| The following income tax rates apply to returns due on Apr 15, 2006. |
| 2005 Federal Income Tax Rates |
| Tax Bracket | Single | Joint | HOH |
| 10% | $0-7,150 | $0-14,300 | $0-10,450 |
| 15% | $7,150+ | $14,300+ | $10,200+ |
| 25% | $29,050+ | $58,100+ | $38,900+ |
| 28% | $70,350+ | $117,250+ | $100,500+ |
| 33% | $146,750+ | $178,650+ | $162,700+ |
| 35% | $319,100+ | $319,100+ | $319,100+ |
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| 2005 Standard Deduction & Exemption Amounts |
| | Single | Joint | HOH |
| Standard Deduction | $5,000 | $10,000 | $7,300 |
| Personal Exemption | $3,200 | $3,200 | $3,200 |
| Schedule A Phase-out | $145,951 | $145,951 | $145,951 |
| Exemption Phase-out | $145,951 | $218,951 | $182,451 |
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Key Tax Law Changes for tax year 2005 filings: Although there were a plethora of tax law changes passed in 2005 (as there are most every year), most changes affect very limited and specific groups of filers. There are 5 changes that you should know about, as they affect the broadest base of taxpayers:
1. X1.
2. X2.
3. X3.
4. X4.
5. X5. |
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