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2003 Tax Relief Act
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All Tax Rates Reduced. For 2003 and 2004, all tax rates are reduced, and the 10% tax bracket has been increased. Beginning for 2004, the size of the 10% bracket will be adjusted for inflation.
What this means is that more of your income will be included in the lower tax brackets, 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.
The new tax rates for 2003 are as follows:
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Single
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$0 to $7,000
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10% of taxable income
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$7,000 to $28,400
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$700 + 15% of taxable income in excess of $7,000
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$28,400 to $68,800
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$3,910 + 25% of taxable income in excess of $28,400
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$68,800 to $143,500
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$14,010 + 28% of taxable income in excess of $68,800
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$143,500 to $311,950
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$34,926 + 33% of taxable income in excess of $143,500
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$311,950 and over
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$90,514.50 + 35% of taxable income in excess of $311,950
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Head of Household
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$0 to $10,000
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10% of taxable income
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$10,00 to $38,050
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$1,000 + 15% of taxable income in excess of $10,000
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$38,050 to $98,250
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$5,207.50 + 25% of taxable income in excess of $38,050
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$98,250 to $159,100
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$20,257.50 + 28% of taxable income in excess of $98,250
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$159,100 to $311,950
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$37,295.50 + 33% of taxable income in excess of $159,100
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$311,950 and over
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$87,736 + 35% of taxable income in excess of $311,950
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Married Filing Joint
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$0 to $14,000
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10% of taxable income
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$14,000 to $56,800
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$1,400 + 15% of taxable income in excess of $14,000
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$56,800 to $114,650
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$7,820 + 25% of taxable income in excess of $56,800
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$114,650 to $174,700
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$22,282.50 + 28% of taxable income in excess of $114,650
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$174,700 to $311,950
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$39,096.50 + 33% of taxable income in excess of $174,700
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$311,950 and over
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$84,389 + 35% of taxable income in excess of $311,950
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Married Filing Separate
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$0 to $7,000
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10% of taxable income
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$7,000 to $28,400
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$700 + 15% of taxable income in excess of $7,000
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$28,400 to $57,325
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$3,910 + 25% of taxable income in excess of $28,400
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$57,325 to $ 87,350
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$11,141.25 + 28% of taxable income in excess of $57,325
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$87,350 to $155,975
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$19,548.25 + 33% of taxable income in excess of $87,350
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$155,975 and over
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$42,194.50 + 35% of taxable income in excess of $155,975
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Estates and Trusts
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$0 to $1,900
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15% of taxable income
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$1,900 to $4,500
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$285 + 25% of taxable income in excess of $1,900
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$4,500 to $ 6,850
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$935 + 28% of taxable income in excess of $4,500
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$6,850 to $9,350
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$1,593 + 33% of taxable income in excess of $6,850
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$9,350 and over
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$2,418 + 35% of taxable income in excess of $9,350
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