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FEDERAL TAX DATA SHEET
Standard
Deductions
|
Joint or Qualifying Widow(er) |
$10,900 |
$10,700 |
Single |
5,450 |
5,350 |
Head of Household |
8,000 |
7,850 |
Married Filing
Separately |
|
5,350 |
Additional for Elderly/Blind-Married |
1,050 |
1,050 |
Additional for Elderly/Blind-Unmarried |
1,350 |
1,300 |
Taxpayer Claimed as Dependent |
900 (1) |
850 |
Personal/Dependent Exemption |
$3,500 (2) |
$3,400 (2) |
Unearned Income without
Kiddie Tax |
$1,800 (1) |
$1,700 |
Beginning
of 15% Bracket
|
Joint or Qualifying Widow(er) |
$16,050 |
$15,650 |
Single |
8,025 |
7,825 |
Head of Household |
11,450 |
11,200 |
Married Filing Separately |
8,025 |
7,825 |
Estates and Nongrantor
Trusts |
0 |
0 |
Beginning
of 25% Bracket
|
Joint or Qualifying Widow(er) |
$65,100 |
$63,700 |
Single |
32,550 |
31,850 |
Head of Household |
43,650 |
42,650 |
Married Filing Separately |
35,550 |
31,850 |
Estates and Nongrantor
Trusts |
2,200 |
2,150 |
Beginning
of 28% Bracket
|
Joint or Qualifying Widow(er) |
$131,450 |
$128,500 |
Single |
78,850 |
77,100 |
Head of Household |
112,650 |
110,100 |
Married Filing Separately |
65,725 |
64,250 |
Estates and Nongrantor
Trusts |
5,150 |
5,000 |
Beginning
of 33% Bracket
|
Joint or Qualifying Widow(er) |
$200,300 |
$195,850 |
Single |
164,550 |
160,850 |
Head of Household |
182,400 |
178,350 |
Married Filing Separately |
100,150 |
97,925 |
Estates and Nongrantor
Trusts |
7,850 |
7,650 |
Beginning of 35% Bracket |
|
|
Joint, Single, Head of
Household |
$357,700 |
$349,700 |
Married Filing Separately |
178,850 |
174,850 |
Estates and Nongrantor
Trusts |
10,700 |
10,450 |
Beginning/Ending
of Personal Exemption - Phaseout Range-Based on AGI
|
Joint or Qualifying Widow(er) |
$239,950/362,450 |
$234,600/357,100 |
Single |
159,950/282,450 |
156,400/278,900 |
Head of Household |
199,950/322,450 |
195,500/318,000 |
Married Filing Separately |
119,975/181,225 |
117,300/178,550 |
|
|
|
Beginning
of Itemized Deduction - Phaseout Range-Based on AGI
|
Joint, Single, Head of
Household |
$159,950 |
$156,400 |
Married Filing Separately |
79,975 |
78,200 |
Gift
and Estate Tax
|
Unified Credit Equivalent |
$2,000,000 |
$2,000,000 |
Annual Gift Exclusion |
12,000 |
12,000 |
Gift Tax Credit Equivalent |
1,000,000 |
1,000,000 |
FICA/SE Tax Max Earnings |
$102,000 |
$97,500 |
Auto
Standard Mileage Allowances
|
Business |
0.505 |
0.485 |
Charity Work |
0.14 |
0.14 |
Medical/Moving |
0.19 |
0.20 |
Luxury
(Non-electric) Auto Depreciation Limits2
|
First Year |
$3,060 (3)
|
$3,060
|
Second Year |
4,900 (3) |
4,900 |
Third Year |
2, 850 (3) |
2, 850 |
Fourth Year and Thereafter |
1,775 (3) |
1,775 |
Qualified
Transportation Fringe
|
Vehicle/Transit Pass Limit |
$115 |
$110 |
Qualified Parking Limit |
220 |
215 |
Max
Deductible 401(k) and 403(b)
|
Employee Contribution |
$15,500/20,500 (5) |
$15,500/20,500 (5) |
Traditional/Roth IRA -
Contribution |
5,000/6,000 (6) |
$4,000/5,000 (6) |
Self-Employed Health Insurance
Deduction |
100% |
100% |
Section 179 Deduction |
250,000 (7) |
125,000 (4) |
Earnings
Ceiling for Social Security
|
Under Full Retirement Age |
$13,560 |
$12,960 |
Full Retirement Age |
Unlimited |
Unlimited |
Estimated
Tax Payments (AGI>$150,000)
|
Prior Year Tax % |
110% |
110% |
Or Current Year Tax % |
90% |
90% |
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| 1. |
For 2008, if an individual who can be claimed
as a dependent on another’s return has earned income,
the standard deduction is the greater of $900 ($850 in 2007)
or $300 plus the earned income (but not more than the standard
deduction). For 2007 returns, children under the age of 18 (19
for 2008 and full-time students up to age 23) are taxed at the
parent’s rate for unearned income in excess of $1,700
($1,800 for 2008). |
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| 2. |
Before 2007, the phaseout rule could have eliminated
exemptions completely. However, for 2007, a taxpayer only loses
2/3 (1/3 for 2008 and 2009) of the amount he would otherwise
lose. For those with more than $122,500 ($61,250 for married
filing separately) over the limit, this works out so that for
2007 each exemption equals 1/3 of its regular amount. |
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| 3. |
The official numbers are not yet available for
2008. |
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| 4. |
$25,000 for SUV over 6,000 pounds placed in
service in 2007. |
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| 5. |
Limit will be different for certain employees
because of the discrimination rules, % of salary limitations,
etc. In addition, the higher of the two limits in 2007 and 2008
apply only to those of age 50 or older (catch-up limit). |
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| 6. |
Includes catch-up $1,000 for those of age 50
and older. |
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| 7. |
Economic Stimulus Act of 2008 increased section
179 deduction. |
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