|
|
|
Tax Rates |
| 2007
Tax Rates - Single Taxpayers - Standard Deduction $5,350 |
10%
|
0 to 7,825 |
15%
|
7,826 to 31,850 |
25%
|
31,851 to 77,100 |
28%
|
77,101 – 160,850
|
33%
|
160,851 – 349,700
|
35%
|
Over 349,700
|
| 2007
Tax Rates - Married Jointly & Surviving Spouses -
Standard Deduction $10,700 |
10%
|
0 – 15,650
|
15%
|
15,651 – 63,700
|
25%
|
63,701 – 128,500
|
| 28%
|
128,501 – 195,850 |
| 33%
|
195,851 – 349,700
|
35%
|
Over 349,700
|
2007
Tax Rates - Married Filing Separately - Standard Deduction
$5,350
|
10%
|
0 – 7,825
|
15%
|
7,826 – 31,850 |
25%
|
31,851 – 64,250 |
28%
|
64,251 – 97,925 |
| 33%
|
97,926 – 174,850 |
35%
|
Over 174,850 |
| 2007
Tax Rates - Head of Household - Standard Deduction $7,850
|
10%
|
1 – 11,200
|
15%
|
11,201 – 42,650
|
25%
|
42,651 – 110,100
|
| 28%
|
110,101 – 178,350 |
| 33%
|
178,351 – 349,700
|
35%
|
Over 349,700
|
| 2007
Tax Rates - Estates & Trusts
|
15%
|
1 – 2,150
|
25%
|
2,151 – 5,000
|
| 28%
|
5,001 – 7,650
|
| 33%
|
7,651 – 10,450
|
35%
|
Over 10,450
|
| 2007
Miscellaneous Rates
|
Personal Exemption
|
$3,400 |
Business equipment expensing
deduction
|
$112,000 |
Prior-year safe harbor
for estimated taxes of higher-income
|
110% of your 2006 tax liability |
Standard mileage rate
for business driving
|
48.5 cents |
| Standard mileage rate for medical/moving
driving |
20 cents |
| Standard mileage rate for charitable driving |
14 cents |
Child Tax Credit
|
$1,000 |
Unearned income maximum for children under
18 before kiddie tax applies
|
$1,700
|
Maximum capital gains tax rate for taxpayers
in the 10% or 15% bracket
|
5%
|
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 |
$4,000 if under age 50
$5,000 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 $45,000 |
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 |
|
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|
|
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