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Projected Tax Brackets for 2006
By JLP | September 21, 2005
Here’s a look at the expected tax brackets for the 2006 tax year:
|
Married Couples Filing Jointly |
||
|
TAX |
2006 |
2005 |
|
10% |
Not over $15,100 |
Not over $14,600 |
|
15% |
15,100 – 61,300 |
14,600 – 59,400 |
|
25% |
61,300 – 123,700 |
59,400 – 119,500 |
|
28% |
123,700 – 188,450 |
119,500 – 182,800 |
|
33% |
188,450 – 336,550 |
182,800 – 326,450 |
|
35% |
Over $336,550 |
Over $326,450 |
|
Most Single Filers |
||
|
TAX |
2006 |
2005 |
|
10% |
Not over $7,550 |
Not over $7,300 |
|
15% |
7,550 – 30,650 |
7,300 – 29,700 |
|
25% |
30,650 – 74,200 |
29,700 – 71,950 |
|
28% |
74,200 – 154,800 |
71,950 – 150,150 |
|
33% |
154,800 – 336,550 |
150,150 – 326,450 |
|
35% |
Over $336,550 |
Over $326,450 |
In addition to these changes, the basic standard deduction for married couples filing jointly is expected to increase to $10,300 for 2006 from $10,000 for 2005. For most single filers, the standard deduction will increase to $5,150 for 2006 from $5,000 for 2005 (notice that it is half the amount for married filing jointly).
The annual gift-tax exclusion will most likely move up to $12,000 from it’s current $11,000, which has been unchanged since 2002.
Here are some resources for more information on taxes:
- CCH
- RIA
- Tax Analysts
- A Tax Primer – PDF file put out by the Government Accounting Office
Topics: Taxes | 4 Comments »
September 21st, 2005 at 8:30 pm
Thank you JLP. Very good info.
small error in 15% upper limit for 2005 single filers
September 21st, 2005 at 8:37 pm
Thanks for catching the error. It’s fixed.
September 26th, 2005 at 11:21 am
yep this will definitely be useful (and more so than the IRS due to your easily accessible and readable layout!). Thanks JLP!
January 31st, 2006 at 7:55 am
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