2007 Tax Planning Figures

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:

   Over	But Not Over	Pay	+% on Excess	Of the Amount Over
   $0	$15,650	$0	10	$0
   15,650	63,700	1,565.00	15	15,650
   63,700	128,500	8,772.50	25	63,700
   128,500	198,850	24,972.50	28	128,500
   195,850	349,700	43,380.50	33	195,850
   349,700		94,601.00	35	349,700

   • Single Taxpayer

   Over	But Not Over	Pay	+% on Excess	Of the Amount Over
   $0	$7,825	$0	10	$0
   7,825	31,850	782,50	15	7,825
   31,850	77,100	4,386.25	25	31,850
   31,850	77,100	4,386.25	28	77,100
   160,850	349,700	39,148.75	33	160,850
   349,700		101,469.25	35	349,700

   • Head of Household:

   Over	But Not Over	Pay	+% on Excess	Of the Amount Over
   $0	$11,200	$0	10	$0
   11,200	42,650	1,120.00	15	11,200
   42,650	110,100	5,837.50	25	42,650
   110,100	178,350	22,700.00	28	110,100
   178,350	349,700	41,810.00	33	178,350
   349,700		98,355.50	35	349,700

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 Brackets	25% or Higher Tax Brackets
   Short-Term	Ordinary rate	Ordinary rate
   Long-Term	5%	15%

5. Alternative Minimum Tax:

   AMT Income	Tax (%)
   Up to $175,000	26%
   Over $175,000	28%

6. Tax Credit for Dependent Children:

   2007	Modified Adj. Gross Income	Tax Credit for Each Child Under 17
   Married/Joint	$0 - $110,000	$1,000
   Individual	0 - 75,000	1,000

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