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2006 Federal Income Tax Table

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Jeanette Said:

I need an income tax refund estimation. I received 2 different refund amounts from two services. HELP!?

We Answered:

Here's a ballpark figure, based on these assumptions:

You can legitimately file married. You have no children/dependents. Your husband had no income.
Your total income was about $30,000 gross and you've had withheld about $4,000. You were born AFTER Jan 2, 1942.

Looking at the long form 1040 line 22 and 37 and 38 are $30,000.

You get to subtract $10,300 (standard deduction, line 40) and $6,600 (2 exemptions, line 42, you and hubby) giving you

taxable income of $13,100 (line 43); your tax would be $1,308 (the 10% range for your filing status, page 84, and page 68 table), implying you'd get $2692 of your $4000 federal w/h back. (The $40 {line 71} credit would of course increase that to $2732.)

Norman Said:

Does anyone have personal income tax tables at their disposal?

We Answered:

I linked the IRS 2006 tax rate schedule below. I agree with Judy. If you have $900,000, hire an accountant. As a rough figure, you are in the top marginal tax bracket of 35%. 35% of $900,000 is $315,000.

The 35% is Federal Income tax. Your state will want their share as well. Your Ad Here

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