How to Find Tax Bracket Filing Thresholds
Depending on your annual income level, you may be required to file a yearly income tax with the IRS. Your gross income is the figure used to calculate your standard deduction amount on your United States tax return. The tax rates, which determine the amount of taxes paid, are revised annually to reflect for general inflation of the tax liability.
- Review the tax chart in the IRS Publication 501 book to see if you are required to file an income tax for the year. If you have a low income, you may not be required to file. However, if you have paid federal income tax, you should file in order to obtain a refund on your monies paid. The chart outlines the most common filing situations and the income limits for filing requirements.
- Check your gross income from your W2 or 1099 from your employer against the table to determine your status. According to the IRS Tax Publication 501, these are the filing requirements for 2010 tax year. The requirements are based on filing status and income level.
- "Single under 65, $9,350; 65 or older, $10,750
- Head of household under 65, $12,050; 65 or older, $13,450
- Married, filing jointly under 65 (both spouses), $18,700; 65 or older (one spouse) $19,800; 65 or older (both spouses), $20,900
- Married, filing separately any age $3,650
- Qualifying widow with a dependent child or children under 65, $15,050; 65 or older, $16,150.
3. Determine your correct deductions at the beginning of the year. By establishing your correct number of deductions for dependents, correct taxes for your bracket will be withheld, making it less likely a lump-sum payment due on April 15. Deductions variable from year to year could be accelerated or delayed to maximize the tax value of the deduction.