Personal Income Tax Rates | |||||
Last Ten Calendar Years | |||||
(Expressed in Thousands) | |||||
Top Income Tax Rate is Applied to Taxable Income in Excess of the following brackets |
|||||
---|---|---|---|---|---|
Year |
Median Rate |
Single/ Married Filing Separate |
Married Filing Jointly |
Head of Household |
Average Effective Rate |
2002 (1) | 4.50% | $10,000 | $20,000 | $16,000 | 2.50% |
2003 (1) | 4.50% | $10,000 | $20,000 | $16,000 | 2.48% |
2004 (1) | 5.00% | $10,000 | $20,000 | $16,000 | 2.97% |
2005 (1) | 5.00% | $10,000 | $20,000 | $16,000 | 3.17% |
2006 (1) | 5.00% | $10,000 | $20,000 | $16,000 | 3.34% |
2007 (1) | 5.00% | $10,000 | $20,000 | $16,000 | 3.46% |
2008 (1) | 5.00% | $10,000 | $20,000 | $16,000 | 3.45% |
2009 (1) | 5.00% | $10,000 | $20,000 | $16,000 | 2.70% |
2010 (1) | 5.00% | $10,000 | $20,000 | $16,000 | 2.83% |
Income Tax Rate is Applied to Taxable Income by income range for the same brackets |
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2011 (2) | 5.00% | $10,000-$50,000 | $20,000-$100,000 | $16,000-$80,000 | 3.20% |
2011 (2) | 5.50% | $50,000-$100,000 | $100,000-$200,000 | $80,000-$160,000 | 3.20% |
2011 (2) | 6.00% | $100,000-$200,000 | $200,000-$400,000 | $160,000-$320,000 | 3.20% |
2011 (2) | 6.50% | $200,000-$250,000 | $400,000-$500,000 | $320,000-$400,000 | 3.20% |
2011 (2) | 6.70% | greater than $250,000 | greater than $500,000 | greater than $400,000 | 3.20% |
Notes:
[1] Taxable income equal to or less than amounts listed this
year is taxed at a rate of 3%.
In addition there is a tax on millionaires of 6.5%. The average effective rate
equals fiscal year
net tax collections divided by prior-year total personal income based on
statistics provided by
the U. S. Bureau of Economic Analysis.
[2] Taxable income equal to or less than amounts listed this year is taxed at a
rate of 3% except as follows.
The amount to which the 3% rate applies is reduced by $1,000 for each $5,000, or
fraction thereof, by which AGI
exceeds $56,500 for singles and by $1,000 for each $2,500 for filing separately,
by $1,600 for each $4,000 for head of household and by $2,000 for each $5,000 or
fraction thereof, by which AGI exceeds $56,500, $50,250 $78,500 and $100,500 for
single, filing separately, head of house hold and filing jointly
Source: Department of Revenue Services -Annual Report.