A new IRS income tax table is designed for the assessment year 2012 for the individuals who are filing income tax return. The irs income tax table
is designed for the individuals of U.S. who are filing income tax return for the assessment year. The irs income tax table
is also designed for the individuals of U.S. who have not filed their income tax returns during the previous year and are paying the withholding income.
The federal tax table
is designed by the IRS department. The income tax table shows the rate of taxes that are applicable to different levels of income. The income tax rates increase as the level of income of an individual increases. The income tax table varies according to the status of a person i.e. for single, married and filing jointly, married and filing separately, widowed or divorced.
If the individual is a single, then he should pay income tax of 10% if the total on the income of $8,700. He should pay 15% tax for the amount between $8,700 to 35,350$, if the level of income is between $35, 350 to $85,650, he should pay income tax of 25%.Similarly, for the level of income between $35,500 to When the income exceeds $3,88,350 he should pay 35%. The total income to be paid by him can be illustrated with a small example.
If his total income for the assessment year is 2010 then;
a.He pays 10% tax on 8,700 = $870
b. he pays 15% tax on the remaining amount (10,000 – 8,700) = $1,300
Hence he pays total tax of $870 + $ 1,300 = $2,170.
If a married couple is filing returns for the assessment year then the income tax brackets differ. They pay 10% tax on the amount below $17,400 and so on. They usually pay 35% tax on the amount that is exceeding $3, 88,350.
But some points should be considered while filing the income tax return;
a. The standard deduction on total income for married couples who are filing jointly is $11,900.
b. The amount of standard deduction for singles is $5,950.
The income tax table is prepared by the IRS after considering several points such as the inflation rate, previous data and other economic factors. If the individual is the head of the household, then the income tax table is different. He should pay 10% tax for the income below or equal to $12,400. If he or she is married and is separately filing rate of income, then he should pay 10% on his total income.
If the person is paying the withholding tax then he should pay certain additional amount as penalty as he has not filed his return during the previous year. This amount is usually known as add-on. The income tax table for withholding tax is different that is laid to the regular taxpayers.
The IRS income tax table is prepared by the IRS depending upon the data of the previous year. the rates of income tax usually increase every year.
The irs income tax table
rate slab changes very year, to see the latest table visit laws.com