2006 Tax Rate Schedules
Below are the tax rate schedules. By using the appropriate schedule for your IRS filing status; i.e. Single, Married Filing Jointly or Qualifying Widow(er), Married Filing Separately, or Head of Household; you can determine your tax bracket. The tax brackets are adjusted each tax year for inflation. If the inflation rate in 2006 is 5% the 15% bracket for 2007 will be increased by 5% -  rounded down to the nearest $50. Your tax bracket is the amount of tax that you pay on your "top dollar" of income. The actual tax rate that you pay on your taxable income below your "top dollar" is less because the tax rates are graduated and because they are applied to your taxable income after tax deductions and tax exemptions. You  may also be entitled to tax credits which you subtract directly from your tax liability on your IRS tax return.

Determine your taxable income from IRS tax form 1040 Line 43 and in the far left column of the appropriate schedule for your IRS filing status locate your income bracket. The percentage figure in the third column to the right  titled "The tax is:" shows your tax bracket.

CAUTION: You should only use the schedules below to determine your tax due the IRS if your taxable income (IRS tax form 1040, Line 43) is $100,000 or more. Even though you cannot use the tax rate schedules below if your taxable income is less than $100,000, all levels of taxable income are shown so you can see what your tax bracket is.

Schedule X — Single

If taxable income is  over-- But not over-- The tax is:
$0 $7,550 10% of the amount over $0
$7,550 $30,650 $755.00 plus 15% of the amount over $7,550
$30,650 $74,200 $4,220.00 plus 25% of the amount over $30,650
$74,200 $154,800 $15,107.50 plus 28% of the amount over $74,200
$154,800 $336,550 $37,675.50 plus 33% of the amount over $154,800
$336,550 no limit $97,653.00 plus 35% of the amount over $336,550

Schedule Y-1 — Married Filing Jointly or Qualifying Widow(er)

If taxable income is over-- But not over-- The tax is:
$0 $15,100 10% of the amount over $0
$15,100 $61,300 $1,510.00 plus 15% of the amount over $15,100
$61,300 $123,700 $8,440.00 plus 25% of the amount over $61,300
$123,700 $188,450 $24,040.00 plus 28% of the amount over $123,700
$188,450 $336,550 $42,170.00 plus 33% of the amount over $188,450
$336,550 no limit $91,043.00 plus 35% of the amount over $336,550

Schedule Y-2 — Married Filing Separately

If taxable income is over-- But not over-- The tax is:
$0 $7,550 10% of the amount over $0
$7,550 $30,650 $755.00 plus 15% of the amount over $7,550
$30,650 $61,850 $4,220.00 plus 25% of the amount over $30,650
$61,850 $94,225 $12,020.00 plus 28% of the amount over $61,850
$94,225 $168,275 $21,085.00 plus 33% of the amount over $94,225
$168,275 no limit $45,521.50 plus 35% of the amount over $168,275

Schedule Z — Head of Household

If taxable income is over-- But not over-- The tax is:
$0 $10,750 10% of the amount over $0
$10,750 $41,050 $1075.00 plus 15% of the amount over $10,750
$41,050 $106,000 $5,620.00 plus 25% of the amount over $41,050
$106,000 $171,650 $21,857.50 plus 28% of the amount over $106,000
$171,650 $336,550 $40,239.50 plus 33% of the amount over $171,650
$336,550 no limit $94,656.50 plus 35% of the amount over $336,550