|
Federal Tax Summary Info
| The following
represents our "quick reference" section for those rates and amounts you need on
specific occasions. Please remember that tax laws (and these amounts) are
continually changing and this listing is only to be used as a starting reference point.
If you need professional advice or further elaboration on a number listed below,
please call our office. |
Individual
Deductions and Credits |
|
|
2005 |
2006 |
2007 |
2008 |
2009 |
| Standard Deduction, Joint Return And
Surviving Spouse |
$10,000 |
$10,300 |
$10,700 |
$10,900 |
$11,400 |
| Standard Deduction, Head of Household |
$7,300 |
$7,550 |
$7,850 |
$8,000 |
$8,350 |
| Standard Deduction, Single |
$5,000 |
$5,150 |
$5,350 |
$5,450 |
$5,700 |
| Standard Deduction, Married Filing
Separate |
$5,000 |
$5,150 |
$5,350 |
$5,450 |
$5,700 |
| Personal exemption |
$3,200 |
$3,300 |
$3,400 |
$3,500 |
$3,650 |
| Taxpayer Claimed As A Dependent |
$800 |
$850 |
$850 |
$900 |
$950 |
| Additional Standard Deduction For
Blindness or Age, Single |
$1,250 |
$1,250 |
$1,300 |
$1,300 |
$1,400 |
| Additional Standard Deduction For
Blindness or Age, Married |
$1,000 |
$1,000 |
$1,050 |
$1,050 |
$1,100 |
| Itemized Deduction Income Threshold
(deductions
reduced by 3% of amount your adjusted gross income exceeds
threshold) |
$144,950 |
$150,500 |
$156,400 |
$159,950 |
$166,800 |
| Maximum IRA Deduction |
$4,000 |
$4,000 |
$4,000 |
$5,000 |
$5,000 |
| Additional IRA Deduction For Age 50
and Over |
$500 |
$1,000 |
$1,000 |
$1,000 |
$1,000 |
| Hope Scholarship Credit Per Eligible
Student |
$1,500 |
$1,500 |
$1,650 |
$1,800 |
$1,800 |
| Lifetime Learning Credit |
$2,000 |
$2,000 |
$2,000 |
$2,000 |
$2,000 |
| Maximum Contribution To Education
Savings Account (previously
Education IRA) |
$2,000 |
$2,000 |
$2,000 |
$2,000 |
$2,000 |
| Maximum Child Tax Credit |
$1,000 |
$1,000 |
$1,000 |
$1,000 |
$1,000 |
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Business
Deductions |
|
|
2005 |
2006 |
2007 |
2008 |
2009 |
| Section 179 Deduction |
$105,000 |
$108,000 |
$125,000 |
$250,000 |
$133,000 |
| Phaseout Amount
|
$420,000 |
$430,000 |
$500,000 |
$800,000 |
$530,000 |
Dividend
Tax Rates |
|
|
|
2005 |
2006 |
2007 |
2008 |
2009 |
| Tax Rate
On Dividends Received From U.S. And Some Qualified Foreign Companies |
15% |
15% |
15% |
15% |
15% |
| Tax Rate On Dividends For
Low Income Taxpayers (10% and 15% Brackets) |
5% |
5% |
5% |
5% |
5% |
|
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|
Auto
And Transportation Allowances |
|
|
2005 |
2006 |
2007 |
2008 |
2009 |
| Business Mileage Rate** |
**.405 |
.445 |
.485 |
***.505 |
.55 |
| Medical/Moving Mileage Rate |
.15 |
.18 |
.20 |
***.19 |
.24 |
| Charity Mileage Rate |
.14 |
.14 |
.14 |
.14 |
.14 |
| Vehicle/Transit Pass Limit |
$105 |
$105 |
$110 |
$115 |
$120 |
| Qualified Parking Limit |
$200 |
$205 |
$215 |
$220 |
$230 |
**The mileage
rate was raised to .485 effective September 1, 2005 through December
31, 2005
***The business mileage rate was raised to .585 effective July 1,
2008 through December 31, 2008 and the medical/moving mileage rate
was raised to .27 effective July 1, 2008 through December 31, 2008
Inclusion
Amount For Leased Autos (smbiz.com)
|
Federal
Income Tax Schedules |
|
IRS
2008
Individual Tax Table |
|
| 2008
Individual Tax Rate Schedules |
|
| 2009
Individual Tax Rate Schedules |
|
| 2000-2008
Corporate Tax Rates |
|
|
|
Social
Security and Self-Employment Tax |
|
|
2005 |
2006 |
2007 |
2008 |
2009 |
| FICA Taxable Maximum Earnings |
$90,000 |
$94,200 |
$97,500 |
$102,000 |
$106,800 |
| FICA Tax Rate On Employee |
6.2% |
6.2% |
6.2% |
6.2% |
6.2% |
| Tax on Self-Employment Earnings |
12.4% |
12.4% |
12.4% |
12.4% |
12.4% |
| Medicare Taxable Maximum Earnings |
No
Limit |
No
Limit |
No
Limit |
No
Limit |
No
Limit |
| Medicare Tax Rate on Employee |
1.45% |
1.45% |
1.45% |
1.45% |
1.45% |
| Medicare Tax on Self-Employment
Earnings |
2.9% |
2.9% |
2.9% |
2.9% |
2.9% |
| Social Security Earnings Cap -
Recipients Under 65 |
$12,000 |
$12,480 |
$12,960 |
$13,560 |
$14,160 |
| Social Security Earnings Cap -
Recipients 65-69 * |
No
Limit |
No
Limit |
No
Limit |
No
Limit |
No
Limit |
| Social Security Earnings Cap -
Recipients Over 70 |
No
Limit |
No
Limit |
No
Limit |
No
Limit |
No
Limit |
| Income Limit Before 50% Benefits
Taxed, Single |
$25,000 |
$25,000 |
$25,000 |
$25,000 |
$25,000 |
| Income Limit Before 50% Benefits
Taxed, Joint |
$32,000 |
$32,000 |
$32,000 |
$32,000 |
$32,000 |
| Income Limit Before 85% Benefits
Taxed, Single |
$34,000 |
$34,000 |
$34,000 |
$34,000 |
$34,000 |
| Income Limit Before 85% Benefits
Taxed, Joint |
$44,000 |
$44,000 |
$44,000 |
$44,000 |
$44,000 |
| For More Social Security Limits : SSA.gov |
| * While the earnings cap
was dropped for persons over 65 as of January 1, 2000, there remains
an earnings cap of ($36,120 in 2008 and $37,680 in 2009) during the
retiree's 65th year for those months prior to the actual birthday.
|
Retirement
Plan Amounts |
|
|
2005 |
2006 |
2007 |
2008 |
2009 |
| Limit on 401(k) Elective Deferrals |
$14,000 |
$15,000 |
$15,500 |
$15,500 |
$16,500 |
| Allowable Catch-Up Contribution For
Employees 50 and Over |
$4,000 |
$5,000 |
$5,000 |
$5,000 |
$5,500 |
| Compensation Limit Under 401(a)(17),
404(I) and 408(k)(3)(C) |
$210,000 |
$220,000 |
$225,000 |
$230,000 |
$245,000 |
| Deferral Limit Under A SIMPLE Plan |
$10,000 |
$10,000 |
$10,500 |
$10,500 |
$11,500 |
| SIMPLE Plan Deferral Limit - Age 50 |
$12,000 |
$12,500 |
$13,000 |
$13,000 |
$14,000 |
| Limit on Annual Benefit From A Defined
Benefit Plan |
$170,000 |
$175,000 |
$180,000 |
$185,000 |
$195,000 |
| Earnings Definition of Highly
Compensated Employee |
$95,000 |
$100,000 |
$100,000 |
$105,000 |
$110,000 |
| Limit on Deductible Contributions to
Defined Contribution Plans |
$42,000 |
$44,000 |
$45,000 |
$46,000 |
$49,000 |
| Compensation Limit To Trigger a SEP |
$450 |
$450 |
$500 |
$500 |
$550 |
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Estate
And Gift Amounts |
|
|
2005 |
2006 |
2007 |
2008 |
2009 |
| Annual Gift Exclusion |
$11,000 |
$12,000 |
$12,000 |
$12,000 |
$13,000 |
| Lifetime Gift Exclusion |
$1 million |
$1 million |
$1 million |
$1 million |
$1 million |
| Estate Tax Exclusion |
$1.5 million |
$2 million |
$2 million |
$2 million |
$3.5 million |
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