Tax Brackets

If you are currently doing your tax planning for the 2010, check out the the tax brackets below to help in your calculations. With a little bit of planning, you might be able to reduce your tax burden in the current year or defer it to the next.

2010 Federal Income Tax Brackets

Your federal income tax bracket is the rate at which your highest level of income is taxed. This rate is called your marginal tax rate. Your marginal rate doesn’t mean that you pay that exact percentage across all of your income. It means that you are paying that amount on your highest level of income. Therefore, if you are in the 28% tax bracket, you don’t pay 28% of your income in taxes. You just pay 28% on everything over $82,400.

Another personal rate you might want to know is your effective tax rate. You calculate this by dividing your total tax by your taxable income. Pull out last years return and see what you get. Someone in the 28% federal income tax bracket could have an effective tax rate as low as 17%.

The Bush Tax cuts expiring at the end of 2010 will not affect 2010 tax rates. The rates above are the rates that will be applied to your 2010 return that you must file by April 18th, 2011.

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