- 2009 Tax rates:
- Below are the resulting tax rates and income ranges for 2009:
| 10% |
$0 - 16,700 |
$0 - 8,350 |
$0 - $11,950 |
$0 - 8,350 |
| 15% |
$16,701- 67,900 |
$8,351- 33,950 |
$11,951- 45,500 |
$8,351- 33,950 |
| 25% |
$67,901- 137,050 |
$33,951- 82,250 |
$45,501- 117,450 |
$33,951- 68,525 |
| 28% |
$137,051- 208,850 |
$82,251- 171,550 |
$117,451- 190,200 |
$68,526- 104,425 |
| 33% |
$208,851- 372,950 |
$171,551- 372,950 |
$190,200- 372,950 |
$104,425- 186,475 |
| 35% |
over $372,950 |
over $372,950 |
over $372,950 |
over $186,475 |
Source:
http://www.irs.gov/pub/irs-drop/rp-08-66.pdf
- Filing status
- Choose your filing status. Your filing status determines the
income levels for your federal tax bracket. It is also important
for calculating your standard deduction, personal exemptions, and
deduction phase out incomes. The table below summarizes the five
possible filing status choices. It is important to understand that
your marital status as of the last day of the year determines your
filing status.
| Filing Status for 2009 |
| Married filing jointly |
If you are married, you are able to file a joint return with
your spouse. If your spouse died during the tax year, you are still
able to file a joint return for that year. You may also choose to
file separately under the status "Married filing separately". |
| Qualified Widow(er) |
Generally, you qualify for this status if your spouse died
during the previous tax year (not the current tax year) and you and
your spouse filed a joint tax return in the year immediately prior
to their death. You are also required to have at least one
dependent child or step child whom which you are the primary
provider. |
| Single |
If you are divorced, legally separated or
unmarried as of the last day of the year you should use this
status. |
| Head of household |
This is the status for unmarried individuals that pay for more
than half of the cost to keep up a home. This home needs to be the
main home for the income tax filer and at least one qualifying
relative. You can also choose this status if you are married, but
didn't live with your spouse at anytime during the last six months
of the year. You also need to provide more than half of the cost to
keep up your home and have at least one dependent child living with
you. |
| Married filing separately |
If you are married, you have the choice to file separate
returns. The filing status for this option is "married filing
separately". |
- Dependents
- A dependent is someone you support and for whom you can claim a
dependency exemption. In 2009, each dependent you claim entitles
you to receive a $3,650 reduction in your taxable income (see
exemptions below). In 2009, each dependent under the age of 17 also
receives a tax credit of $1000. The credit is, however, phased out
for at higher incomes.
- Total exemptions claimed
- Each exemption you claim reduces your taxable income by $3,650
for 2009. You receive an exemption for yourself, your spouse and
one for each of your dependents.
- Capital Gain or Loss
- This is the total capital gain you realized from the sale of
assets. This calculator allows you to enter your total short-term
capital gain for investments held less than one year and your total
long-term gain for investments held at least one year. Any amount
you enter as a short-term capital gain is taxed as normal income.
Any amount you enter as a long-term capital gain is taxed as
follows:
- This calculator assumes that all of your long-term capital
gains are taxed at either 0% or 15%.
- The tax is 0% for the portion of your gain that would have been
taxed at 15% or lower tax if it were a short-term gain.
- The tax is 15% for any of your capital gain that would have
been taxed at a rate higher than 15% if it were considered a
short-term gain.
- This calculator assumes that none of your long-term capital
gains come from collectibles, section 1202 gains or un-recaptured
1250 gains. These types of capital gains are taxed at 28%, 28% and
25% respectively (unless your ordinary income tax bracket is a
lower rate).
For more information on capital gains tax rates and how they are
applied, you may wish to read IRS Publication 17: Your Federal
Income Taxes.
- Business income or loss from Schedule C
- Any income or loss as reported on Schedule C.
- Income from Schedule E
- Rental real estate, royalties, partnerships, S Corporations,
trusts, etc.
- Total income
- Total income calculated by adding lines 7 through 21 on your
form 1040. For most taxpayers this includes wages, salaries, tips,
interest, dividends and gains and losses from a variety of
activities.
- Adjusted gross income
- Adjusted gross income (AGI) is calculated by subtracting all
deductions from lines 23 through 33 from your total income. AGI is
used to calculate many of the qualifying amounts if you itemized
your deductions.
- Taxable income
- Your total taxable income is your AGI minus your itemized or
standard deduction, and your deduction for exemptions.
- Tax
- This is the total federal income tax you owe for 2009 before
any tax credits.
- Total credits
- Your total tax credits. This amount is subtracted from the
total tax amount.
- Total tax after credits
- This is the total federal income tax you will need to pay in
2009.
- Total other taxes
- Any other taxes that you owe for 2009. This includes
self-employment tax, alternative minimum tax, and household
employment taxes.
- Total tax
- Grand total of your 2009 federal tax bill.
- Total payments
- Total of all tax payments made in 2009. This includes tax
withheld from Forms W-2 and 1099, and estimated taxes paid, earned
income credit and excess social security tax withheld.
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