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Tax Rates
Details of changes to
- the tax rates, standard deductions, exemptions and other items, and
- dollar limitations for pension plans and other items
for Tax Year 2004 have been published by the IRS.
The new tax rates are as follows:
Married Individuals Filing Joint Returns and Surviving Spouses
| If taxable income is:
|
The tax is:
|
|
not over $14,300
|
10% of the taxable income
|
|
over $14,300 but not over $58,100
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$1,430 plus 15% of excess over $14,300
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over $58,100 but not over $117,250
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$8,000 plus 25% of excess over $58,100
|
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over $117,250 but not over $178,650
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$22,787.50 plus 28% of excess over $117,250
|
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over $178,650 but not over $319,100
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$39,979.50 plus 33% of excess over $178,650
|
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over $319,100
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$86,328 plus 35% of excess over $319,100
| | |
Heads of Households
| If taxable income is:
|
The tax is:
|
|
not over $10,200
|
10% of the taxable income
|
|
over $10,200 but not over $38,900
|
$1,020 plus 15% of excess over $10,200
|
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over $38,900 but not over $100,500
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$5,325 plus 25% of the excess over $38,900
|
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over $100,500 but not over $162,700
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$20,725 plus 28% of the excess over $100,500
|
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over $162,700 but not over $319,100
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$38,141 plus 33% of the excess over $162,700
|
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over $319,100
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$89,753 plus 35% of the excess over $319,100
| | |
Unmarried Individuals(other than Surviving Spouse and Heads of Households)
| If taxable income is:
|
The tax is:
|
|
not over $10,200
|
10% of the taxable income
|
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not over $7,150
|
10% of the taxable income
|
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over $7,150 but not over $29,050
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$715 plus 15% of the excess over $7,150
|
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over $29,050 but not over $70,350
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$4,000 plus 25% of the excess over $29,050
|
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over $70,350 but not over $146,750
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$14,325 plus 28% of the excess over $70,350
|
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over $146,750 but not over $319,100
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$35,717 plus 33% of the excess over $146,750
|
|
over $319,100
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$92,592.50 plus 35% of the excess over $319,100
| | |
Married Individuals Filing Separate Returns
| If taxable income is:
|
The tax is:
|
|
Not Over $7,150
|
10% of the taxable income
|
|
Over $7,150 but not over $29,050
|
$715 plus 15% of the excess over $7,150
|
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Over $29,050 but not over $58,625
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$4,000 plus 25% of the excess over $29,050
|
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Over $58,625 but not over $89,325
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$11,393.75 plus 28% of the excess over $58,625
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Over $89,325 but not over $159,550
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$19,989.75 plus 33% of the excess over $89,325
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Over $159,550
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$43,164 plus 35% of the excess over $159,550
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Further information:
www.irs.gov/pub/irs-drop/rp-03-85.pdf
www.irs.gov/newsroom/article/0,,id=114714,00.html
...back to 27 November 2003
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For Payroll and Human Resource Professionals
