2011 IRS Tax Tables

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Your adjusted gross income (AGI) is the all-important dollar amount that determines how much tax you pay the IRS.  The 2011 IRS tax tables will show that the numbers have shifted a bit from last year.  There are also several changes in tax code that will change your AGI.

You May Find Yourself in a Different Tax Bracket

The tax rate is the same as 2010, but the shifting in the 2011 IRS tax tables will ensure that taxes keep up with inflation.   One change is in the Alternative Minimum Tax (AMT).  It’s $1000 higher in 2011 than the previous year.  That means more people will qualify for this exemption.  Their AGI will be decreased, which means they’ll fall into a lower bracket on the tax tables.  Less taxes!

 

Reasons You Might Move Up or Down on the Tax Tables

The standard deduction for some taxpayers has changed.  For single status or married filing separately, the deduction is $5800.  That’s an increase over 2010.  Again, this means you can deduct more from your AGI, which means less taxes!

There are several other reasons you may move on the 2011 tax tables but they are more specific and don’t apply to everyone.  For example, the standard mileage rates have changed, the self-employed health insurance deduction has changed, and so on.  For details on these things that alter your spot the 2011 IRS tax tables, visit the Internal Revenue Service’s website.


IRS Tax Tables

0 comments on this article Posted by Admin in IRS Tax Tables on March 2nd, 2012 , tagged with , , , , .

If you are looking for IRS Tax Tables you may have tried to find them on the IRS website at IRS.gov.  You might have discovered that it’s really hard to navigate their website!  It’s a huge site with lots of forms, instructions, tables, and information you don’t need.  To make it simple for someone who is just looking for the IRS tax tables and nothing else, we’ve brought them together here under one website totally dedicated to the IRS tax tables, easy to read.

Here’s Where to Click for the IRS Tax Tables

There are over a dozen pages of IRS tables, so the easiest way is to provide a link to the actual page that contains the IRS tax tables.  But here’s a page from around the middle of the range, for people whose income is in the $40,000 to $50,000 range.

IRS Tax Tables for 2011

 

 As you can see, there is a different tax paid for each small increment in adjusted annual salary.  When doing your taxes, you figure the adjusted annual income (AGI, adjusted gross income) then find that number in the IRS tax tables.  The amount of tax next to your AGI is the tax you will owe.

Tips on Understanding the IRS Tax Tables

Make sure, that when you are looking up you tax amount, you are looking in the correct column.  It matters whether you filed as a single, married filing with your spouse, or married and filing separately, or head of household.  The IRS tax rate is slightly different for each status type.