Question
This table shows the U.S. federal income tax rates from 2015. (Source: Internal Revenue Service) Rate Single Married Filing Jointly Married Filing Separately Head of
This table shows the U.S. federal income tax rates from 2015. (Source: Internal Revenue Service)
Rate | Single | Married Filing Jointly | Married Filing Separately | Head of Household |
10% | $0 $9,225 | $0 $18,450 | $0 $9,225 | $0 $13,150 |
15% | $9,225 $37,450 | $18,450 $74,900 | $9,225 $37,450 | $13,150 $50,200 |
25% | $37,450 $90,750 | $74,900 $151,200 | $37,450 $75,600 | $50,200 $129,600 |
28% | $90,750 $189,300 | $151,200 $230,450 | $75,600 $115,225 | $129,600 $209,850 |
33% | $189,300 $411,500 | $230,450 $411,500 | $115,225 $205,750 | $209,850 $411,500 |
35% | $411,500 $413,200 | $411,500 $464,850 | $205,750 $232,425 | $411,500 $439,000 |
39.6% | Over $413,200 | Over $464,850 | Over $232,425 | Over $439,000 |
Each row shows the tax rate on a specific portion of the taxpayer's taxable income given their filing status. For example, suppose a taxpayer has a filing status of Single and a taxable income of
$40,000
. This means that the taxpayer owes
10%
tax on the first
$9,225
,
15%
tax on the amount over
$9,225
up to
$37,450
, and
25%
on the amount over
$37,450
up to
$40,000
.
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started