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.
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