The 2013 instruction 1040 tax table consisted of tax rates and tax brackets for that particular year, basing the tax rates on income and filing status. Tax rate refers to the percentage at which taxes are remitted based on the dollar currency, notes efile.com.
Form 1040 is an individual income tax rate table that United States residents use to file their annual tax returns. The tax rate schedule comprises a tax rate column and the rates' respective incomes based on different marital statuses filed.
The tax rate column ranges from 10 percent up to 39.6 percent, with the household incomes categorized in tax brackets that vary across the tax rates. Married or joint statuses have the biggest tax bracket while the single status fits a relatively small tax bracket, notes efile.com.
There are several factors to consider before filing a tax return, and these include a name change, address change, foreign address, death of a taxpayer, Social Security number and nonresident alien spouse. If any of these elements changes over time, it is advisable to notify the IRS and the Social Security Administration. Any alteration of the tax form details has a probability of increasing a filer's taxes, reducing his refund or delaying his refund.