2000 INCOME TAX RATES

Married Taxpayers Filing Joint/Surviving Spouse

Over	But Not Over	Pay +	% On Excess	Of The Amount Over
$        0.00	$      43,850.00	$        0.00	15%	$        0.00
43,850.00	105,950.00	6,578.00	28%	43,850.00
105,950.00	161,450.00	23,966.00	31%	105,950.00
161,450.00	288,350.00	41,171.00	36%	161,450.00
288,350.00		86,855.00	39.6%	288,350.00

Single Taxpayers

Over	But Not Over	Pay +	% On Excess	Of The Amount Over
$        0.00	$      26,250.00	$        0.00	15%	$        0.00
26,250.00	63,550.00	3,938.00	28%	26,250.00
63,550.00	132,600.00	14,381.00	31%	63,550.00
132,600.00	288,350.00	35,787.00	36%	132,600.00
288,350.00		91,857.00	39.6%	288,350.00

Heads of Households

Over	But Not Over	Pay +	% On Excess	Of The Amount Over
$        0.00	$      35,150.00	$        0.00	15%	$        0.00
35,150.00	90,800.00	5,272.00	28%	35,150.00
90,800.00	147,050.00	20,855.00	31%	90,800.00
147,050.00	288,350.00	38,292.00	36%	147,050.00
288,350.00		89,160.00	39.6%	288,350.00

Trust & Estate Income Tax Rates

Over	But Not Over	Pay +	% On Excess	Of The Amount Over
$        0.00	$      1,750.00	$        0.00	15%	$        0.00
1,750.00	4,150.00	262.00	28%	1,750.00
4,150.00	6,300.00	934.00	31%	4,150.00
6,300.00	8,650.00	1,601.00	36%	6,300.00
8,650.00		2,447.00	39.6%	8,650.00

Taxable income is income after all deductions (either itemized deductions or the standard deduction) and exemptions.

Standard Deductions Married/Joint	Single	Heads of Households
$7,200.00	$4,300	$6,350

An additional standard deduction of $850 is allowed for each elderly (aged 65 or older) or blind individual. If elderly or blind, the additional standard deduction is $1,700. Single individuals (elderly or blind) are allowed an additional standard deduction of $1,050.

The basic standard deduction for employed dependents equals the lesser of: $4,300 for 1999 or the greater of $700 or the individual’s earned income plus $250.

GIFT AND ESTATE TAX RATES

Taxable Estate                                       Tax Before Credits

Over	Not Over	Pay	+%	On Excess Over
$        0.00	$      10,000.00	$        0.00	18	$        0.00
10,000.00	20,000.00	1,800.00	20	10,000.00
20,000.00	40,000.00	3,800.00	22	20,000.00
40,000.00	60,000.00	8,200.00	24	40,000.00
60,000.00	80,000.00	13,000.00	26	60,000.00
80,000.00	100,000.00	18,200.00	28	80,000.00
100,000.00	150,000.00	23,800.00	30	100,000.00
150,000.00	250,000.00	38,800.00	32	150,000.00
250,000.00	500,000.00	70,800.00	34	250,000.00
500,000.00	750,000.00	155,800.00	37	500,000.00
750,000.00	1,000,000.00	248,300.00	39	750,000.00
1,000,000.00	1,250,000.00	345,800.00	41	1,000,000.00
1,250,000.00	1,500,000.00	448,300.00	43	1,250,000.00
1,500,000.00	2,000,000.00	555,800.00	45	1,500,000.00
2,000,000.00	2,500,000.00	780,800.00	49	2,000,000.00
2,500,000.00	3,000,000.00	1,025,800.00	53	2,500,000.00
3,000,000.00	10,000,000.00	1,290,800.00	55	3,000,000.00
10,000,000.00	21,225,000.00	5,140,800.00	60*	10,100,000.00
21,225,000.00		11,875,800.00	55	21,225,000.00

*The benefits from the graduated rates and the unified credit are phased out when the taxable state exceeds $10 million. Once the estate reaches $21,225,000, the tax rate is effectively a flat 55%.

Unified Estate & Gift Tax Credit Unified Credit	Exclusion Amount
$220,550	$675,000

 

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