IRS federal tax tables 2013

irsThe Federal Internal Revenue Service (IRS) has created many tax tables to assist the taxpayer in easily determining the amount of income tax that they must pay. These tables are easy to use and they save the taxpayer a lot of trouble. The following are the Tax Tables for people filing the 1040 form, and an explanation of each will follow the list:

The 2013 Tax Table for Taxable Incomes for Single Persons, Married Persons Filing Jointly, Married Persons Filing Separately and Heads of Households

• The 2013 Tax Rate Schedules X – Z for Taxable Incomes for Single Persons, Married Persons Filing Jointly, Married Persons Filing Separately and Heads of Households

• Federal Tax Brackets

•The 2013 Tax Table for Taxable Incomes for Single Persons, Married Persons Filing Jointly, Married Persons Filing Separately and Heads of Households

Once the taxpayer has determined what their taxable income is after all of the deductions and exemptions they are entitled to, the taxpayer can find the chart that best describes their marital status. Then they find the income brackets that apply to them and follow across to select the correct tax. For example, if the federal tax form line 43 says that the taxable income is $24,000 you would find the line on the Tax table that includes your income and follow it across to the column that appropriately identifies your marital status and then your income will be displayed. If you are married filing jointly then your tax would $2,734. This is the tax that you would enter on line 44.
You will most likely be using this tax table.

•The 2013 Tax Rate Schedules X – Z for Taxable Incomes for Single Persons, Married Persons Filing Jointly, Married Persons Filing Separately and Heads of Households

• If your filing status is Head of Household, for example, you would select the Tax Rate Schedule appropriately titled and if your income was $47,350, for example, but not greater than $122,300, your tax bill would be $6,242.50 plus 25% of the amount over $6,482.50.

These tax tables would be used according to the IRS instructions contained in the tax tables and on the Form 1040.

• Federal Tax Brackets

www.moneychimp.com publishes an easy to use tax calculator that is interactive. You can plug in filing status, number of dependents, and other important data, and your tax will be computed for you.

OTHER INFORMATION – Members of the military do receive tax credits and exemptions which are applied on a case by case basis, but they can be easily understood. Look up these in the booklet that is issued with information for filing out the IRS Form 1040.

There are other tax credits and exemptions that may lower your taxes, and you can find these listed in the index of the Form 1040 booklet.