Amy Clark, Administrative Assistant
ISSUE #29
THOUGHT YOU'D LIKE TO SEE THIS!
Knowing what's coming is always helpful in planning. Here's a preview of 2007 income tax rate schedules.
CORPORATE INCOME TAX RATES
Taxable Income |
Tax |
Not over $50,000 |
15% of the Taxable Income |
Over $50,000 but not over $75,000 |
$7,500 plus 25% of the excess over $50,000 |
Over $75,000 but not over $10,000,000 |
$13,750 plus 34% of the excess over $75,000 |
Over $10,000,000 |
$3,388,250 plus 35% of the excess over $10,000,000 |
Note: The lower brackets are phased out under two circumstances: If taxable income exceeds $100,000, the tax is increased by the lesser of (i) 5% of the excess of taxable income over $100,000 or (ii) $11,750. If taxable income exceeds $15,000,000, the tax is additionally increased by the lesser of 3% of the excess of taxable income over $15,000,000 or (ii) $100,000.
QUALIFIED PERSONAL SERVICES CORPORATIONS
Taxable Income |
Tax |
Over $0 |
35% of the taxable income |
MARRIED INDIVIDUALS FILING JOINT RETURNS AND SURVIVING SPOUSES
Taxable Income |
Tax |
Not over $15,650 |
10% of the taxable income |
Over $15,650 but not over $63,700 |
$1,565 plus 15% of the excess over $15,650 |
Over $63,700 but not over $128,500 |
$8,772.50 plus 25% of the excess over $63,700 |
Over $128,500 but not over $195,850 |
$24,972.50 plus $28% of the excess over $128,500 |
Over $195,850 but not over $349,700 |
$43,850.50 plus 33% of the excess over $195,850 |
Over $349,700 |
$94,601 plus 35% of the excess over $349,700 |
HEADS OF HOUSEHOLDS
Taxable Income |
Tax |
Not over $11,200 |
10% of the taxable income |
Over $11,200 but not over $42,650 |
$1,120 plus 15% of the excess over $11,200 |
Over $42,650 but not over $110,100 |
$5,837.50 plus 25% of the excess over $42,650 |
Over $110,100 but not over $178,350 |
$22,700 plus 28% of the excess over $110,100 |
Over $178,350 but not over $349,700 |
$41,810 plus 33% of the excess over $178,350 |
Over $349,700 |
$98,355.50 plus 35% of the excess over $349,700 |
UNMARRIED INDIVIDUALS
(OTHER THAN SURVIVING SPOUSE AND HEADS OF HOUSEHOLDS)
Not Over $7,825 |
10% of the taxable income |
Over $7,825 but not over $31,850 |
$782.50 plus 15% of the excess over $7,825 |
Over $31,850 but not over $77,100 |
$4,386.25 plus 25% of the excess over $31,850 |
Over $77,100 but not over $160,850 |
$15,698.75 plus 28% of the excess over $77,100 |
Over $160,850 but not over $349,700 |
$39,148.75 plus 33% of the excess over $160,850 |
Over $349,700 |
$101,469.25 plus 35% of the excess over $349,700 |
MARRIED INDIVIDUALS FILING SEPARATE RETURNS
Taxable Income |
Tax |
Not over $7,825 |
10% of the taxable income |
Over $7,825 but not over $31,850 |
$782.50 plus 15% of the excess over $7,825 |
Over $31,850 but not over $64,250 |
$4,386.25 plus 25% of the excess over $31,850 |
Over $64,250 but not over $97,925 |
$12,486.25 plus 28% of the excess over $64,250 |
Over $97,925 but not over $174,850 |
$21,915.25 plus 33% of the excess over $97,925 |
Over $174,850 |
$47,300.50 plus 35% of the excess over $174,850 |
AS ALWAYS, PLEASE FEEL FREE TO CALL TO DISCUSS TAX PLANNING OR OTHER MATTERS OF FINANCIAL CONCERN.
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This publication has been prepared as an educational resource to help the reader identify areas of potential concern. The publisher is not engaged in rendering legal, accounting or other professional services. The information contained in this publication should not be acted upon without first obtaining the advice of a professional advisor. Material may not be used without permission. Leimberg and LeClair, Inc.
You may wish to access NEW information this month at: www.ashland.edu/estate and “click” on “Planned Giving” in the left hand column.
Our planned giving director, Paul Ditlevson, can be of tremendous service in helping you integrate your giving goals with your overall estate plan. He can also help you prepare to visit your attorney. You can reach Mr. Ditlevson by calling 419-289-5090 or by email to pditlevs@ashland.edu or regular mail at 401 College Avenue, Ashland, OH 44805.