|
|
|
2008 Tax Rates - Single Taxpayers - Standard Deduction $5,450 |
2007 Rates | |
|
10% |
0 to 8,025 |
|
15% |
8,026 to 32,550 |
|
25% |
32,551 to 78,850 |
|
28% |
78,851 164,550 |
|
33% |
165,551 357,700 |
|
35% |
Over 357,700 |
|
2008 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $10,900 |
|
10% |
0 16,050 |
|
15% |
16,051 65,100 |
|
25% |
65,101 131,450 |
|
28% |
131,451 200,300 |
|
33% |
200,301 357,700 |
|
35% |
Over 357,700 |
|
2008 Tax Rates - Married Filing Separately - Standard Deduction $5,450 |
|
10% |
0 8,025 |
|
15% |
8,026 32,550 |
|
25% |
32,551 65,725 |
|
28% |
65,726 100,150 |
|
33% |
100,151 178,500 |
|
35% |
Over 178,550 |
|
2008 Tax Rates - Head of Household - Standard Deduction $8,000 |
|
10% |
1 11,450 |
|
15% |
11,451 43,650 |
|
25% |
43,651 112,650 |
|
28% |
112,651 182,400 |
|
33% |
182,401 357,700 |
|
35% |
Over 357,700 |
|
2008 Tax Rates - Estates & Trusts |
|
15% |
1 2,200 |
|
25% |
2,201 5,150 |
|
28% |
5,151 7,850 |
|
33% |
7,851 10,700 |
|
35% |
Over 10,700 |
|
Social Security |
2008 Tax Rates |
|
Base Salary |
$102,000 |
|
Social Security Tax Rate |
6.2% |
|
Maximum Social Security Tax |
$6,324 |
|
Medicare Base Salary |
Unlimited |
|
Medicare Tax Rate |
1.45% |
|
Miscellaneous |
2008 Tax Rates |
| Personal Exemption |
$3,500 |
|
Business equipment expensing deduction |
$250,000 |
|
Prior-year safe harbor for estimated taxes of higher-income |
110% of your 2007 tax liability |
|
Standard mileage rate for business driving (1/1 to 6/30/08) |
50.5 cents |
|
Standard mileage rate for business driving (7/1 to 12/31/08) |
58.5 cents |
| Standard mileage rate for medical/moving driving (1/1 to 6/30/08) |
19 cents |
| Standard mileage rate for medical/moving driving (7/1 to 12/31/08) |
27 cents |
| Standard mileage rate for charitable driving |
14 cents |
|
Child Tax Credit |
$1,000 |
|
Unearned income maximum for children under 19 before kiddie tax applies |
$1,800 |
|
Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket |
0% |
|
Maximum capital gains tax rate for taxpayers above the 15% bracket |
15% |
| Capital gains tax rate for unrecaptured Sec. 1250 gains |
25% |
| Capital gains tax rate on collectibles |
28% |
| Maximum contribution for Traditional/Roth IRA |
$5,000 if under age 50
$6,000 if 50 or older |
|
Maximum employee contribution to SIMPLE IRA |
$10,500 if under age 50
$13,000 if 50 or older |
| Maximum Contribution to SEP IRA |
25% of eligible compensation
up to $46,000 |
|
401(k) maximum employee contribution limit |
$15,500 if under age 50
$20,500 if 50 or older |
|
Self-employed health insurance deduction |
100% |
| Estate tax exemption |
$2,000,000 |
|
Annual Exclusion for Gifts |
$12,000 |
|
Education |
2008 Tax Rates |
|
Hope Credit |
$1,800 |
|
Lifetime Learning Credit |
$2,000 |
|
Student Loan Interest Deduction |
$2,500 |
|
Coverdell Education Savings Contribution |
$2,000 | |
|
