| Personal Income Tax Rates | ||||||
| Last Nine Calendar Years | ||||||
| (Expressed in Thousands) | ||||||
|
Top Income Tax Rate is Applied to Taxable Income in Excess of the following brackets |
||||||
|---|---|---|---|---|---|---|
| Year |
Median Rate |
Single/ Married Filing Separate |
Married Filing Jointly |
Head of Household |
Average Effective Rate |
|
| 2002 [1] | 4.50% | $10,000 | $20,000 | $16,000 | 2.50% | |
| 2003 [1] | 5.00% | $10,000 | $20,000 | $16,000 | 2.48% | |
| 2004 [1] | 5.00% | $10,000 | $20,000 | $16,000 | 2.97% | |
| 2005 [1] | 5.00% | $10,000 | $20,000 | $16,000 | 3.17% | |
| 2006 [1] | 5.00% | $10,000 | $20,000 | $16,000 | 3.34% | |
| 2007 [1] | 5.00% | $10,000 | $20,000 | $16,000 | 3.46% | |
| 2008 [1] | 5.00% | $10,000 | $20,000 | $16,000 | 3.45% | |
| 2009 [1] | 5.00% | $10,000 | $20,000 | $16,000 | 2.70% | |
| 2010 [1] | 5.00% | $10,000 | $20,000 | $16,000 | 2.83% | |
|
Income Tax Rate is Applied to Taxable Income by income range for the same brackets |
||||||
| For taxable years commencing on or after January 1, 2011: [2] | ||||||
| 5.00% | $10,000 - $50,000 | $20,000 - $100,000 | $16,000 - $80,000 | 3.20% | ||
| 5.50% | $50,000 - $100,000 | $100,000 - $200,000 | $80,000 - $160,000 | 3.20% | ||
| 6.00% | $100,000 - $200,000 | $200,000 - $400,000 | $160,000 - $320,000 | 3.20% | ||
| 6.50% | $200,000 - $250,000 | $400,000 - $500,000 | $320,000 - $400,000 | 3.20% | ||
| 6.70% | greater than $250,000 | greater than $500,000 | greater than $400,000 | 3.20% | ||
Notes:
[1] Taxable income equal to or less than amounts listed this
year is taxed at a rate of 3%.
In addition there is a tax on millionaires of 6.5%. The average effective rate
equals fiscal year
net tax collections divided by prior-year total personal income based on
statistics provided by
the U. S. Bureau of Economic Analysis.
[2] Taxable income equal to or less than amounts listed this year is taxed at a
rate of 3% except as follows.
The amount to which the 3% rate applies is reduced by $1,000 for each $5,000, or
fraction thereof, by which AGI
exceeds $56,500 for singles and by $1,000 for each $2,500 for filing separately,
by $1,600 for each $4,000 for head of household and by $2,000 for each $5,000 or
fraction thereof, by which AGI exceeds $56,500, $50,250 $78,500 and $100,500 for
single, filing separately, head of house hold and filing jointly
Source: Department of Revenue Services -Annual Report.