The Tax Questions Blog

Posts Tagged ‘taxable income tax brackets’

Question: Political Survey Question 8 - Do you think the current tax system is FAIR?

Tax Brackets 2007
Taxable Income ($) Tax Bracket (%)
Single Filers 0 - 7,825 10
7,826 - 31,850 15
31,851 - 77,100 25
77,101 - 160,850 28
160,851 - 349,700 33
349,701+ 35
Head
of Household 0 - 11,200 10
11,201 - 42,650 15
42,651 - 110,100 25
110,101 - 178,350 28
178,351 - 349,700 33
349,701+ 35
Married
Filing Joint 0 - 15,650 10
15,651 - 63,700 15
63,701 - 128,500 25
128,501 - 195,850 28
195,851 - 349,700 33
349,701+ 35
Married
Filing Separate 0 - 7,825 10
7,826 - 31,850 15
31,851 - 64,250 25
64,251 - 97,925 28
97,926 - 174,850 33
174,851+ 35

Answer: I'm fine with it , but wouldn't object to improvements .

But more importantly , I'd like much stricter regulations on who gets and how they get government aid / my tax dollars . I really liked what Tommy Thompson did for Wisconsin / Welfare years ago .

What high earners will pay if the Bush tax cuts expire

If you're a wealthy American, you've probably heard that your tax bill will be higher next year if President Obama has his way. But how much more are you really going to pay?

The Laffer Curve, Part II: Reviewing the Evidence

Question: How do I know if my gift is taxable income?

I have received a sum of money from a family member. It is a gift. Is it taxable income? If so... does it change my tax bracket?

Answer: It really depends on who's giving it to you. If this is an inheritance, you can be taxed on that income and it won't change your AGI. If this is a gift, it may be subject to a gift tax. I'd consult a financial advisor regarding the tax treatment as well as ways you can shelter your money from the government.

Good luck.

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New ND ``EZ'' income tax form debuts

A simpler North Dakota state income tax form is making its debut this year, and a more complex form has been dumped.

What is taxed in the Code?