Estimated Tax Payments

New Tables for 2001

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Question or Topic

Are there new income tax tables for computing estimated taxes - because of the new tax law?

Payroll Tax Act 2001 Payroll W-H Notes

The Answer

Yes


Estimated Tax Tables for Second Half 2001

 Apply the rates below to the amount on line 5 of the Form 1040-ES worksheet.

                    SINGLE 


Over-        but not over-         Tax is-             of the amount
                                                           over-

$      0     $ 27,050                         15%         $      0
  27,050       65,550          $ 4,057.50 + 27.5%           27,050
  65,550      136,750           14,645.00 + 30.5%           65,500
 136,750      297,350           36,361.00 + 35.5%          136,750
 297,350        --              93,374.00 + 39.1%          297,350



             MARRIED FILING JOINTLY 


Over-        but not over-         Tax is-             of the amount
                                                           over-

$      0     $ 45,200                         15%         $      0
  45,200      109,250          $ 6,780.00 + 27.5%           45,200
 109,250      166,500           24,393.75 + 30.5%          109,250
 166,500      297,350           41,855.00 + 35.5%          166,500
 297,350        --              88,306.75 + 39.1%          297,350



               HEAD OF HOUSEHOLD 


Over-        but not over-         Tax is-             of the amount
                                                           over-

$      0     $ 36,250                         15%         $      0
  36,250       93,650          $ 5,437.50 + 27.5%           36,250
  93,650      151,650           21,222.50 + 30.5%           93,650
 151,650      297,350           38,912.50 + 35.5%          151,650
 297,350        --              90,636.00 + 39.1%          297,350



              MARRIED FILING SEPARATELY 


Over-        but not over-         Tax is-             of the amount
                                                           over-

$      0     $ 22,600                         15%         $      0
  22,600       54,625          $ 3,390.00 + 27.5%           22,600
  54,625       83,250           12,196.88 + 30.5%           54,625
  83,250      148,675           20,927.50 + 35.5%           83,250
 148,675        --              44,153.38 + 39.1%          148,675

 

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