|
2008 Tax Rates – Single Taxpayers – Standard Deduction $5,450
|
|
| 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 |