15% Tax Bracket Increased for Married Taxpayers. For 2003 and 2004, the size of the 15% tax bracket has been increased so that it is twice the size of the 15% tax bracket for single taxpayers.

What this means is that more of your income will be included in the 15% bracket, rather than the higher income brackets, which will lower your tax liability. This may also affect the amount of withholding from your paychecks. If required, your employer should adjust the withholding for you, based on the new law.

For 2005, the 15% tax bracket will be reduced to 180% of the bracket for single taxpayers. For 2006, the size of the 15% tax bracket will be increased to 187% of the single bracket. For 2007, the size of the bracket will be increased to 193% of the single bracket. For 2008, the size will be increased to 200% of the single 15% tax bracket size.

For 2003 through 2007, the 15% bracket is rounded down to the next lowest multiple of $50.

Tax rates have also been reduced across the board. View the new tax rates.

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