Personal Income Tax Rates | |||||||
Calendar Years 2006 through 2014 | |||||||
(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 |
||
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 |
|||||||
For taxable years commencing on or after January 1, 2011: [2] | |||||||
$10,000 - $50,000 | $20,000 - $100,000 | $16,000 - $80,000 | 3.20% | ||||
$50,000 - $100,000 | $100,000 - $200,000 | $80,000 - $160,000 | 3.20% | ||||
$100,000 - $200,000 | $200,000 - $400,000 | $160,000 - $320,000 | 3.20% | ||||
$200,000 - $250,000 | $400,000 - $500,000 | $320,000 - $400,000 | 3.20% | ||||
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.