2008 Tax Tables - Using Tax Brackets to Calculate Income Tax

If you are looking for a simple way to figure out how much taxes you have to pay on your income, you have come to the right place. With a glance at the 2008 Tax Tables, you can see how much taxes are owed on your taxable income depending on your filing status. This quick look can also help you figure out what the right filing status is for you.

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If you are looking for a quick way to calculate your taxes, you have come to the right place. There are a few simple steps to calculate your income taxes using the 2008 tax tables I have included.

First, figure out how much money you made. This is pretty simple and you can get it off your pay check or W2.

Next, figure out your deductions. This too is very simple, but will involve more numbers. Assuming you are itemizing, you can subtract $3500 for each person in your household, including yourself. Next deduct the mortgage interest and property taxes you paid on your house. Charitable contributions, like donations to your church, also get deducted from your income. If you have student loans, the interest you paid on those could also be included, but that depends on your income.

One wild card is state taxes. If you live in a state where you have to pay state income taxes, and most people do, you get to deduct the amount you paid in state taxes from your income. However, you also have to claim last years state income tax return as income. Just keep that in mind when doing your calculation.

Now that you have your income and deductions figured out, subtract your deductions from your income to determine your taxable income. Now you can go to the tables and determine how much tax you have to pay. Hopefully it is less than you had taken out of your pay check and you will get a big refund.

One note on using the tax tables. The tax you have to pay is not one number for all your income. Some of your income will be taxed at 10%, some at 15% and so on.

Here is a quick example. Let’s say you are single and have a taxable income (after your deductions are subtracted) of $40,000. You take 10% of the first $8,025, 15% of $32,550 minus $8,025, and 25% of $40,000 minus $32,550.

This can get a bit confusing so I recommend you just take advantage of some of the great online tax software available. You can save a bunch of money versus going to your local tax man and you will get a faster (and probably better) refund check than doing them yourself by hand.

Click Here to File your Taxes for Free at Tax Act.

Click Here to Let Tax Brain Help You Get the Biggest Refund Possible.

2008 Tax Tables - Single

Income < 8,025 – 10%

8,025 < Income < 32,550 – 15%

32,550 < Income <78,850 – 25%

78,850 < Income < 164,550 – 28%

164,550 < Income < 357,700 – 33%

357,700 < Income – 35%

2008 Tax Brackets - Head of Household

Income < 11,450 – 10%

11,450 < Income < 43,650 – 15%

43,650 < Income < 112,650 – 25%

112,650 < Income < 182,400 – 28%

182,400 < Income < 357,700 – 33%

357,700 < Income – 35%

2008 Tax Tables - Married Filing Separately

Income < 8,025 – 10%

8,025 < Income < 32,550 – 15%

32,550 < Income < 65,725 – 25%

65,725 < Income < 100,150 – 28%

100,150 < Income < 178,850 – 33%

178,850 < Income – 35%

2008 Tax Brackets - Married Filing Jointly

Income < 16,050 – 10%

16,050 < Income < 65,100 – 15%

65,100 < Income < 131,450 – 25%

131,450 < Income < 200,300 – 28%

200,300 < Income < 357,700 – 33%

357,700 < Income – 35%

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