2002 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 2002 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.

2002 Personal Exemptions

$3,000 per person and dependent

These are phased out for the evil rich, which for this issue is defined as adjusted gross income (AGI) of over:
 $103,000 for Married Filing Separately
 $137,300 for Single
 $171,650 for Head of Household
 $206,000 for Married Filing Jointly

2002 Standard Deductions

    Single: $4,700 + $1,150 if over 64 and/or blind

    Married Filing Jointly: $7,850 + $900 each if over 64 and/or blind

    Married Filing Separately: $3,925 + $900 if over 64 and/or blind

    Head of Household: $6,900 +$1,150 if over 64 and/or blind

Itemized Deductions are phased out for the evil rich, which for this issue is defined as adjusted gross income (AGI) of over:
 $  68,650 for Married Filing Separately
 $137,300 for Single
 $137,300 for Head of Household
 $137,300 for Married Filing Jointly

Income Tax Rates

Married Filing Jointly

Single

Head of Household

Married Filing Separately

Married Filing Jointly

Single

Head of Household

Married Filing Separately

Updated 09/22/2002 10:45:29 AM
Ozarks Time by KMK

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