|
Income Tax Brackets - There will be six tax brackets for 2002 and beyond. The following shows the 2002 income brackets for each rate. Note the new 10% bracket in 2002 for the first $6,000 earned if Single, the first $12,000 if Married Filing Jointly, or the first $10,000 if Head of Household.
|
Single
|
Married Jointly
|
Head of Household
|
Tax Rate
|
|
$1-6,000
|
$1-12,000
|
$1-10,000
|
10%
|
|
$6,001-27,950
|
$12,001-46,700
|
$10,001-37,450
|
15%
|
|
$27,951-67,700
|
$46,701-112,950
|
$37,451-96,700
|
27%
|
|
$67,701-141,250
|
$112,951-171,950
|
$96,701-156,600
|
30%
|
|
$141,251-307,050
|
$171,951-307,050
|
$156,601-307,050
|
35%
|
| Over $307,050 |
Over $307,050 |
Over $307,050 |
38.6% |
|
