Tax FAQs
Q. What is the standard deduction for 2005 for each filing status?
A.
|
Filing Status |
Standard Deduction |
| Single | $5,000.00 |
| Head of Household | $7,300.00 |
| Married Filing Jointly | $10,000.00 |
| Qualifying Widow or Widower | $10,000.00 |
| Married Filing Separate | $5,000.00 |
Q. What are the 2005 Tax Rates for each filing status?
A. If your filing status is SINGLE:
| If taxable income is over-- | But not over-- | The tax is: |
|---|---|---|
| $0 | $7,300 | 10% of the amount over $0 |
| $7,300 | $29,700 | $730.00 plus 15% of the amount over 7,300 |
| $29,700 | $71,950 | $4,09.00 plus 25% of the amount over 29,700 |
| $71,950 | $150,150 | $14,652.50 plus 28% of the amount over 71,950 |
| $150,150 | $326,450 | $36,548.50 plus 33% of the amount over 150,150 |
| $326,450 | no limit | $94,727.50 plus 35% of the amount over 326,450 |
If your filing status is MARRIED FILING JOINT or QUALIFYING WIDOW/WIDOWER:
|
If taxable income is over-- |
But not over-- |
The tax is: |
|---|---|---|
|
$0 |
$14,600 |
10% of the amount over $0 |
|
$14,600 |
$59,400 |
$1,460.00 plus 15% of the amount over 14,600 |
|
$59,400 |
$119,950 |
$8,180.00 plus 25% of the amount over 59,400 |
|
$119,950 |
$182,800 |
$23,317.50 plus 28% of the amount over 119,950 |
|
$182,800 |
$326,450 |
$40,915.50 plus 33% of the amount over 182,800 |
|
$326,450 |
no limit |
$88,320.00 plus 35% of the amount over 326,450 |
If your filing status is MARRIED FILING SEPARATELY:
| If taxable income is over-- | But not over-- | The tax is: |
|---|---|---|
| $0 | $7,300 | 10% of the amount over $0 |
| $7,300 | $29,700 | $730.00 plus 15% of the amount over 7,300 |
| $29,700 | $59,975 | $4,090.00 plus 25% of the amount over 29,700 |
| $59,975 | $91,400 | $11,658.75 plus 28% of the amount over 59,975 |
| $91,400 | $163,225 | $20,457.75 plus 33% of the amount over 91,400 |
| $163,225 | no limit | $44,160.00 plus 35% of the amount over 163,225 |
If your filing status is HEAD OF HOUSEHOLD:
| If taxable income is over-- | But not over-- | The tax is: |
|---|---|---|
| $0 | $10,450 | 10% of the amount over $0 |
| $10,450 | $39,800 | $1,045.00 plus 15% of the amount over 10,450 |
| $39,800 | $102,800 | $5,447.50 plus 25% of the amount over 39,800 |
| $102,800 | $166,450 | $21,197.50 plus 28% of the amount over 102,800 |
| $166,450 | $326,450 | $39,019.50 plus 33% of the amount over 166,450 |
| $326,450 | no limit | $91,819.50 plus 35% of the amount over 326,450 |
Q. How may I pay my 2005 balance due or 2005 Form 4868 Extension payments?
A. You may pay your 2005 personal income tax balance due or your 2005 Form 4868 Extension payment due the IRS by check (personal , certified, or cashier's), money order, or by American Express, Discover, or Master Card. If you are paying by check, please mail your payment to the Internal Revenue Service. Be sure to include your Social Security Number and the Form number & year. If you choose to use a credit card, you may call Official Payments at 1-800-2PAYTAX. They are one of the authorized IRS Balance Due and Extension Payment payment processors. They impose a 2.5% "convenience fee". You may also pay via credit card online through Official Payments at www.officialpayments.com
Q. How may I pay my Estimated Tax Payments?
A. You may pay any Personal 1040 Estimated Tax Payments due the IRS by check (personal , certified, or cashier's), money order, or by American Express, Discover, or Master Card. If you are paying by check, please mail your payment to the Internal Revenue Service. Be sure to include your 1040ES Voucher, Social Security Number, and the Form number & year. If you choose to use a credit card, you may call Official Payments at 1-800-2PAYTAX. They are one of the authorized IRS Estimated Tax payment processors. They impose a 2.5% "convenience fee". You may also pay via credit card online through Official Payments at www.officialpayments.com
Q. What does getting an Extension mean?
A. An extension (Form 4868 for personal income tax returns) only extends the due date for filing the return. If you expect to have a balance due, you must pay it with the extension request. If you still have a balance due when you finally file the return, you will be charged penalties and interest for not paying in full by the original due date. So, estimate wisely.
Other Questions?
email us CooperCPA@aol.com