Tax Rates for
2008
|
2008 Tax Rates - Single
Taxpayers - Standard Deduction
$5,450 |
2009
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 |
|
| |
|
|