 Tax Rate Guide for 2008 and 2009
Tax Rate Guide for 2009/2010
Tax Rate Guide for 2010/2011
Standard Mileage Rates
Corporate Tax Rate Schedule
Individual Tax Rate Schedules
Standard Deductions/Personal Exemptions
Capital Gains and Dividends Taxed as Net Capital Gain
ERISA and Tax Code Pension and Retirement Plan Limits
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|
January 1 - June 30, 2008 |
July 1 - December 31, 2008 |
2009 |
|
Business |
50.5 cents per mile |
58.5 cents per mile |
55 cents per mile |
|
Charitable |
14.0 cents per mile |
14.0 cents per mile |
14.0 cents per mile |
|
Medical and Moving |
19.0 cents per mile |
27.0 cents per mile |
24.0 cents per mile |
|
If Taxable Income Is |
The Tax Is: |
|
Not over $50,000 |
15% of the taxable income |
|
Over $50,000 |
but not over $75,000 |
$7,500 plus |
25% of the amount over $50,000 |
|
Over $75,000 |
but not over $100,000 |
$13,750 plus |
34% of the amount over $75,000 |
|
Over $100,000 |
but not over $335,000 |
$22,250 plus |
39% of the amount over $100,000 |
|
Over $335,000 |
but not over $10,000,000 |
$113,900 plus |
34% of the amount over $335,000 |
|
Over $10,000,000 |
but not over $15,000,000 |
$3,400,000 plus |
35% of the amount over $10,000,000 |
|
Over $15,000,000 |
but not over $18,333,333 |
$5,150,000 plus |
38% of the amount over $15,000,000 |
|
Over 18,333,333 |
|
35% of the taxable income |
|
|
Qualified personal service corporations are taxed at a flat rate of 35% of taxable
income |
2008
2008 Unmarried Individuals (Other than Surviving Spouses and Heads of Households)
|
If Taxable Income Is: |
The Tax Is: |
|
Not over $8,025 |
10% of the taxable income |
|
Over $8,026 |
but not over $32,550 |
$802.50 plus |
15% of the excess over $8,025 |
|
Over $32,551 |
but not over $78,850 |
$4,481.25 plus |
25% of the excess over $32,550 |
|
Over $78,851 |
but not over $164,550 |
$16,056.25 plus |
28% of the excess over $78,850 |
|
Over $164,551 |
but not over $357,700 |
$40,052.25 plus |
33% of the excess over $164,550 |
|
Over $357,701 |
|
$103,791.75 plus |
35% of the excess over $357,700 |
2008: Married Individuals Filing Joint Returns and Surviving Spouses
Code Section 1(a)
|
If Taxable Income Is: |
The Tax Is: |
|
Not over $16,051 |
10% of the taxable income |
|
Over $16,051 |
but not over $65,100 |
$1,605.00 plus |
15% of the excess over $16,050 |
|
Over $65,101 |
but not over $131,450 |
$8,962.50 plus |
25% of the excess over $65,100 |
|
Over $131,451 |
but not over $200,300 |
$25,550.00 plus |
28% of the excess over $131,450 |
|
Over $200,301 |
but not over $357,700 |
$44,828.00 plus |
35% of the excess over $200,300 |
|
Over $357,701 |
|
$96,770.00 plus |
35% of the excess over $357,700 |
2008 Married Individuals Filing Separate Returns
|
If Taxable Income Is: |
The Tax Is: |
|
Not over $8,025 |
10% of the taxable income |
|
Over $8,025 |
but not over $32,550 |
$802.50 plus |
15% of the excess over $8,025 |
|
Over $32,551 |
but not over $65,725 |
$4,481.25 plus |
25% of the excess over $32,550 |
|
Over $65,726 |
but not over $100,150 |
$12,775.00 plus |
28% of the excess over $65,725 |
|
Over $100,151 |
but not over $178,850 |
$22,414.00 plus |
33% of the excess over $100,150 |
|
Over $178,851 |
|
$48,385.00 plus |
35% of the excess over $178,850 |
2008 Heads of Households
Code Section 1(b)
|
If Taxable Income Is: |
The Tax Is: |
|
Not over $11,450 |
10% of the taxable income |
|
Over $11,451 |
but not over $43,650 |
$1,145.00 plus |
15% of the excess over $11,450 |
|
Over $43,651 |
but not over $112,650 |
$5,975.00 plus |
25% of the excess over $43,650 |
|
Over $112,651 |
but not over $182,400 |
$23,225.00 plus |
28% of the excess over $112,650 |
|
Over $182,401 |
but not over $357,700 |
$42,755.00 plus |
33% of the excess over $182,400 |
|
Over $357,701 |
|
$100,605.00 plus |
35% of the excess over $357,700 |
2009
2009 Unmarried Individuals (Other than Surviving Spouses and Heads of Households)
|
If Taxable Income Is: |
The Tax Is: |
|
Not over $8,350 |
10% of the taxable income |
|
Over $8,350 |
but not over $33,950 |
$835.00 plus |
15% of the excess over $8,350 |
|
Over $33,950 |
but not over $82,250 |
$4,675.00 plus |
25% of the excess over $33,950 |
|
Over $82,250 |
but not over $171,550 |
$16,750.00 plus |
28% of the excess over $82,250 |
|
Over $171,550 |
but not over $372,950 |
$41,754.00 plus |
33% of the excess over $171,550 |
|
Over $372,950 |
|
$108,216.00 plus |
35% of the excess over $372,950 |
2009: Married Individuals Filing Joint Returns and Surviving Spouses
|
If Taxable Income Is: |
The Tax Is: |
|
Not over $16,700 |
10% of the taxable income |
|
Over $16,700 |
but not over $67,900 |
$1,670.00 plus |
15% of the excess over $16,700 |
|
Over $67,900 |
but not over $137,050 |
$9,350.00 plus |
25% of the excess over $67,900 |
|
Over $137,050 |
but not over $208,850 |
$26,637.50 plus |
28% of the excess over $137,050 |
|
Over $208,850 |
but not over $372,950 |
$46,741.50 plus |
33% of the excess over $208,850 |
|
Over $372,950 |
|
$100,894.50 plus |
35% of the excess over $372,950 |
2009 Married Individuals Filing Separate Returns
|
If Taxable Income Is: |
The Tax Is: |
|
Not over $8,350 |
10% of the taxable income |
|
Over $8,350 |
but not over $33,950 |
$835.00 plus |
15% of the excess over $8,350 |
|
Over $33,950 |
but not over $68,525 |
$4,675.00 plus |
25% of the excess over $33,950 |
|
Over $68,525 |
but not over $104,425 |
$13,318.75 plus |
28% of the excess over $68,525 |
|
Over $104,425 |
but not over $186,475 |
$23,370.75 plus |
33% of the excess over $104,425 |
|
Over $186,475 |
|
$50,447.25 plus |
35% of the excess over $186,475 |
2009 Heads of Households
|
If Taxable Income Is: |
The Tax Is: |
|
Not over $11,950 |
10% of the taxable income |
|
Over $11,950 |
but not over $45,500 |
$1,195.00 plus |
15% of the excess over $11,950 |
|
Over $45,500 |
but not over $117,450 |
$6,227.50 plus |
25% of the excess over $45,500 |
|
Over $117,450 |
but not over $190,200 |
$24,215.00 plus |
28% of the excess over $117,450 |
|
Over $190,200 |
but not over $372,950 |
$44,585.00 plus |
33% of the excess over $190,200 |
|
Over $372,950 |
|
$104,892.50 plus |
35% of the excess over $372,950 |
Standard Deduction Tables
|
|
2008 |
2009 |
|
Married Filing Jointly and Surviving Spouses |
$10,900 |
$11,400 |
|
Heads of Households |
$8,000 |
$8,350 |
|
Single |
$5,450 |
$5,700 |
|
Married Filing Separate |
$5,450 |
$5,700 |
|
Additional amount for Aged and Blind |
$1,050 for each |
$1,100 for each |
Additional amount for Aged and Blind
if unmarried and not a surviving spouse |
$1,350 for each |
$1,400 for each |
Personal Exemptions and Phaseout Amounts
|
|
2008 |
2009 |
|
Personal Exemption Amount |
$3,500 |
$3,650 |
|
Code section 151(d)(3) phaseout of the tax benefit of the personal exemptions is
calculated by reducing the total amount of the personal exemptions by 2 percent
for each $2,500 increment (or portion thereof) of adjusted gross income in excess
of a threshold phaseout amount adjusted for inflation. These amounts are as follows: |
|
|
Tax years beginning in
2008 |
Tax years beginning in
2009 |
|
Type of Taxpayer |
Phaseout
Begins: |
Maximum Phaseout: |
Phaseout
Begins: |
Maximum Phaseout: |
Married and Individuals Filing Joint Returns
And Surviving Spouses
Code Section 1(a) |
$239,950 |
$362,450 |
$250,200 |
$372,700 |
Heads of Households
Code Section 1(b) |
$199,950 |
$322,450 |
$208,500 |
$331,000 |
Unmarried Individuals
(Other Than Surviving Spouses and Heads of Households)
Code Section 1(c) |
$159,950 |
$282,450 |
$166,800 |
$289,300 |
Married Individuals Filing Separate Returns
Code Section 1(d) |
$119,975 |
$181,225 |
$125,100 |
$183,650 |
Capital Gains
|
|
2005-10 |
|
2011 |
Rate for Non-corporate Taxpayers
above 15% income tax bracket |
15% |
|
20% |
|
|
2005-07 |
2008-10 |
2011 |
Rate for Non-corporate Taxpayers
in 10% or 15% tax bracket |
5% |
0% |
10% |
Dividends Taxed as Net Capital Gain
|
|
2005-10 |
|
2009 |
Rate for Non-corporate Taxpayers
above 15% income tax bracket |
15% |
|
* |
|
|
2005-07 |
2008-10 |
2011 |
Rate for Non-corporate Taxpayers
in 10% of 15% tax bracket |
5% |
0% |
* |
* After 2010, dividends will be taxed as ordinary income.
Code Section 1(e)
|
If Taxable Income Is: |
The Tax Is: |
|
Not over $2,200 |
15% of the taxable income |
|
Over $2,200 |
but not over $5,150 |
$330.00 plus |
25% of the excess over $2,200 |
|
Over $5,150 |
but not over $7,850 |
$1,067.50 plus |
28% of the excess over $5,150 |
|
Over $7,850 |
but not over $10,700 |
$1,823.50 plus |
33% of the excess over $7,850 |
|
Over $10,700 |
|
$2,764.00 plus |
35% of the excess over $10,700 |
Applicable Exclusion Amount for Estate Tax
|
Year of Transfer |
Applicable Exclusion Amount |
|
2006/2007/2008 |
$2,000,000 |
|
2009 |
$3,500,000 |
Applicable Exclusion Amount for Gift Tax
|
Year of Transfer |
Applicable Exclusion Amount |
|
2002-2009 |
$1,000,000 |
Gift Tax Annual Exclusion
|
Year of Transfer |
Applicable Exclusion Amount |
|
2002-2005 |
$11,000 |
|
2006-2008 |
$12,000 |
|
2009 |
$13,000 |
From 1982 - 2001, the annual gift tax exclusion was $10,000.
|
|
2008 |
2009 |
|
Deferral Limits for Plans |
|
|
|
401(k) |
15,500 |
16,500 |
|
SIMPLE |
10,500 |
11,500 |
|
403(b) |
15,500 |
16,500 |
|
457 |
15,500 |
16,500 |
|
Catch-Up Contributions for Participants Age 50 or Older |
|
|
|
401(k) Plans |
5,000 |
5,500 |
|
SIMPLE |
2,500 |
2,500 |
|
Qualified Plans - Annual Compensation Limit |
230,000 |
245,000 |
|
Defined Benefit Maximum Annual Benefit |
185,000 |
195,000 |
|
Defined Contribution - Maximum Annual Addition |
46,000 |
49,000 |
|
"Key Employee" in Top-Heavy Plan |
150,000 |
160,000 |
To Determine Maximum Account Balance in ESOP
Subject to 5-Year Distribution Period |
935,000 |
985,000 |
|
"Highly Compensated Employee" Threshold |
105,000 |
110,000 |
|
SEP Compensation Threshold for Participation |
500 |
550 |
|
Definition of "Control Employee" for Fringe Benefit Valuation |
|
|
|
Regs. 1.61-21(f)(5)(i) |
90,000 |
95,000 |
|
Regs. 1.61-21(f)(5)(iii) |
185,000 |
195,000 |
|
Social Security Wage Base |
102,000 |
106,800 |
Tax Rate Guide for 2008/2009
2008 Filing Requirements
2008 Tax Deductions
2008 Earned Income Credit
2008 Dependent and Education Guidelines
2008 Miscellaneous Rates
2008 MACRS Recovery Periods
|