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Whole Ball of Tax 2003
2002—2003 TAX BRACKETS - Married Filing Jointly
(& Surviving Spouse)
|
2003 Taxable Income |
Tax Rate |
|
2002 Taxable Income |
Tax Rate |
|
$0-$12,000 |
10% |
|
$0-$12,000 |
10% |
|
$12,000-$47,450 |
15% |
|
$12,000-$46,700 |
15% |
|
$47,450-$114,650 |
27% |
|
$46,700-$112,850 |
27% |
|
$114,650-$174,700 |
30% |
|
$112,850-$171,950 |
30% |
|
$174,700-$311,950 |
35% |
|
$171,950-$307,050 |
35% |
|
$311,950 |
38.6% |
|
over $307,050 |
38.6% |
Married Filing
Separately
|
2003 Taxable Income |
Tax Rate |
|
2002 Taxable Income |
Tax Rate |
|
$0-$6,000 |
10% |
|
$0-$6,000 |
10% |
|
$6,000-$23,725 |
15% |
|
$6,000-$23,350 |
15% |
|
$23,725-$57,325 |
27% |
|
$23,350-$56,425 |
27% |
|
$57,325-$87,350 |
30% |
|
$56,425-$85,975 |
30% |
|
$87,350-155,975 |
35% |
|
$85,975-$153,525 |
35% |
|
$155,975 |
38.6% |
|
over $153,525 |
38.6% |
Single Filers
|
2003 Taxable Income |
Tax Rate |
|
2002 Taxable Income |
Tax Rate |
|
$0-$6,000 |
10% |
|
$0-$6,000 |
10% |
|
$6,000-$28,400 |
15% |
|
$6,000-$27,950 |
15% |
|
$28,400-$68,800 |
27% |
|
$27,950-$67,700 |
27% |
|
$68,800-$143,500 |
30% |
|
$67,700-$141,250 |
30% |
|
$143,500-311,950 |
35% |
|
$141,250-$307,050 |
35% |
|
$311,950 |
38.6% |
|
over $307,050 |
38.6% |
Head of Household
|
2003 Taxable Income |
Tax Rate |
|
2002 Taxable Income |
Tax Rate |
|
$0-$10,000 |
10% |
|
$0-$10,000 |
10% |
|
$10,000-$38,050 |
15% |
|
$10,000-$37,450 |
15% |
|
$38,050-$98,250 |
27% |
|
$37,450-$96,700 |
27% |
|
$98,250-$159,100 |
30% |
|
$96,700-$156,600 |
30% |
|
$159,100-$311,950 |
35% |
|
$156,600-$307,050 |
35% |
|
$311,950 |
38.6% |
|
over $307,050 |
38.6% |
Standard Deduction
Amounts
|
Filing Status |
2003 |
2002 |
Increase |
|
Married Filing Jointly (& Surviving Spouse) |
$7,950 |
$7,850 |
$100 |
|
Married Filing Separately |
$3,975 |
$3,925 |
$ 50 |
|
Single |
$4,750 |
$4,700 |
$ 50 |
|
Head of Household |
$7,000 |
$6,900 |
$100 |
Standard Deduction for Dependents ("Kiddie"
Standard Deduction)
|
2003 |
2002 |
Increase |
|
$750 |
$750 |
$0 |
Income Level At Which 3-Percent
Itemized
Deduction Limitation Takes Effect
(Adjusted Gross Income)
|
Filing Status |
2003 |
2002 |
Increase |
|
Married Filing Jointly (& Surviving Spouse) |
$139,500 |
$137,300 |
$2,200 |
|
Married Filing Separately |
$ 69,750 |
$ 68,650 |
$1,100 |
|
Single |
$139,500 |
$137,300 |
$2,200 |
|
Head of Household |
$139,500 |
$137,300 |
$2,200 |
Personal Exemption
Amounts
|
2003 |
2002 |
Increase |
|
$3,050 |
$3,000 |
$50 |
Threshold for Personal Exemption Phaseout
|
Filing Status |
2003 |
2002 |
Increase |
|
Married Filing Jointly (& Surviving Spouse) |
$209,250 |
$206,000 |
$3,250 |
|
Married Filing Separately |
$104,625 |
$103,000 |
$1,625 |
|
Single |
$139,500 |
$137,300 |
$2,200 |
|
Head of Household |
$174,400 |
$171,650 |
$2,750 |
Gift Tax Exemption
|
2003 |
2002 |
Increase |
|
$11,000 |
$11,000 |
$0 |
Source: CCH INCORPORATED, 2003
-- # # # --
nb-03-16
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For more information on the president's 2003 Economic Growth Tax Plan, please visit,
2003 Bush Tax Plan
The 2003 Whole Ball of Tax also is available in print. If you would like to request
the print version, please contact:
Leslie Bonacum
(847) 267-7153
mediahelp@cch.com
Neil Allen
(847) 267-2179
allenn@cch.com
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