Deduction for Exemptions Worksheet and 2007 Tax Rate Schedules

• Deduction for Exemptions Worksheet:
• • 1. Is the amount on Schedule D, line 1 or line 9, more than the amount shown on line 4 below for your filing status?
  • • No. Stop. Multiply $3,400 by the total number of exemptions claimed on Form 1040-C, line 14d, and enter the result on Schedule D, line 4 or line 12, whichever applies.
    • Yes. Go to line 2.
  • 2. Multiply $3,400 by the total number of exemptions claimed on Form 1040-C, line 14d field
  • 3. Enter the amount from Schedule D, line 1 or line 9 field
  • 4. Enter the amount shown below for your filing status. field
  • • Single, enter $156,400
    • Married filing jointly or Qualifying widow(er), enter $234,600
    • Married filing separately, enter $117,300
    • Head of household, enter $195,500
  • 5. Subtract line 4 from line 3 and enter here. field
  • 6. Divide line 5 by $2,500 ($1,250 if married filing separately). If the result is not a whole number, increase it to the next higher whole number (for example, increase 0.0004 to 1) field
  • 7. Multiply line 6 by 2% (.02) and enter the result as a decimal field
  • 8. Multiply line 2 by line 7 field
  • 9. Deduction for exemptions. Subtract line 8 from line 2. Enter the result here and on Schedule D, line 4 or line 12, whichever applies field
• 2007 Tax Rate Schedules (Groups I and II):
• Caution. Do not use these Tax Rate Schedules to figure your 2006 taxes. Use only to figure your 2007taxes.
• • Schedule X--Single Taxpayers (Groups I and II)
  • • If the amount on Schedule D, line 5 or 13 is Over $0, but not over $7,825; The tax is 10% of the amount over $0
    • If the amount on Schedule D, line 5 or 13, is Over 7,825, but not over 31,850; The tax is $782.50 plus 15% of the amount over 7,825
    • If the amount on Schedule D, line 5 or 13, is Over 31,850, but not over 77,100; The tax is 4,386.25 plus 25% of the amount over 31,850
    • If the amount on Schedule D, line 5 or 13, is Over 77,100, but not over 160,850; The tax is 15,698.75 plus 28% of the amount over 77,100
    • If the amount on Schedule D, line 5 or 13, is Over 160,850, but not over 349,700; The tax is 39,148.75 plus 33% of the amount over 160,850
    • If the amount on Schedule D, line 5 or 13, is Over 349,700; The tax is 101,469.25 plus 35% of the amount over 349,700
  • Schedule Z--Head of Household (Group I only)
  • • If the amount on Schedule D, line 5 is Over $0, but not over $11,200; The tax is 10% of the amount over $0
    • If the amount on Schedule D, line 5, is Over 11,200, but not over 42,650; The tax is $1,120.00 plus 15% of the amount over 11,200
    • If the amount on Schedule D, line 5, is Over 42,650, but not over 110,100; The tax is 5837.50 plus 25% of the amount over 42,650
    • If the amount on Schedule D, line 5, is Over 110,100, but not over 178,350; The tax is 22,700.00 plus 28% of the amount over 110,100
    • If the amount on Schedule D, line 5, is Over 178,350, but not over 349,700; The tax is 41,810.00 plus 33% of the amount over 178,350
    • If the amount on Schedule D, line 5, is Over 349,700; The tax is 98,355.50 plus 35% of the amount over 349,700
  • Schedule Y--Married Taxpayers and Qualifying Widows and Widowers:
  • Married Filing Joint Return (Group I only) and Qualifying Widows and Widowers (Groups I and II)
  • • If the amount on Schedule D, line 5 or 13, is Over $0, but not over $15,650; The tax is 10% of the amount over $0
    • If the amount on Schedule D, line 5 or 13, is Over 15,650, but not over 63,700; The tax is $1,565.00 plus 15% of the amount over 15,650
    • If the amount on Schedule D, line 5 or 13, is Over 63,700, but not over 128,500; The tax is 8,772.00 plus 25% of the amount over 63,700
    • If the amount on Schedule D, line 5 or 13, is Over 128,500, but not over 195,850; The tax is 24,972.50 plus 28% of the amount over 128,500
    • If the amount on Schedule D, line 5 or 13, is Over 195,850, but not over 349,700; The tax is 43,830.50 plus 33% of the amount over 195,850
    • If the amount on Schedule D, line 5 or 13, is Over 349,700; The tax is 94,601.00 plus 35% of the amount over 349,700
  • Married Filing Separate Return (Groups I and II)
  • • If the amount on Schedule D, line 5 or 13, is Over $0, but not over $7,825; The tax is 10% of the amount over $0
    • If the amount on Schedule D, line 5 or 13, is Over 7,825, but not over 31,850; The tax is $782.50 plus 15% of the amount over 7,825
    • If the amount on Schedule D, line 5 or 13, is Over 31,850, but not over 64,250; The tax is 4,386.25 plus 25% of the amount over 31,850
    • If the amount on Schedule D, line 5 or 13, is Over 64,250, but not over 97,925; The tax is 12,486.25 plus 28% of the amount over 64,250
    • If the amount on Schedule D, line 5 or 13, is Over 97,925, but not over 174,850; The tax is 21,915.25 plus 33% of the amount over 97,925
    • If the amount on Schedule D, line 5 or 13, is Over 174,850; The tax is 47,300.50 plus 35% of the amount over 174,850

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