- Days left
Quick way to determine your tax bracketsBy law, the thresholds for the marginal federal income tax brackets must change each year to keep pace with inflation. For 2010, those brackets are as follows:

Individual Taxpayers
  • 10% on taxable income between $0 and $8,375
  • 15% on taxable income between $8,376 and $34,000
  • 25% on taxable income between $34,001 and $82,400
  • 28% on taxable income between $82,401 and $171,850
  • 33% on taxable income between $171,851 and $373,650
  • 35% on taxable income over $373,651
Taxpayers Filing as Married, Filing Jointly or Qualifying Widow(er):
  • 10% on taxable income between $0 and $16,750
  • 15% on taxable income between $16,751 and $68,000
  • 25% on taxable income between $68,001 and $137,300
  • 28% on taxable income between $137,301 and $209,250
  • 33% on taxable income between $209,251 and $373,650
  • 35% on taxable income over $373,651
Taxpayers Filing as Head of Household:
  • 10% on taxable income between $0 and $11,950
  • 15% on taxable income between $11,951 and $45,550
  • 25% on taxable income between $45,551 and $117,650
  • 28% on taxable income between $117,651 and $190,550
  • 33% on taxable income between $190,551 and $373,650
  • 35% on taxable income over $373,651
Taxpayers Filing as Married, Filing Separately:
  • 10% on taxable income between $0 and $8,375
  • 15% on taxable income between $8,376 and $34,000
  • 25% on taxable income between $34,001 and $68,650
  • 28% on taxable income between $68,651 and $104,625
  • 33% on taxable income between $104,626 and $186,825
  • 35% on taxable income over $186,826
These tables indicate your marginal tax rate, meaning the top tax rate at which you pay. Keep in mind that our federal income tax system is progressive -- tax rates increase as taxable income increases. This means each taxpayer reporting the same filing status actually pays tax at the same rate for the same income. So, for example, you and Warren Buffett actually pay the same tax rate on the first $10,000 of taxable income (assuming you have the same filing status).

Tax brackets
are generally announced just before the next tax year begins (for example, these 2010 tax brackets were announced in the fall of 2009). With inflation remaining low, expect to see similar tables next season.

Increase your money and finance knowledge from home

What is Inflation?

Why do prices go up?

View Course »

Intro to Retirement

Get started early planning for your long term future.

View Course »

TurboTax Articles

Amending Your Income Tax Return

What if you've sent in your income tax return for a previous year and then discover you made a mistake? You can make things right by filing an amended tax return. And, don't think an amended return will automatically cost you money; it's perfectly okay to change a return to capture a tax break you missed the first time around.

How to File Taxes with IRS Form 1099-MISC

If you receive tax form 1099-MISC for services you provide to a client as an independent contractor and the annual payments you receive total $400 or more, you'll need to file your taxes a little differently than a taxpayer who only receives regular employment income reported on a W-2.

What If I Did Not File My State Taxes?

At the time of this writing, the only states that do not charge a state income tax are Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. If you live or earn money in one of the other 41 states or the District of Columbia, you may need to file a state income tax return by April 15. It is a separate and independent requirement from filing your federal tax return and failure to file it on time may result in interest and penalty charges.

Add a Comment

*0 / 3000 Character Maximum