Federal income tax is the other name for the income tax. The concept of federal income tax is very popular in United States. The federal income tax is a type of a tax which is progressive in nature because the amount of tax increases with the increase in the income. The higher the income the higher is the tax and vice versa. The federal income tax is imposed on any kind of income of an individual or a corporation from any kind services or commercial trade which is legally justified. The federal income tax in US has an unique concept, the federal income tax is subjected to income of an individual residing in United States of America which includes the income of a person for outside the country. The federal income tax also follows tax deduction and tax credit schemes while computing the tax amount of an individual.
The rate schedule of the federal income tax in United States:
In case of single - Schedule X:
- For taxable income above $0 but not exceeding $7,825 the tax amount is 10% of the income
- For taxable income above $7,825 but not exceeding $31,850 the tax amount is $782.50 plus 15% of the amount of income above $7,825
- For taxable income above $31,850 but not exceeding $77,100 the tax amount is $4,386.25 plus 25% of the amount of income above $31,850
- For taxable income above $77,100 but not exceeding $160,850 the tax amount is $15,698.75 plus 28% of the amount of income above $77,100
- For taxable income above $160,850 but not exceeding $349,700 the tax amount is $39,148.75 plus 33% of the amount of income above $160,850
- For taxable income above $349,700 up to no limit the tax amount is $101,469.25 plus 35% of the amount of income above $349,700
In case of married and filing jointly or a qualifying widow or widower - Schedule Y-1:
- For taxable income above $0 but not exceeding $15,650 the tax amount is 10% of the income
- For taxable income above $15,650 but not exceeding $63,700 the tax amount is $1,565.00 plus 15% of the amount of income above $15,650
- For taxable income above $63,700 but not exceeding $128,500 the tax amount is $8,772.50 plus 25% of the amount of income above $63,700
- For taxable income above $128,500 but not exceeding $195,850 the tax amount is $195,850 of the amount of income above $128,500
- For taxable income above $195,850 but not exceeding $349,700 the tax amount is $43,830.50 plus 33% of the amount of income above $195,850
- For taxable income above $349,700 up to no limit the tax amount is $94,601.00 plus 35% of the amount of income above $349,700
In case of married but filing separately - Schedule Y-2:
- For taxable income above $0 but not exceeding $7,825 the tax amount is 10% of the income
- For taxable income above $7,825 but not exceeding $31,850 the tax amount is $782.50 plus 15% of the amount of income above $7,825
- For taxable income above $31,850 but not exceeding $64,250 the tax amount is $4,386.25 plus 25% of the amount of income above $31,850
- For taxable income above $64,250 but not exceeding $97,925 the tax amount is $12,486.25 plus 28% of the amount of income above $64,250
- For taxable income above $97,925 but not exceeding $174,850 the tax amount is $21,915.25 plus 33% of the amount of income above $97,925
- For taxable income above $174,850 up to no limit the tax amount is $47,300.50 plus 35% of the amount of income above $174,850
In case of head of household - Schedule Z:
- For taxable income above $0 but not exceeding $11,200 the tax amount is 10% of the income
- For taxable income above $11,200 but not exceeding $42,650 the tax amount is $1,120.00 plus 15% of the amount of income above $11,200
- For taxable income above $42,650 but not exceeding $110,100 the tax amount is $5,837.50 plus 25% of the amount of income above $42,650
- For taxable income above $110,100 but not exceeding $178,350 the tax amount is $22,700.00 plus 28% of the amount of income above $110,100
- For taxable income above $178,350 but not exceeding $349,700 the tax amount is $41,810.00 plus 33% of the amount of income above $178,350
- For taxable income above $349,700 up to no limit the tax amount is $98,355.50 plus 35% of the amount of income above $349,700
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