Steven E. Higgins, MBA Certified Public Accountant

FOR MARRIED INDIVIDUALS FILING JOINT RETURNS AND SURVIVING SPOUSES, THE 2007 RATE BRACKETS ARE: If taxable income is:                     The tax is:         Not over $15,650              10% of taxable income Over $15,650 but not            $1,565.00  plus 15% over $63,700               of the excess over $15,650 Over $63,700 but not             $8,772.50 plus 25% over $128,500             of the excess over $63,700           Over $128,500 but not         $24,972.50 plus 28% over $195,850          of the  excess over $128,500            Over $195,850 but not         $43,830.50 plus 33% over $349,700           of the excess over $195,850            Over $349,700                       $94,601.0 plus 35%                                  of the excess over $349,700

FOR SINGLE INDIVIDUALS (OTHER THAN HEADS OF HOUSEHOLDS AND SURVIVING SPOUSES), THE 2007 RATE BRACKETS ARE: If taxable income is:                 The tax is: Not over $7,825                     10% of taxable income Over $7,825 but not                       $782.50 plus 15% over $31,850                       of the excess over $7,825 Over $31,850 but not                  $4,386.25 plus 25% over $77,100                     of the excess over $31,850          Over $77,100 but not                $15,698.75 plus 28% over $160,850                   of the excess over $77,100          Over $160,850 but not               $39,148.75 plus 33% over $349,700                of  the excess over $160,850           Over $349,700                         $101,469.25 plus 35%                                      of  the excess over $349,700

OR HEADS OF HOUSEHOLDS, THE 2007 RATE             BRACKETS ARE: If taxable income is:                 The tax is: Not over $11,200              10% of taxable income Over $11,200 but not            $1,120.00 plus 15% over $42,650              of the excess over $11,200 Over $42,650 but not            $5,837.50 plus 25% over $110,100             of the excess over $42,650            Over $110,100 but not        $22,700.00 plus 28% over $178,350           of the excess over $110,100            Over $178,350 but not        $41,810.00 plus 33% over $349,700           of the excess over $178,350             Over $349,700                    $98,355.50 plus 35%                                 of the excess over $349,700

Joint return or                       $10,700 (up from surviving spouse                         $10,300 in 2006)

Single (other than                    $5,350 (up from head of household                        $5,150 in 2006) or surviving spouse)

Head of household                     $7,850 (up from                                       $7,550 in 2006)

2007 Tax Tables

Standard Deductions

Personal exemption amount The personal exemption amount for 2007 will rise to $3,400 (up from $3,300 in 2006).