- For people who are married and filing jointly the following tax rates will apply to your adjusted gross income (AGI):
Less than $17,000 = 10 percent,
Between $17,000 and $69,000 = $1,700 + 15 percent of income over $17,000,
Between $69,000 and $139,350 = $9,500 + 25 percent of income over $69,000,
Between $139,350 and $212,300 = $27,087.50 + 28 percent of income over $139,350,
Between $212,300 and $379,150 = $47,513.50 + 33 percent of income over $212,300
Over $379,150 = $102,574 + 35 percent of income over $379,150 - If you are filing a single person who is not married the following tax rates will apply to your adjusted gross income (AGI):
Less than $8,500 = 10 percent of income,
Between $8,500 and $34,500 = $850 + 15 percent of income over $8,500,
Between $34,500 and $83,600 = $4,750 + 25 percent of income over $34,500,
Between $83,600 and $174,400 = $17,025 + 28 percent of income over $83,600,
Between $174,400 and $379,150 = $42,449 + 33 percent of income over $174,400,
Over $379,150 = $110,016.50 + 35 percent of income over $379,150 - For people who are filing as a head of household the following tax rates will apply to your adjusted gross income (AGI):
Less than $12,150 = 10 percent,
Between $12,150 and $46,250 = $1,215 + 15 percent of income over $12,150,
Between $46,250 and $119,450 = $6,330 + 25 percent of income over $46,250,
Between $119,400 and $193,350 = $24,617.50 + 28 percent of income over $119,400,
Between $193,350 and $379,150 = $45,323.50 + 33 percent of income over $193,350,
Over $379,150 = $106,637.50 + 35 percent of income over $379,150 - For people who are married and filing separately the following tax rates will apply to your adjusted gross income (AGI):
Less than $8,500 = 10 percent of income,
Between $8,500 and $34,500 = $850 + 15 percent of income over $8,500,
Between $34,500 and $69,675 = $4,750 + 25 percent of income over $34,500,
Between $69,675 and $106,150 = $13,543.75 + 28 percent of income over $69,675,
Between $106,150 and $189,575 = $23,756.5 + 33 percent of income over $106,150,
Over $189,575 = $51,287 + 35 percent of income over $189,575 - For 2011 the tax code allows for a standard deduction of $11,600 for a couple filing jointly and $8,500 for someone filing as a single person, or as married filing separately. This is the deduction that can be used if you decide not to itemize your tax return.
- In 2011 you can reduce your taxable income by $3,700 for each person who you claim on your tax return.
- If your household makes $40,000 and you are married with two children, you can reduce your taxable income by $14,800, which would make your taxable income $25,200 without any other exemptions or deductions.
If you do not itemize your deductions you will also be able to reduce your income by $11,600 as a married couple, further reducing your taxable income to $13,600. Depending on what other deductions or exemptions you may qualify for, your taxable income may be reduced even further.
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