Here in the U.S. of A we have what’s called the Graduated Income Tax System where individual taxpayers will determine how much they owe by following the 2007 tax bracket table (shown below) which is based on whether your single, married filing separately, married filing jointly, head of household, and your annual income.
Single
$0 - $7,825 --- 10%
$7,825 - $31,850 --- 15%
$31,850 - $77,100 --- 25%
$77,100 - $160,850 --- 28%
$160,850 - $349,700 --- 33%
More than $349,700 --- 35%
Married Filing Separately
$0 - $7,825 --- 10%
$7,825 - $31,850 --- 15%
$31,850 - $64,250 --- 25%
$64,250 - $97,925 --- 28%
$97,925 - $174,850 --- 33%
More than $174,850 --- 35%
Married Filing Jointly
$0 - $15,650 --- 10%
$15,650 - $63,700 --- 15%
$63,700 - $128,500 --- 25%
$128,500 - $195,850 --- 28%
$195,850 - $349,700 --- 33%
More than $349,700 --- 35%
Head of Household
$0 - $11,200 --- 10%
$11,200 - $42,650 --- 15%
$42,650 - $110,100 --- 25%
$110,100 - $178,350 --- 28%
$178,350 - $349,700 --- 33%
More than $349,700 --- 35%
Note: Please consult your tax adviser for more information about the 2007 tax brackets.
