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Tax Rate Changes for 2008
Knowing which bracket you are in is important to understanding how different deductions affect your tax liability.
Each year the brackets are adjusted for the effect of inflation. Below are the new rates for the year 2008.
| Tax rate | Single filers |
|---|---|
| 10% | Up to $8,025 |
| 15% | $8,026 - $32,550 |
| 25% | $32,551 - $78,850 |
| 28% | $78,851 - $164,550 |
| 33% | $164,551 - $357,700 |
| 35% | $357,701 or more |
| Tax rate | Married filing jointly or qualifying widow/widower | Married filing separately |
|---|---|---|
| 10% | Up to $16,050 | Up to $8,025 |
| 15% | $16,051 - $65,100 | $8,026 - $32,550 |
| 25% | $65,101 - $131,450 | $32,551 - $65,725 |
| 28% | $131,451 - $200,300 | $65,726 - $100,150 |
| 33% | $200,301 - $357,700 | $100,151 - $178,850 |
| 35% | $357,701 or more | $178,851 or more |
| Tax rate | Head of household | Estate & Trusts |
|---|---|---|
| 10% | Up to $11,450 | n/a |
| 15% | $11,451 - $43,650 | Up to $2,200 |
| 25% | $43,651 - $112,650 | $2,201 - $5,150 |
| 28% | $112,651 - $182,400 | $5,151 - $7,850 |
| 33% | $182,401 - $357,700 | $7,851 - $10,700 |
| 35% | $357,701 or more | $10,750 or more |
| Tax Rate | Corporations |
|---|---|
| 15% | Up to $50,000 |
| 25% | $50,001 - $75,000 |
| 34% | $75,001 - $100,000 |
| 39% | $100,001 - $335,000 |
| 34% | $335,001 - $1,000,000 |
| 35% | $1,000,001 - $15,000,000 |
| 38% | $15,000,001 - $18,333,333 |
| 35% | $18,333,334 or more |
Posted On:
Mon 31/8/2009