![]() The start of each income range appears in a column labeled “At least,” and the end of each income range appears in a column labeled “But less than.” On the right side, there are tax filing statuses listed from left to right in the following order: single, married filing jointly, married filing separately and head of household. On the left side, there are income ranges. There are two major sections on the table. Once you’ve done this, you’ll know the sum of your total annual income minus all applicable deductions, and you can use these details to read the table. To use a taxable income table, the first step is to complete the correct version of Form 1040. How to Use a Taxable Income Table Photo Courtesy: Keep It 100/Getty Images A single individual can file as a head of household if they cover at least 50% of the expenses for one or more dependents. People who are single choose the tax filing status “single.” Married taxpayers can choose to file their taxes jointly or separately. The blank after the words “you are” refers to your tax filing status. Individual Income Tax Return, and the form is used to calculate total taxable income. The term “line 15” refers to the 15th line on Form 1040. ![]() The table has columns that help to fill in the blanks of the following sentence: “If line 15 (taxable income) is _ and you are _ your tax is _.” Rather than displaying a range or a percentage, this table can tell a filer the exact dollar amount of income taxes they need to pay for the year. The table is a very simple method of understanding how much income tax you’ll owe, and anyone who files a Form 1040 can use the table. For the purposes of this article, we’re focusing on the IRS tables to give you a more general overview. ![]() The tables have the same purpose as the IRS tables for federal income taxes, and most states’ taxable income tables work the same way as the tables the IRS produces. Many states also produce their own taxable income tables that follow their respective specific income tax rules. What Is a Taxable Income Table? Photo Courtesy: David Sacks/Getty ImagesĪ taxable income table is a chart that the IRS publishes and updates each year. ![]()
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