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Knowing your income tax rate can help you calculate your tax liability for unexpected
income, retirement planning or investment income. This calculator helps you estimate
your average tax rate, your current tax bracket, and your marginal tax rate for
the 2009 tax year.
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Definitions
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- 2009 Tax rates:
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Below are the resulting tax rates and income ranges for 2009:
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Filing Status and Income Tax Rates 2009
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Tax rate
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Married filing jointly
or Qualified Widow(er)
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Single
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Head of household
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Married filing separately
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10%
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$0 - 16,700
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$0 - 8,350
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$0 - $11,950
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$0 - 8,350
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15%
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$16,701- 67,900
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$8,351- 33,950
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$11,951- 45,500
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$8,351- 33,950
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25%
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$67,901- 137,050
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$33,951- 82,250
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$45,501- 117,450
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$33,951- 68,525
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28%
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$137,051- 208,850
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$82,251- 171,550
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$117,451- 190,200
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$68,526- 104,425
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33%
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$208,851- 372,950
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$171,551- 372,950
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$190,200- 372,950
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$104,425- 186,475
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35%
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over $372,950
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over $372,950
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over $372,950
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over $186,475
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Source: http://www.irs.gov/pub/irs-drop/rp-08-66.pdf
- Wages, salaries, tips, etc.
- This is your total income
for the year. To keep things simple this calculator assumes this is your net income,
after deductions for retirement contributions such as 401(k)s, IRAs, etc.
- Filing status
- Choose your filing status. Your filing status
determines the income levels for your Federal tax bracket. It is also important
for calculating your standard deduction, personal exemptions, and deduction phase
out incomes. The table below summarizes the five possible filing status choices.
It is important to understand that your marital status as of the last day of the
year determines your filing status.
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Filing Status for 2009
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Married filing jointly
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If you are married, you are able to file a joint return with your spouse. If your
spouse died during the tax year, you are still able to file a joint return for that
year. You may also choose to file separately under the status "Married filing separately".
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Qualified Widow(er)
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Generally, you qualify for this status if your spouse died during the previous tax
year (not the current tax year) and you and your spouse filed a joint tax return
in the year immediately prior to their death. You are also required to have at least
one dependent child or step child whom which you are the primary provider.
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Single
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If you are divorced, legally separated or unmarried as of the last day of the year
you should use this status.
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Head of household
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This is the status for unmarried individuals that pay for more than half of the
cost to keep up a home. This home needs to be the main home for the income tax filer
and at least one qualifying relative. You can also choose this status if you are
married, but didn't live with your spouse at anytime during the last six months
of the year. You also need to provide more than half of the cost to keep up your
home and have at least one dependent child living with you.
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Married filing separately
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If you are married, you have the choice to file separate returns. The filing status
for this option is "married filing separately".
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For 2009, the standard deductions are $11,400 for married couples filing jointly
(and qualified widow(er)), $5,700 for married couples filing separately and singles,
and $8,350 for heads of household.
- Are you someone's dependent?
- Choose 'no' if no one can
claim you or your spouse as a dependent. Choose 'yes' if someone can claim you as
a dependent. Choose 'both you and your spouse if you both are dependents. (You are
a dependent if someone supports you and can claim a dependency exemption for you.)
- Number of additional dependents
- A dependent is someone
you support and for whom you can claim a dependency exemption. In 2009, each dependent
you claim entitles you to receive a $3,650 reduction in your taxable income (see
exemptions below). In 2009, each dependent under the age of 17 also receives a tax
credit of $1000. The credit is, however, phased out at higher incomes.
- Itemized deductions
- This is the total of your itemized
deductions that you can include on schedule A of your Federal income taxes. For
most people this includes state income taxes paid for the year, interest on a mortgage
and any charitable contributions. Other itemized deductions include certain investment
expenses, medical expenses exceeding 7.5% of your adjusted gross income, and some
moving expenses.
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Information and interactive calculators are made available
to you as self-help tools for your independent use and are not intended to provide
investment advice. We can not and do not guarantee their applicability or accuracy
in regards to your individual circumstances. All examples are hypothetical and are
for illustrative purposes. We encourage you to seek personalized advice from qualified
professionals regarding all personal finance issues.
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