How Do Tax Brackets Work?
Just a brief reminder before we get to the tax bracket tables: Being in a given tax bracket does not mean that all of your income is taxed at that rate. Rather, only the portion of your income that is in that bracket is taxed at that rate.
For example, as you can see from the table below, a single taxpayer with taxable income of $8,501 would be in the 15% tax bracket. However, his first $8,500 of income would only be subject to a 10% income tax. It’s only the final dollar of income — the one dollar that’s in the 15% bracket — that would be taxed at 15%.
(See this article for a more thorough explanation.)
Single 2011 Tax Brackets
| Taxable Income |
Marginal Tax Rate: |
| $0-$8,500 | 10% |
| $8,500-$34,500 | 15% |
| $34,500-$83,600 | 25% |
| $83,600-$174,400 | 28% |
| $174,400-$379,150 | 33% |
| $379,150+ | 35% |
Married Filing Jointly 2011 Tax Brackets
| Taxable Income |
Marginal Tax Rate: |
| $0-$17,000 | 10% |
| $17,000-$69,000 | 15% |
| $69,000-$139,350 | 25% |
| $139,350-$212,300 | 28% |
| $212,300-$379,150 | 33% |
| $379,150+ | 35% |
Head of Household 2011 Tax Brackets
| Taxable Income |
Marginal Tax Rate: |
| $0-$12,150 | 10% |
| $12,150-$46,250 | 15% |
| $46,250-$119,400 | 25% |
| $119,400-$193,350 | 28% |
| $193,350-$379,150 | 33% |
| $379,150+ | 35% |
Married Filing Separately 2011 Tax Brackets
| Taxable Income |
Marginal Tax Rate: |
| $0-$8,500 | 10% |
| $8,500-$34,500 | 15% |
| $34,500-$69,675 | 25% |
| $69,675-$106,150 | 28% |
| $106,150-$189,575 | 33% |
| $189,575+ | 35% |
2011 Standard Deduction and Exemption Amounts
For 2011, the personal exemption amount will increase to $3,700 (from $3,650 in 2010).
The 2011 standard deduction will be:
- $5,800 for unmarried taxpayers or married taxpayers filing separately,
- $11,600 for married taxpayers filing jointly, and
- $8,500 for taxpayers filing as head of household.
The additional standard deduction allowed for blind taxpayers and taxpayers age 65 or older at the end of the tax year will be $1,150 if married filing jointly and $1,450 if single.
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