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| 2001 Tax Rate Schedules |
| Below are the tax rate
schedules. By using the appropriate schedule for your IRS filing
status; i.e. Single, Married Filing Jointly or Qualifying Widow(er), Married Filing
Separately, or Head of Household; you can determine your tax bracket. The tax brackets are
adjusted each tax year for inflation. If the inflation rate in 2001 is 5% the 15% bracket for
2002 will be increased by 5% - rounded down to the nearest $50. Your tax bracket is
the amount of tax that you pay on your "top dollar" of income. The actual tax
rate that you pay on your taxable income below your "top dollar" is less because
the tax rates are graduated and because they are applied to your taxable income after
tax deductions and tax exemptions. You may also be entitled to tax credits which you
subtract directly from your tax liability on your IRS tax return. Determine your taxable income from
IRS tax form 1040
Line 39 and in the far left column of the appropriate schedule for your IRS filing status
locate your income bracket. The percentage figure in the fourth column to the right
titled "This is your tax bracket" shows your tax bracket.
CAUTION: You should only use the
schedules below to determine your tax
due the IRS if your taxable income (IRS tax form 1040, line 39) is $100,000 or more.
Even though you cannot use the
tax rate schedules below if your taxable income is less than $100,000, all levels of taxable
income are shown so you can see what your tax bracket is. |
Schedule X - Use if your filing status
is Single |
If the amount on
Form 1040,
line 39, is:
Over --- |
But not
over --- |
Enter on
Form 1040,
line 40 |
This is
your tax bracket |
of the
amount
over --- |
| Plus |
| $0 |
$27,050 |
......... |
15% |
$0 |
| $27,050 |
$65,550 |
$4,057.50 |
27.5% |
$27,050 |
| $65,550 |
$136,750 |
$14,645.00 |
30.5% |
$65,550 |
| $136,750 |
$297,350 |
$36,361.00 |
35.5% |
$136,750 |
| $297,350 |
......... |
$93,374.00 |
39.1% |
$297,350 |
Schedule Y-1 - Use if your filing status is
Married Filing Jointly or Qualifying Widow(er) |
If the amount on
Form 1040,
line 39, is:
Over --- |
But not
over --- |
Enter on
Form 1040,
line 40 |
This is
your tax bracket |
of the
amount
over --- |
| Plus |
| $0 |
$45,200 |
......... |
15% |
$0 |
| $45,200 |
$109,250 |
$6,780.00 |
27.5% |
$45,200 |
| $109,250 |
$166,500 |
$24,393.75 |
30.5% |
$109,250 |
| $166,500 |
$297,350 |
$41,855.00 |
35.5% |
$166,500 |
| $297,350 |
......... |
$88,306.75 |
39.1% |
$297,350 |
Schedule Y- 2 - Use if your filing status
is
Married Filing Separately |
If the amount on
Form 1040,
line 39, is:
Over --- |
But not
over --- |
Enter on
Form 1040,
line 40 |
This is
your tax bracket |
of the
amount
over --- |
| Plus |
| $0 |
$22,600 |
......... |
15% |
$0 |
| $22,600 |
$54,625 |
$3,390.00 |
27.5% |
$22,600 |
| $54,625 |
$83,250 |
$12,196.88 |
30.5% |
$54,625 |
| $83,250 |
$148,675 |
$20,927.50 |
35.5% |
$83,250 |
| $148,675 |
......... |
$44,153.38 |
39.1% |
$148,675 |
Schedule Z - Use if your filing status is
Head of Household |
If the amount on
Form 1040,
line 39, is:
Over --- |
But not
over --- |
Enter on
Form 1040,
line 40 |
This is
your tax bracket |
of the
amount
over --- |
| Plus |
| $0 |
$36,250 |
......... |
15% |
$0 |
| $36,250 |
$93,650 |
$5,437.50 |
27.5% |
$36,250 |
| $93,650 |
$151,650 |
$21,222.50 |
30.5% |
$93,650 |
| $151,650 |
$297,350 |
$38,912.50 |
35.5% |
$151,650 |
| $297,350 |
......... |
$90,
636. |
39.1% |
$297,350 |
|
