2000 Individual Income Taxes 
- Form 1040

In determining your tax burden, it's necessary to know what tax bracket you are in.  Following are the federal tax rate schedules for 2000 for each of the filing statuses.  The amounts are Taxable Income, which is after subtracting deductions and exemptions.  Each bracket is taxed at its separate rate and the total tax is the sum of the taxes on each bracket.  When analyzing the tax hit for additional income, you would use your top marginal rate.  Unlike the other kinds of taxes, these are all adjusted each year to keep pace with inflation and prevent what's called "bracket creep," where taxpayers are pushed into a higher bracket just by receiving cost of living raises.

2000 Personal Exemptions

$2,800 per person and dependent

These are phased out for the evil rich, which for this issue is defined as adjusted gross income (AGI) of:

    $193,400 for Married Filing Jointly

    $128,950 for Single

    $161,150 for Head of Household

    $96,700 for Married Filing Separately

2000 Standard Deductions

    Single: $4,400 + $1,100 if over 64 and/or blind

    Married Filing Jointly: $7,350 + $850 each if over 64 and/or blind

    Married Filing Separately: $3,675 + $850 if over 64 and/or blind

    Head of Household: $6,450 +

Income Tax Rates

Married Filing Jointly

Single

Head of Household

Married Filing Separately

Married Filing Jointly

Single

Head of Household

Married Filing Separately

Kerry M. Kerstetter
MBA~CPA~ATP~ATA
11802 Deer Road
Harrison, AR  72601
E-Mail: KMKCPA@TaxGuru.org
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