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CCH can assist you with stories, including interviews with CCH subject experts.
Also, the 2007
CCH Whole Ball of Tax is available in print. Please
contact:
Leslie Bonacum
(847) 267-7153
mediahelp@cch.com
Neil Allen
(847) 267-2179
neil.allen@wolterskluwer.com
Link to special CCH Tax Briefings on key topics from 2006:
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2007 CCH Whole Ball of Tax
2006 - 2007 Tax Brackets
Married Filing Jointly (& Surviving Spouse)
| 2007 Taxable Income |
Tax Rate |
2006 Taxable Income |
Tax Rate |
| $0-$15,650 |
10% |
$0-$15,100 |
10% |
| $15,650-$63,700 |
15% |
$15,100-$61,300 |
15% |
| $63,700-$128,500 |
25% |
$61,300-$123,700 |
25% |
| $128,500-$195,850 |
28% |
$123,700-$188,450 |
28% |
| $195,850-$349,700 |
33% |
$188,450-$336,550 |
33% |
| $349,700 |
35% |
Over $336,550 |
35% |
Married Filing Separately
| 2007 Taxable Income |
Tax Rate |
2006 Taxable Income |
Tax Rate |
| $0-$7,825 |
10% |
$0-$7,550 |
10% |
| $7,825-$31,850 |
15% |
$7,550-$30,650 |
15% |
| $31,850-$64,250 |
25% |
$30,650-$61,850 |
25% |
| $64,250-$97,925 |
28% |
$61,850-$94,225 |
28% |
| $97,925-$174,850 |
33% |
$94,225-$168,275 |
33% |
| $174,850 |
35% |
Over $168,275 |
35% |
Single Filers
| 2007 Taxable Income |
Tax Rate |
2006 Taxable Income |
Tax Rate |
| $0-$7,825 |
10% |
$0-$7,550 |
10% |
| $7,825-$31,850 |
15% |
$7,550-$30,650 |
15% |
| $31,850-$77,100 |
25% |
$30,650-$74,200 |
25% |
| $77,100-$160,850 |
28% |
$74,200-$154,800 |
28% |
| $160,850-$349,700 |
33% |
$154,800-$336,550 |
33% |
| $349,700 |
35% |
Over $336,550 |
35% |
Head of Household
| 2007 Taxable Income |
Tax Rate |
2006 Taxable Income |
Tax Rate |
| $0-$11,200 |
10% |
$0-$10,750 |
10% |
| $11,200-$42,650 |
15% |
$10,750-$41,050 |
15% |
| $42,650-$110,100 |
25% |
$41,050-$106,000 |
25% |
| $110,100-$178,350 |
28% |
$106,000-$171,650 |
28% |
| $178,350-$349,700 |
33% |
$171,650-$336,550 |
33% |
| $349,700 |
35% |
Over $336,550 |
35% |
Standard Deduction Amounts
| Filing Status |
2007 |
2006 |
Increase |
| Married Filing Jointly (& Surviving Spouse) |
$10,700 |
$10,300 |
$400 |
| Married Filing Separately |
$5,350 |
$5,150 |
$200 |
| Single |
$5,350 |
$5,150 |
$200 |
| Head of Household |
$7,850 |
$7,550 |
$300 |
Standard Deduction for Dependents (“Kiddie” Standard Deduction)
| 2007 |
2006 |
Increase |
| $850 |
$850 |
$0 |
Income Level At Which 3-Percent Itemized Deduction Limitation Takes Effect
(Adjusted Gross Income)
| Filing Status |
2007 |
2006 |
Increase |
| Married Filing Jointly (& Surviving Spouse) |
$156,400 |
$150,500 |
$5,900 |
| Married Filing Separately |
$78,200 |
$75,250 |
$2,950 |
| Single |
$156,400 |
$150,500 |
$5,900 |
| Head of Household |
$156,400 |
$150,500 |
$5,900 |
Personal Exemption Amounts
| 2007 |
2006 |
Increase |
| $3,400 |
$3,300 |
$100 |
Threshold for Personal Exemption Phaseout
| Filing Status |
2007 |
2006 |
Increase |
| Married Filing Jointly (& Surviving Spouse) |
$234,600 |
$225,750 |
$8,850 |
| Married Filing Separately |
$117,300 |
$112,875 |
$4,425 |
| Single |
$156,400 |
$150,500 |
$5,900 |
| Head of Household |
$195,500 |
$188,150 |
$7,350 |
Gift Tax Exemption
| 2007 |
2006 |
Increase |
| $12,000 |
$12,000 |
$0 |
Source: CCH, 2007
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nb-07-27
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