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2002 U. S. Individual Income Tax Rates
2002 STANDARD DEDUCTION (Do
not use for a dependent)
Personal Exemption for 2002
= $2,750
|
| Filing Status |
Standard Deduction |
Add for Blind and/or Over 65 |
| MFJ / Widow(er) |
$7,200 |
$850 |
| Single |
4,300 |
1,050 |
| Head of Household |
6,350 |
1,050 |
| Married Filing Separate |
3,600 |
850 |
SINGLE
|
| Taxable Income |
Pay + |
%* |
| $0 - $25,750 |
0.00 |
15.0 |
| 25,750 - 62,450 |
$3862.50 |
28.0 |
| 62,450 - 130,250 |
14,138.50 |
31.0 |
| 130,250 - 283,150 |
35,156.50 |
36.0 |
| 283,150 and over |
90,200.50 |
39.6 |
MARRIED FILING JOINTLY and Qualifying
Widow(er) with Dependent Child
|
| Taxable Income |
Pay + |
%* |
| $0 - $43,050 |
0.00 |
15.0 |
| 43,050 - 104,050 |
$6,457.50 |
28.0 |
| 104,050 - 158,550 |
34,537.50 |
31.0 |
| 158,550 - 283,150 |
40,432.50 |
36.0 |
| 283,150 and over |
85,288.50 |
39.6 |
HEAD OF HOUSEHOLD
|
| Taxable Income |
Pay + |
%* |
| $0 - $34,550 |
0.00 |
15.0 |
| 34,550 - 89,150 |
$5,182,50 |
28.0 |
| 89,150 - 144,400 |
20,470.50 |
31.0 |
| 144,400 - 283,150 |
37,598.00 |
36.0 |
| 283,150 and over |
87,548.00 |
39.6 |
MARRIED FILING SEPARATE
|
| Taxable Income |
Pay + |
%* |
| $0 - $21,525 |
0.00 |
15.0 |
| 21,525 - 52,025 |
$3,228.75 |
28.0 |
| 52,025 - 77,975 |
11,768.75 |
31.0 |
| 79,275 - 141,575 |
20,216.25 |
36.0 |
| 141,575 and over |
42,644.25 |
39.6 |
*On excess over lower
bracket amount for computations.
Reduction of Personal Exemptions
The Personal Exemption of $2,750 is reduced by 2% for each $2,500 ($1,250 for Married
Filing Separate), or fraction thereof, by which Adjusted Gross Income exceeds the
following threholds:
| Married Filing Joint / Widow(er) |
$189,950 |
| Single |
126,600 |
| Head of Household |
158,830 |
| Married Filing Separate |
94,975 |
Itemized deductions are
reduced by 3% of the Adjusted Gross Income over $126,600 ($63,300 if Married Filing
Separate), but the allowable deductions cannot be less than 20% of the itemized deductions
omitting medical, investment interest, nonbusiness casualty and theft losses, and gambling
losses.
Capital Gains
Generally, net long term capital gains (not to exceed capital gains) are taxed at a
maximum rate of 20% for tax year 2002.
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