FTB sets 2007 tax brackets.(FTB News)(Franchise Tax Board )(Brief article)
Oct, 2007
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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Copyright 2007, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.
NOTE: All illustrations and photos have been removed from this article.