What are the current tax brackets

what are the current tax brackets

Illinois has two marginal tax brackets, ranging from 5.00% (the lowest Illinois tax bracket) to 5.00% (the highest Illinois tax bracket). Each marginal rate only applies to earnings within the applicable marginal tax bracket. which are the same in Illinois for single filers and couples filing jointly. The Federal Income Tax, by contrast, has different tax brackets for married, single, and Head of Household taxpayers.

Our Illinois tax brackets have been updated for tax year 2014. States often adjust their tax brackets on a yearly basis, so make sure you are using the current 2014 tax brackets!

Your 2014 income tax return was due on April 15th, 2015. The IRS and Illinois are now accepting late eFiled returns and processing refunds, so you can start your online tax return

today for free with TurboTax.

If you would like to file your Illinois income tax return by mail, you can download 2014 Illinois tax forms here.

What is my Illinois tax bracket?

Technically, you don't have just one "tax bracket" - you pay all of the Illinois marginal tax rates from the lowest tax bracket to the tax bracket in which you earned your last dollar. For comparison purposes, however, your Illinois tax bracket is the tax bracket in which your last earned dollar in any given tax period falls.

You can think of the bracketed income tax as a flat amount for all of the money you earned up to your highest tax bracket. plus a marginal percentage of any amount you earned over that.

Source: www.tax-brackets.org

Category: Taxes

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