $117,651 – $190,550 |
| 33% | $171,851 – $373,650 | $209,251 – $373,650 | $104,626 – $186,825 | $190,551 – $373,650 |
| 35% | Over $373,650 | Over $373,650 | Over $186,825 | Over $373,650 |
Don’t forget, during 2010 the Make Working Pay Tax Credit reduces part of the tax due for the 10% tax bracket.
In addition, the long term capital gains rate remains at 0% for the 10% and 15% tax brackets, and 15% for all other tax brackets.
For next year, 2011 Tax Brackets are now available.
If you don’t want to figure out your taxes and tax brackets manually, TurboTax can do it for your when you file your return.
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