How are your yearly federal taxes calculated?

Will my 2007 income tax be determined through my last paycheck of the year or through the last day of earned income in 2007?

Public Comments

1. last paycheck
2. The last day . . . Up until Midnight, December 31, 2007.
3. It depends on your employers pay schedule. It will be based on all earnings paid to you in the year 2007. Your last paycheck for 2007 should match your W-2.
4. Tax brackets: 15%, 25%.... http://en.wikipedia.org/wiki/Tax_bracket
5. The paycheck date determines the year that the income is for tax-wise, not the actual dates the work is done.