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U.S Income Tax Rates Explained

November 5th, 2008 admin Posted in Finance |

Here is a detailed overview of the federal tax system and it has been prepared by the Joint Committee on Taxation. It covers the following points -

Individual Income Tax
Corporate Income Tax
Employment Taxes
Estate, Gift, and Generation-Skipping Taxes
Major Excise Taxes

The document explains how dollar amounts and income thresholds are indexed for inflation. Amounts that are indexed for inflation include tax rate brackets and annual gift tax exclusions. For the year 2008 income tax rates the amount of standard deduction has been pegged at $5450 for single individuals as well as married individuals filing separate returns. The limit is $8000 for heads of households and $10900 for married individuals filing a joint return.

The document tabulates federal individual income tax rates for 2008 as well as various other taxes.

Along with the PDF below an income tax calculator has been added for your convenience; download it and use it to calculate your net income tax liability. You can use the income tax calculator as a tool for future planning so that you can save accordingly. It’s an easy to use excel and worth having on your desktop.

Download US Income Tax Rates (100.9 KiB, 46 hits)