May 24, 2007

2007 Tax Planning Figures

Houston Tax Attorney Blog

Houston Tax Attorney

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2007 Tax Planning Figures There are a number of key figures that taxpayers must know in order to calculate their 2007 federal income tax liabilities. Here is a list of a few such figures:

  1. Income Tax Rates.

    • Married Filing Jointly:
    • OverBut Not OverPay+% on ExcessOf the Amount Over
      $0$15,650$010$0
      15,65063,7001,565.001515,650
      63,700128,5008,772.502563,700
      128,500198,85024,972.5028128,500
      195,850349,70043,380.5033195,850
      349,700 94,601.0035349,700
    • Single Taxpayer
    • OverBut Not OverPay+% on ExcessOf the Amount Over
      $0$7,825$010$0
      7,82531,850782,50157,825
      31,85077,1004,386.252531,850
      31,85077,1004,386.252877,100
      160,850349,70039,148.7533160,850
      349,700 101,469.2535349,700
    • Head of Household:
    • OverBut Not OverPay+% on ExcessOf the Amount Over
      $0$11,200$010$0
      11,20042,6501,120.001511,200
      42,650110,1005,837.502542,650
      110,100178,35022,700.0028110,100
      178,350349,70041,810.0033178,350
      349,700 98,355.5035349,700
  2. Standard Deductions:

    • Married/Joint $10,700
    • Single 5,350
    • Head of Household $7,850
    • Dependents $850
  3. Personal & Dependency Exemptions:

    $3,400, phased out at:

    • Married/joint $234,600
    • Single 156,400
    • Head of Household 195,500
    • Married/Separate 117,300
  4. Capital Gains & Losses:

     10% & 15% Tax Brackets25% or Higher Tax Brackets
    Short-TermOrdinary rateOrdinary rate
    Long-Term5%15%
  5. Alternative Minimum Tax:

    AMT IncomeTax (%)
    Up to $175,00026%
    Over $175,00028%
  6. Tax Credit for Dependent Children:

    2007Modified Adj. Gross IncomeTax Credit for Each
    Child Under 17
    Married/Joint$0 – $110,000$1,000
    Individual0 – 75,0001,000

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