Regardless, it is important that you are aware of what your responsibilities are as a citizen, and contributing your share to the federal income tax is among such duties. You might be thinking that for the past years, the portion of your income being withheld on a monthly basis is too much, and that might actually be the case. If you think that you need to find a way to get at least a fair share of your hard-earned money, you must first understand what it means to file for and fall under the various tax brackets.
The Tax Brackets for 2011 varies per individual; this means that your status as a citizen would which bracket you would be in. The typical basis of the brackets is the current status of the filer, which could be either Single, Married, or Head of the House. The income tax rates varies from one citizen type to another, but the basic percentage of taxes are 10%, 15%, 25%, 28%, 33%, and 35% for the different levels of income.
As an example, single persons who have an average income of about $8500 or less are obliged to have a 10% tax, while the same percentage applies to married couples (filing together) who have a cumulative income of about $17,000. As you might have observed, the latter amount ($17,000) is just double the amount of the former ($8,500), which means that for a couple applying together, the tax is just the same as those of the single persons or married couples filing separately. However, if you were considered as Head of the Household, you would be in the same bracket if you have an income of about $12,150 or less.
The federal tax brackets 2011 were divided accordingly such that the earning power of each individual is taken into consideration, and each would be appropriately have their corresponding taxes. Although the tax brackets 2011 projections (in terms of the country’s finances) were not truly favorable, citizens could have the opportunity to retrieve their earnings suitably if they file their income taxes properly.
The Tax Brackets 2011 should not be a problem for you if you know your rights and your responsibilities as a citizen. Be sure to know which deductions are rightfully applicable in your case, and keep in mind that as a tax-paying citizen, you can enjoy financial privileges if your income tax is filed accordingly. We hope the tax brackets 2011 breakdown helped.
Tax Brackets 2011 Single Married Filing Jointly Head of Household
10% Bracket $0 – $8,500 $0 – $17,000 $0 – $12,150
15% Bracket $8,500 – $34,500 $17,000 – $69,000 $12,150 – $46,250
25% Bracket $34,500 – $83,600 $69,000 – $139,350 $46,250 – $119,400
28% Bracket $83,600 – $174,400 $139,350 – $212,300 $119,400 – $193,350
33% Bracket $174,400 – $379,150 $212,300 – $379,150 $193,350 – $379,150
35% Bracket $379,150+ $379,150+ $379,150+
Tax Day for Tax Year 2011 - Filing deadline for federal income (and most state) tax returns and extensions.
Last day to e-file a 2011 income tax return for most tax extensions filers and late tax return e-filers.
Dates to Remember:
The more you understand about the tax brackets 2011 breakdown, the better prepared you will be for filing taxes. The end of the year 2010 marks the start of a new set of income tax brackets, as the tax cuts during the administration of former president Bush becomes obsolete: making people worry of the fact that the tax brackets might have a significant difference from its predecessor. There have been stories going around that the new tax brackets would start to implement the pre-Bush tax rates, which were 36% and 39.6% for the 2 upper ends of the income levels; but the good news is that the tax brackets would not be changed for now. For an in depth look, please view My Tax Brackets.