The Jobs and Growth Tax Relief Reconciliation Act of 2003 cuts individual income tax rates for all brackets except the 10% and 15% brackets. The 10% tax bracket covers the first $7,000 of income for single taxpayers, $10,000 for single parents, and $14,000 for married taxpayers. As a result of the 2003 Tax Act, tax rates for 2003 are 10%, 15%, 25%, 28%, 33%, and 35%.
The five federal income tax rates range from 15 percent to 39.6 percent. To determine the applicable income tax rate, see the IRS' tax rate schedules (if adjusted gross income is $100,000 or more) and tax tables (for AGI under $100 ,000). Several states, including Washington, Alaska, and Wyoming, do not levy income taxes.