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 |
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