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Single Individuals
Current Law President's Proposal
                Taxable Years Beginning in 2003 (Current)                 Taxable Years Beginning in 2003 (Proposed)
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If taxable income is:                  The tax is: If taxable income is:                  The tax is:
   
Not over $6,000.....                  10% of taxable income Not over $7,000.....                  10% of taxable income
Over $6,000 but not                  $600.00 plus 15% of the Over $7,000 but not                  $700.00 plus 15% of the
  over $28,400......                    excess over $6,000   over $28,400......                    excess over $7,000
Over $28,400 but not                 $3,960 plus 27% of the Over $28,400 but not                 $3,910.00 plus 25% of the
  over $68,800......                     excess over $28,400   over $68,800......                     excess over $28,400
Over $68,800 but not                 $14,868.00 plus 30% of the Over $68,800 but not                 $14,010.00 plus 28% of the
  over $143,500.....                     excess over $68,800   over $143,500.....                     excess over $68,800
Over $143,500but not                 $37,278.00plus 35% of the Over $143,500but not                 $34,926.00 plus 33% of the
  over $311,950.....                     excess over $143,500   over $311,950.....                     excess over $143,500
Over $311,950.......                  $96,235.50 plus 38.6% of the Over $311,950.......                  $90,514.50 plus 35% of the
                                      excess over $311,950                                       excess over $311,950
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Married Taxpayers Filing Jointly
Current Law President's Proposal
                Taxable Years Beginning in 2003                 Taxable Years Beginning in 2003
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If taxable income is:                 The tax is: If taxable income is:                 The tax is:
   
Not over $12,000....                10% of taxable income Not over $14,000....                10% of taxable income
Over $12,000 but not                 $1,200 plus 15% of the Over $14,000 but not                 $1,400 plus 15% of the
  over $47,450......                     excess over $12,000   over $56,800.00......                     excess over $14,000
Over $47,450 but not                  $6,517.50 plus 27% of the Over $56,800 but not                  $7,820.00 plus 25% of the
  over $114,650.....                     excess over $47,450   over $114,650.....                     excess over $56,800
Over $114,650 but not                $24,661.50 plus 30% of the Over $114,650 but not                $22,282.50 plus 28% of the
  over $174,700.....                     excess over $114,650   over $174,700.....                     excess over $114,650
Over $174,700 but not                 $42,676.50 plus 35% of the Over $174,700 but not                 $39,096.50 plus 33% of the
  over $311,950.....                  excess over $174,700   over $311,950.....                  excess over $174,700
Over $311,950.......                 $90,714.00 plus 38.6% of the Over $311,950.......                 $84,389.00 plus 35% of the
                                         excess over $311,950                                          excess over $311,950
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Married filing separate returns
Current Law President's Proposal
                Taxable Years Beginning in 2003                 Taxable Years Beginning in 2003
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If taxable income is:               The tax is: If taxable income is:               The tax is:
Not over $6,000.....               10% of taxable income Not over $7,000.....               10% of taxable income
Over $6,000 but not                $600.00 plus 15% of the Over $7,000 but not                $700.00 plus 15% of the
  over $23,725......                   excess over $6,000   over $28,400......                   excess over $700
Over $23,725 but not                 $3,258.75 plus 27% of the Over $28,400 but not                 $3,910.00 plus 25% of the
  over $57,325......                    excess over $23,725   over $57,325......                    excess over $28,400
Over $57,325 but not                $12,330.75 plus 30% of the Over $57,325 but not                $11,141.25 plus 28% of the
  over $87,350......                    excess over $57,325   over $87,350......                    excess over $57,325
Over $87,350 but not                $21,338.25 plus 35% of the Over $87,350 but not                $19,548.25 plus 33% of the
  over $155,975.....                    excess over $87,350   over $155,975.....                    excess over $87,350
Over $155,975.......                $45,357.00 plus 38.6% of the Over $155,975.......                $42,194.50 plus 35% of the
                                     excess over $155,975                                      excess over $155,975
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Head of Household
Current Law President's Proposal
                Taxable Years Beginning in 2003                 Taxable Years Beginning in 2003
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If taxable income is:                The tax is: If taxable income is:                The tax is:
Not over $10,000....                 10% of taxable income Not over $10,000....                 10% of taxable income
Over $10,000 but not                $1,000.00 plus 15% of the Over $10,000 but not                $1,000.00 plus 15% of the
  over $38,050....                     excess over $10,000   over $38,050....                     excess over $10,000
Over $38,0500 but not               $5,207.50 plus 27% of the Over $38,0500 but not               $5,207.50 plus 25% of the
  over $98,250......                    excess over $38,050   over $98,250......                    excess over $38,050
Over $98,250 but not                $21,460.50 plus 30% of the Over $98,250 but not                $20,257.50 plus 28% of the
  over $159,100.....                     excess over $98,250   over $159,100.....                     excess over $98,250
Over $159,100 but not                $39,716.50 plus 35% of the  Over $159,100 but not                $37,295.50 plus 33% of the 
  over $311,950.....                     excess over $159,100   over $311,950.....                     excess over $159,100
Over $311,950.......               $93,214.00 plus 38.6% of the Over $311,950.......               $87,736.00 plus 35% of the
                                        excess over $311,950                                         excess over $311,950
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