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Q: 2002 Tax brackets ( Answered 5 out of 5 stars,   0 Comments )
Subject: 2002 Tax brackets
Category: Business and Money > Accounting
Asked by: wpiatt-ga
List Price: $10.00
Posted: 10 Apr 2002 11:16 PDT
Expires: 17 Apr 2002 11:16 PDT
Question ID: 19
Are the tax brackets for 2002 the same as for 2001, and what are the income 
levels for the tax brackets?
Subject: Re: 2002 Tax brackets
Answered By: drdavid-ga on 10 Apr 2002 11:47 PDT
Rated:5 out of 5 stars
A brief answer to your question is as follows (from the Internal Revenue 
Service Publication "Important Changes for 2002" at,,i1%3D54%26genericId%3D11200,00.html):

"Tax rates reduced. For tax years beginning in 2002, the income tax rates have 
been reduced. The following items highlight these changes. 

10% tax rate. The 10% tax rate is reflected in the tax tables and tax 
schedules. You do not have to make a separate computation or figure a credit to 
get the benefits of this rate. 

Other tax rates. The other tax rates, 27.5%, 30.5%, 35.5%, and 39.1% are 
reduced to 27%, 30%, 35%, and 38.6%, respectively. These reduced rates should 
be reflected in amounts withheld (such as backup withholding) on certain 
payments made after 2001"

For more detail, you can refer to Publication 553, "Highlights of 2001 Tax 
Changes" which includes changes for both 2001 and 2002. You can view or 
download the publication from

More detail on the rate reductions are given in Publication 553 as follows:

"Income Tax Rates Reduced
For tax years beginning in 2001, the income tax rates have been reduced. The 
following items highlight these changes.

10% tax rate. A portion of your income that would be subject to the 15% tax 
rate is subject to a reduced rate of 10%. For 2001, most individuals received 
the benefit of the 10% rate through an advance payment of income tax. Those 
individuals who did not receive the maximum advance payment may be able to 
claim the rate reduction credit, discussed below. After 2001, the 10% tax rate 
will be reflected in the tax tables and tax rate schedules.

Other tax rates. The other tax rates, 28%, 31%, 36%, and 39.6% are reduced in 
2001 and later years as shown in the following table.

Tax year beginning in: 28% 31% 36% 39.6% 
2001 27.5% 30.5% 35.5% 39.1% 
2002 or 2003 27.0% 30.0% 35.0% 38.6% 
2004 or 2005 26.0% 29.0% 34.0% 37.6% 
2006 or later year 25.0% 28.0% 33.0% 35.0% "

My reading of these summaries is that the income thresholds at which each of 
these rates are applied is not changing. From the 2001 Tax Schedules (X, Y1, Y2 
and Z), these thresholds are:

$27,050, 65,550, 136,750, 297,350 if you are single
$45,200, 109,250, 166,500, 297,350 if you are married filing jointly or widowed
$22,600, 54,625, 83,250, 148,675 if you are married filing separately
$36,250, 93,650, 151,650, 297,350 if you are "head of household"
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