Eligibility for the 8 Percent Rate

To take advantage of the 8 percent rate on a 2001 return, the taxable income had to be less than the following amounts:

  • $27,050 if single
  • $45,200 if filing jointly
  • $36,250 if head of household
  • $22,600 if married but filing separately

To take advantage of the 8 percent rate on a 2002 return, the taxable income had to be less than the following amounts:

  • $27,950 if single
  • $46,700 if filing jointly
  • $37,450 if head of household
  • $23,350 if married but filing separately

It is important to remember that taxable income is the figure which results from subtracting personal exemptions and the standard deduction or itemized deductions. In this way, a taxpayer can be in the 15 percent bracket even if the person has a substantial salary.


Inside Eligibility for the 8 Percent Rate