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2007 Tax Changes
for Individuals
2007 Individual Income Tax Rates
Taxable Income
|
Tax Rate |
Single |
Joint |
Married Filing Separately |
Head of Household |
|
10% |
7,825 |
15,650 |
7,825 |
11,200 |
|
15% |
31,850 |
63,700 |
31,850 |
42,650 |
|
25% |
77,100 |
128,500 |
64,250 |
110,100 |
|
28% |
160,850 |
195,850 |
97,925 |
178,350 |
|
33% |
349,700 |
349,700 |
174,850 |
349,700 |
|
35% |
349,701 |
349,701 |
174,851 |
349,701 |
Standard Deduction Amount
Joint returns
& survivors - $10,700
Married filing separately - $5,350
Head of household - $7,850
Single - $5,350
Personal Exemption - $3,400
Standard
Mileage Rate for Business Use - $0.485
2007 FICA
Rates
|
|
Tax Rate |
Maximum Wage Base |
Maximum Tax |
|
Social Security |
6.2% |
97,500 |
6,045 |
|
Medicare |
1.45% |
No Limit |
No Ceiling |