FTB sets 2007 tax brackets.(FTB News)(Franchise Tax Board )(Brief article)

The Franchise Tax Board has set the state tax brackets for the 2007 tax year. Some changes include:

* The tax threshold has risen to $11,620 of adjusted gross income for single and married filing separate taxpayers, and $23,241 for married filing joint, surviving spouse and head of household filers.

* The standard deduction will increase for single or married filing separate taxpayers from $3,410 to $3,516.

* The dependent exemption credit changes from $285 to $294 for each dependent.

Read more at www.ftb.ca.gov/aboutFTB/press/2007/07_38.html.

Print Get the Mag Weekly Updates