last updated 9-16-02


INDIVIDUAL INCOME TAX RATES

Do you see

RED

when you talk about taxes?

Are you going to have to pay income taxes this year? The only way to find out is to determine your income and check the tax brackets. Here are what the tax brackets are for 2002 income taxes for marrieds filing jointly: 
First, determine your total income.  Deduct your itemized 
deductions or the Standard Deduction of $7,850 and then 
deduct $3,000 for each exemption, including yourself.  Then,
using that net income figure, look up your taxes:

    0	to   $ 12,000	10% of income
 12,000	to     46,700	$ 1,200 + 15%  over  12,000
 46,700	to    112,850	  6,405 + 27%  over  46,700
112,850	to    171,950	 24,266 + 30%  over 112,850
171,950	to    307,050	 41,995 + 35%  over 171,950
over 307,050		 89,281 + 38.6 over 307,050


If those figures don't make you see RED, nothing will !!!

If you want to talk about your situation, please call me at:

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