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From the Experts at Credit.com

How Many Tax Brackets Are There?

by Lucy Lazarony

How Many Tax Brackets Are There

There are seven major tax brackets –10%, 15%, 25%, 28%, 33%, 35% and 39.6% — and how much you pay in taxes depends on your income and whether
you are single, married or the head of your own household.

To file as head of household, you must be single on the last day of 2013, have paid more than half the cost of keeping up a home for a year and a
qualifying person, such as a son or daughter, has lived with you in your home for more than half a year, according to the
IRS.

Married couples have a choice of whether or not they want to file their taxes jointly or separately.

If your income for 2013 pushes you into a higher tax bracket, you may want to look at deductions that will help you lower your taxable income and keep you in a lower tax rate.

Below are the 2013 tax brackets for taxes due on April 15, 2014. Thinking about your 2014 taxes already? The Tax Foundation offers a sneak peek of what you’ll pay.

Tax brackets for Singles

For single filers, the 2013 tax brackets are:

10% up to $8,925,
15% $8,926 to $36,250,
25% $36,251 to $87,850
28% $87,851 to $183,250
33%$183,251 to $398,350
35% $398,351 to $400,000
39.6% more than $400,000

Tax brackets for Married Joint Filers

For married couples who file their taxes jointly, the 2013 tax brackets are:

10% up to $17,850
15% $17,851 to $72,500
25% $72,501 to $146,400
28% $146,401 to $223,050
33%$223,051 to $398,350
35% $398,351 to $450,000
39.6% more than $450,000

Tax Brackets for Married but Filing Separately

For married couples who choose to file their taxes separately, the 2013 tax brackets are:

10% up to $8,925
15% $8,926 to $36,250
25% $36,251 to $73,200
28% $73,201 to $111,525
33%$111,526 to $199,175
35% $199,176 to $225,000
39.6% more than $225,000

Tax Brackets for Head of Household

If you were single and the head of your household in 2013, your 2013 tax brackets are:

10% up to $12,750
15% $12,751 to $48,600
25% $48,601 to $125,450
28% $125,451 to $ 203,150
33% $203,151 to $398,350
35% $398,351 to $425,000
39.6% more than $425,000



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