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2008 Miscellaneous Rates
2008/2009 Tax Rate Guide
2008 Filing Requirements
2008 Tax Deductions
2008 Earned Income Credit
2008 Dependent and Education Guidelines
2008 Miscellaneous Rates
2008 MACRS Recovery Periods
| 2008 MEDICAL SAVINGS ACCOUNTS (MSA) |
|---|
| 2008 Premium for High Deductible |
| Self-coverage | $1,950 - $2,900 |
| Family Coverage | $3,850 - $5,800 |
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| Maximum Out-of-Pocket |
| Self-coverage | $3,850 |
| Family Coverage | $7,050 |
| HEALTH SAVINGS ACCOUNT (HSA) |
|---|
| 2008 Maximum Annual Contribution Limits |
| Self-coverage | $2,900 |
| Family Coverage | $5,800 |
| |
| 2008 Minimum Deductible |
| Self-coverage | $1,100 |
| Family Coverage | $2,200 |
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| 2008 Maximum Out-of-Pocket |
| Self-coverage | $5,600 |
| Family Coverage | $11,200 |
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| Additional Over Age 55 |
| 2008 | $900 |
| 2009 and after | $1,000 |
| TRADITIONAL IRA LIMITS |
|---|
| IRA Contribution Limits (Does not participate in
employer sponsored plan) |
Regular Contributions:
2008 Maximum Contribution |
$5,000 |
"Catch Up" Contributions for
Taxpayers 50 and over:
2008 Catch up |
$6,000 |
| SECTION 179 EXPENSE |
|---|
| Expense Limit |
$250,000 |
| Phaseout Threshold |
$800,000 |
| FICE (SS & MEDICARE) WAGE BASE |
|---|
| Social Security Wage Base |
$102,000 |
| Maximum Social Security Tax |
$6,324 |
| Medicare Wage Base |
No ceiling |
| Maximum Medicare Wage Tax |
No ceiling |
| SOCIAL SECURITY PAYBACK |
|---|
| At full retirement age or older |
No limit on earnings |
| Under full retirement age |
$1 in benefits will be deducted for each $2 you earn above $13,560. |
| In the year you reach full retirement age |
Your benefits will be reduced $1 for every $3 you earn above
$36,120. |
* For 2008, full retirement age is 65 years and 10 months.
| DOMESTIC PRODUCTION ACTIVITIES DEDUCTION |
|---|
| The deduction rate for 2008 is 6% |
| KIDDIE TAX |
|---|
| 2008 Age Limit |
18 |
| 2008 Unearned Income Limitation |
$1,800 |
| FOREIGN EARNED INCOME |
| 2008 Maximum Exclusion |
$87,600 |
| GIFT TAX |
|---|
| 2008 Exclusion |
$12,000 |
| 2008 Exclusion for gift to spouse who is not a U.S. Citizen |
$128,000 |
| 401(K) CONTRIBUTION LIMITS |
|---|
| 2008 Maximum Deferral |
$15,500 |
| 2008 Catch Up Contributions for taxpayers 50 and over |
$20,500 |
| LONG-TERM CAPITAL GAINS AND QUALIFYING DIVIDENDS |
|---|
| For taxpayers in the 10% or 15% bracket |
0% |
| For taxpayers in higher brackets |
15% |
| Tax on unrecaptured Sec. 1250 gain |
25% |
| Capital gain rate on collectibles |
28% |
| SAVINGS BOND / HIGHER EDUCATION EXPENSE EXCLUSION |
|---|
| Modified adjusted gross income phaseout range: |
| Married Filing Joint |
$100,650 - $130,650 |
| All other filing status |
$67,100 - $82,100 |
| QUALIFIED TRANSPORTATION FRINGE BENEFIT EXCLUSION |
|---|
| Commuter highway vehicle and transit pass |
$115 |
| Qualified parking |
$220 |
| ITEMIZED DEDUCTION PHASEOUT POINTS |
|---|
| Married Filing Separate |
$79,975 |
| All Others |
$159,950 |
| 2008 LONG-TERM CARE PREMIUMS |
|---|
| Maximum premium (per person) |
| Age 40 or under |
$310 |
| Age 41 to 50 |
$580 |
| Age 51 to 60 |
$1,150 |
| Age 61 to 70 |
$3,080 |
| Age 71 or over |
$3,850 |
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39159 Paseo Padre
Pkwy, Suite 315
Fremont, CA 94538
510.797.8661
510.797.1791 (Fax) | |
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