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Federal Tax Brackets
Federal Tax Brackets Explained
It is important to understand how federal tax brackets work so that you know how much you will owe to the IRS. In the United States, the dollar amounts of the Federal income tax standard deduction and personal exemptions for the taxpayer and dependents are adjusted yearly to account for inflation. This results in yearly changes to the personal income tax brackets even when the Federal income tax rates remain unchanged.
Standard Deduction and Tax Brackets
For 2009, the standard deduction is:
- $5,700 for single individuals and married individuals filing separately
- $8,350 for heads of household
- $11,400 for married couples filing a joint return
The dollar amount of each personal and dependency exemption is $3,650.
Tax Bracket Chart
Some Federal income tax brackets 2010 are as follows:
Please refer to individual IRS publications for further information on federal income tax brackets.
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