It’s the beginning of a new year and people are once again worrying about the yearly chore of making the IRS happy. None of us like writing checks to the IRS, until we come up with some better laws in this country, that’s the way life is. With the 5.8% of your compensation that goes to Medicare, 12.4% that goes to Social Security, your federal income taxes, state sales/income taxes, property taxes, and taxes you indirectly pay for local business, there’s a pretty good chance you’re paying over 50% of your income in taxes to all levels of government.

Pretty soon we’ll all be looking for deductions, gathering our 1099 forms and the like and putting together our tax forms for the year and sending them off to the IRS. In addition to your social security and Medicare taxes, here’s how much income tax we’ll be paying in 2008.

Single Filers
10% on income between $0 and $8,025
15% on the income between $8,025 and $32,550; plus $802.50
25% on the income between $32,550 and $78,850; plus $4,481.25
28% on the income between $78,850 and $164,550; plus $16,056.25
33% on the income between $164,550 and $357,700; plus $40,052.25
35% on the income over $357,700; plus $103,791.70

Married Filed Jointly
10% on the income between $0 and $16,050
15% on the income between $16,050 and $65,100; plus $1,605.00
25% on the income between $65,100 and $131,450; plus $8,962.50
28% on the income between $131,450 and $200,300; plus $25,550.00
33% on the income between $200,300 and $357,700; plus $44,828.00
35% on the income over $357,700; plus $96,770.00

Married Filing Separately Filing
10% on the income between $0 and $8,025
15% on the income between $8,025 and $32,550; plus $802.50
25% on the income between $32,550 and $65,725; plus $4,481.25
28% on the income between $65,725 and $100,150; plus $12,775.00
33% on the income between $100,150 and $178,850; plus $22,414.00
35% on the income over $178,850; plus $48,385.00

Head of Household Filing Status
10% on the income between $0 and $16,050
15% on the income between $16,050 and $43,650; plus $1,145.00
25% on the income between $43,650 and $112,650; plus $5,975.00
28% on the income between $112,650 and $182,400; plus $23,225.00
33% on the income between $182,400 and $357,700; plus $42,755.00
35% on the income over $357,700; plus $100,604.00

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