What Are The Tax Rates For 1998?

Note: The graduated rates below are based on TAXABLE INCOME, which is your adjusted gross income reduced by your allowable deductions (either itemized deductions or the standard deduction) and your allowable deduction for personal exemptions.

Rather than do the math required for the calculation of the tax from these schedules, you may find it easier to use the Tax Tables or Schedules contained in the instructions for the form you are filing.

Standard Deduction (add 3 ^rdcolumn if over age 65 or blind EACH)

Married Filing Jointly and Qualifying Widow(er) $7,100 $850

Single $4,250 $1,050

Head of Household $6,250 $1,050

Married Filing Separately $3,550 $850

Personal exemptions for 1998 are $2,700.

Note that both itemized deductions and personal exemptions are subject to phase-outs for certain high income taxpayers. Check Form 1040 instructions.

1998 TAX RATES

Married Filing Jointly and Qualifying Widow(er) $0 to $42,350 15%

$42,351 to $102,300 28%

$102,301 to $155,950 31%

$155,951 to $278,450 36%

$278,451 & Over 39.6%

Single $0 to $25,350 15%

$25,351 to $61,400 28%

$61,401 to $128,100 31%

$128,101 to $278,450 36%

$278,451 & Over 39.6%

Head of Household $0 to $33,950 15%

$33,951 to $87,700 28%

$87,701 to $142,000 31%

$142,001 to $278,451 36%

$278,451 & Over 39.6%

Married Filing Separately $0 to $21,175 15%

$21,176 to $51,150 28%

$51,151 to $77,975 31%

$77,976 to $139,225 36%

$139,226 & Over 39.6%

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