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FEDERAL TAX TABLES FOR 2010

The Federal Government and the Obama Administration recently extended the Bush Era Tax Cut through 2012. This means that the tax rates we have had for several years remain unchanged.
Single Married Filing Jointly
Widow/Widower
Married Filing
Separately
Head of Household Tax Rate
0 to 8,375 0 to 16,750 0 to 8,375 0 to 11,950 10%
8,376 to 34,000 16,751 to 68,000 8,376 to 34,000 11,951 to 45,550 15%
34,001 to 82,400 68,001 to 137,300 34,001 to 68,650 45,551 to 117,650 25%
82,401 to 171,850 137,301 to 209,250 68,651 to 104,625 117,651 to 190,550 28%
171,851 to 373,650 209,251 to 373,650 104,626 to 186,825 190,551 to 373,650 33%
373,651+ 373,651+ 186,826+ 373,651+ 35%

SOCIAL SECURITY AND MEDICARE TAXES

The cap on taxable gross income for Social Security taxes this year is $106,800. Medicare taxes are simply 1.45% of all gross income.  Your employer also must match your Social Security and Medicare taxes, meaning that they must pay too.  For 2010, your employer will pay Social Security taxes at the 6.2 rate.

If you are self employed, you must pay the match for Social Security and Medicare taxes that an employer normally would.  That means that for 2010, if you are self employed, you Social Security taxes would be 12.4% of your gross income up to $106,800, and your Medicare taxes would be 2.9% of your total gross income.

Social Security and Medicare Tax Tables for 2010
Employment Status Social Security Tax Rate
(Up to 106,800 of Gross Income)
Medicare Tax Rate
(On all Gross Income)
Non Self Employed 6.2% 1.45%
Self Employed 10.4% 2.9%


Links:
en.wikipedia.org/wiki/Income_tax_in_the_United_States
www.irs.gov


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