Where To Find Tax Rates

• The federal tax computation worksheet can be found on page 276 of IRS Publication 17 (Your Federal Income Tax Return--Individuals). The tax-rate schedules can be found on page 101 in the IRS Form 1040 Instructions.
  
  

Filing Status

• The filing status determines the amount of taxes that must be paid and which schedule must be used. Single people must use Schedule X, married people must use Schedule Y-1 (jointly) or Y-2 (separately) and heads of household must use Schedule Z.
  
  

Tax Brackets

• There are six tax percentage brackets--10 percent, 15 percent, 25 percent, 28 percent, 33 percent and 35 percent. People who make less the $100,000 must use the tax tables (not the tax schedules).
  
  

Considerations

• Taxes are figured after all deductions and exemptions are subtracted from the gross income. Credits are subtracted dollar-for-dollar from the resulting taxes. It is possible to get back more money than you paid in taxes.
  
  

Taxes on $1 Million

• A single person who makes $1 million after all deductions will pay $327,683.50 in taxes; a married couple filing jointly will pay $320,362.00 ($160,181 filing separately) on the same amount; heads of households will pay $324,360 in taxes on the same amount. The effective tax rates are around 32 percent.
  
  

Other Taxes

• State and local income taxes may also be applicable.