HOW MUCH WILL I PAY?
Filing status
Head of household -- you are unmarried on the last ay of the year, you paid more than half of the costs of keeping a home, and your dependent lived with you more than half of the year (except if the dependent is a qualifying parent)
Work across the table to find out how much you will owe:
2004 Tax Rate Schedule – Status: Head of Household
If taxable income is over |
but less than |
your tax is |
plus |
of the amount over
|
$0 |
$10,200 |
$0 |
10% |
$0 |
10,200 |
38,900 |
1,020.00 |
15% |
10,200 |
38,900 |
100,500 |
5,325.00 |
25% |
38,900 |
100,500 |
162,700 |
20,725.00 |
28% |
100,500 |
162,700 |
319,100 |
38,141.00 |
33% |
162,700 |
319,100 |
----- |
89,753.00 |
35% |
319,100 |
Example:
$20,000 income = $1,020.00 + 15% of (20,000-10,200) =
$2,490 tax
The different sections on the table are called “tax brackets.” A tax bracket sets what percent of your income you pay in taxes. The more money you make, the higher the percentage you pay.
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