Tax Rates2008 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 |
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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 |
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 |
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 |
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