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Income Tax Rates - 2004
If your taxable income is less than $100,000 you must use the tax tables found in the instructions to Form 1040 on page 60 to compute your correct income tax. If your taxable Income (Form 1040, line 42) is more than $100,000, you must use the tax rate schedules.
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The tax rate schedules show the tax rate that applies to all levels of income. Please keep in mind that Schedule D and either the Schedule D Tax Worksheet or the Qualified Dividends and Capital Tax Worksheet are used to compute the tax on capital gains. Please see Part III (Page 2) of Schedule D for which worksheet to use.
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Schedule X — Single
| If taxable income is over-- |
But not over-- | The tax is: |
|---|
| $0 | $7,150 | 10% of the amount over $0 |
| $7,150 | $29,050 | $715.00 plus 15% of the amount over 7,150 |
| $29,050 | $70,350 | $4,000.00 plus 25% of the amount over 29,050 |
| $70,350 | $146,750 | $14,325.00 plus 28% of the amount over 70,350 |
| $146,750 | $319,100 | $35,717.00 plus 33% of the amount over 146,750 |
| $319,100 | no limit | $92,592.50 plus 35% of the amount over 319,100 |
Schedule Y-1 — Married Filing Jointly or Qualifying Widow(er)
| If taxable income is over-- |
But not over-- |
The tax is: |
| $0 |
$14,300 |
10% of the amount over $0 |
| $14,300 |
$58,100 |
$1,430.00 plus 15% of the amount over 14,300 |
| $58,100 |
$117,250 |
$8,000.00 plus 25% of the amount over 58,100 |
| $117,250 |
$178,650 |
$22,787.50 plus 28% of the amount over 117,250 |
| $178,650 |
$319,100 |
$39,979.50 plus 33% of the amount over 178,650 |
| $319,100 |
no limit |
$86,328.00 plus 35% of the amount over 319,100 |
Schedule Y-2 — Married Filing Separately
| If taxable income is over-- |
But not over-- |
The tax is: |
| $0 |
$7,150 |
10% of the amount over $0 |
| $7,150 |
$29,050 |
$715.00 plus 15% of the amount over 7,150 |
| $29,050 |
$58,625 |
$4,000.00 plus 25% of the amount over 29,050 |
| $58,625 |
$89,325 |
$11,393.75 plus 28% of the amount over 58,625 |
| $89,325 |
$159,550 |
$19,989.75 plus 33% of the amount over 89,325 |
| $159,550 |
no limit |
$43,164.00 plus 35% of the amount over 159,550 |
Schedule Z — Head of Household
| If taxable income is over-- |
But not over-- |
The tax is: |
| $0 |
$10,200 |
10% of the amount over $0 |
| $10,200 |
$38,900 |
$1,020.00 plus 15% of the amount over 10,200 |
| $38,900 |
$100,500 |
$5,325.00 plus 25% of the amount over 38,900 |
| $100,500 |
$162,700 |
$20,725.00 plus 28% of the amount over 100,500 |
| $162,700 |
$319,100 |
$38,141.00 plus 33% of the amount over 162,700 |
| $319,100 |
no limit |
$89,753.00 plus 35% of the amount over
319,100 |
Income Tax |
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| ©2007 Michael Johnston, CPA. All Rights Reserved. |
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