If you are looking for a simple way to figure out how much taxes you have to pay on your income, you have come to the right place. With a glance at the 2008 Federal Tax Tables, you can see how much taxes are owed on your taxable income depending on your filing status. This quick look can also help you figure out what the right filing status is for you. Check the links at the bottom to learn how to maximize your refund and file your taxes for free.
When you are calculating your taxes, you first have to determine your taxable income. You start with your total income which shows on your W2. From that, you subtract things like your mortgage interest and charitable contributions. You also get to take a deduction for each person living in your house.
When you are looking at the 2008 Federal Tax Tables, you have to apply your income to each range. That means part of your income will be taxed at one range and other parts will be taxed at a higher rate. For example, if you were a single filer and had taxable income of $ 30,000 you would have to pay 10% on the first $ 8,025 then 15% on the amount from $ 8,025 up to your total income of $ 30,000.
2008 Federal Tax Table for Single Filers
Income 2008 Federal Tax Bracket for Head of Household Filing Status
Income 2008 Tax Tables for Married Filing Separately Status
Income 2008 Tax Brackets for Married Filing Jointly Status