Small Business Taxes & Management--Copyright 1998-2008, A/N Group, Inc.
--This page contains data for several years. Please watch all dates carefully.
Contents
Corporate Income Tax Rates--Including rates for personal service corporations, personal holding companies, and accumulated earnings tax.
Miscellaneous Business Data--Section 179 expense limits, more
2008--Individual Income Tax Rates, Other Data
Prior Years--
2007--Individual Income Tax Rates, Other Data
2006--Individual Income Tax Rates, Other Data
2005--Individual Income Tax Rates, Other Data
Taxable income over Not over Tax rate
$ 0 $ 50,000 15%
50,000 75,000 25%
75,000 100,000 34%
100,000 335,000 39%
335,000 10,000,000 34%
10,000,000 15,000,000 35%
15,000,000 18,333,333 38%
18,333,333 .......... 35%
Year Rate 2007 15.0% 2006 15.0% 2005 15.0% 2004 15.0% 2003 15.0% 2002 38.6% 2001 39.1% 2000 and prior years 39.6%
Year Rate 2008 15.0% 2007 15.0% 2006 15.0% 2005 15.0% 2004 15.0% 2003 15.0% 2002 38.6% 2001 39.1% 2000 and prior years 39.6%
2008 2007 2006 2005 2004 2003 2002
$250,000 $125,000 $108,000 $105,000 $102,000 $100,000 $24,000
Phaseout--$800,000 for 2008; $500,000 for 2007; $430,000 for 2006; $420,000 for 2005; $410,000 for 2004; $400,000 for 2003; $200,000 for prior years.
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 8,025 $ 0.00 10 $ 0
8,025 32,550 802.50 15 8,025
32,550 78,850 4,481.25 25 32,550
78,850 164,550 16,056.25 28 78,850
164,550 357,700 40,052.25 33 164,550
357,700 ....... 103,791.75 35 357,700
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 16,050 $ 0.00 10 $ 0
16,050 65,100 1,605.00 15 16,050
65,100 131,450 8,962.50 25 65,100
131,450 200,300 25,550.00 28 131,450
200,300 357,700 44,828.00 33 200,300
357,700 ....... 96,770.00 35 357,700
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 8,025 $ 0.00 10 $ 0
8,025 32,550 802.50 15 8,025
32,550 65,725 4,481.25 25 32,550
65,725 100,150 12,775.00 28 65,725
100,150 178,850 22,414.00 33 100,150
178,850 ....... 48,385.00 35 178,850
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 11,450 $ 0.00 10 $ 0
11,450 43,650 1,145.00 15 11,450
43,650 112,650 5,975.00 25 43,650
112,650 182,400 23,225.00 28 112,650
182,400 357,700 42,755.00 33 182,400
357,700 ....... 100,604.00 35 357,700
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $2,200 0.00 15 $ 0
2,200 5,150 $ 330.00 25 2,200
5,150 7,850 1,067.50 28 5,150
7,850 10,700 1,823.50 33 7,850
10,700 ..... 2,764.00 35 10,700
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%
Filing Status Standard Deduction Married filing joint and surviving spouses $10,900 Heads of Household 8,000 Single individuals 5,450 Married, filing separate 5,450Dependent's Standard Deduction--No more than the greater of $900 or $300 plus the individual's earned income.
Additional standard deduction for aged and blind--$1,050 each ($1,350 if individual is unmarried and not surviving spouse)
All filing status but married separate--$159,950; Married, separate--$79,975
Amount--$3,500
Phaseout of Personal Exemption--
Filing Status AGI Begin Phaseout AGI Maximum Phaseout Married, filing joint/surviving spouse $239,950 $362,450 Heads of household 199,950 322,450 Single 159,950 282,450 Married, filing separate 119,975 181,225For taxable years beginning in 2008 the exemption amount for taxpayers with AGI in excess of the maximum phaseout amount is $2,333.
First $175,000 ($87,500 married, separate) of Alternative Minimum Taxable Income 26% Over $175,000 of AMTI (Alternative Minimum Taxable Income) 28% Exemptions: Joint Filers $45,000 (pending legislation could alter) Married, separate $22,500 (pending legislation could alter) Single (and head of household) $33,750 (pending legislation could alter) Estates & Trusts $22,500 (pending legislation could alter) Child subject to Kiddie Tax $6,400 (plus child's earned income)
Phaseout begins at modified adjusted gross income of $96,000 joint return; $48,000 all others.
Hope credit, 100% of first $1,200; 50% of next $1,200; maximum credit $1,800.
Maximum interest deduction--$2,500
Modified adjusted gross income phaseout range--Married, joint, $115,000--$145,000; all other filing status, $55,000--$70,000
Modified adjusted gross income phaseout--married, joint, $100,650--$130,650; all other filing status, $67,100--$82,100
Commuter highway vehicle and transit pass--$115
Qualified parking--$220
Annual Exclusion for Gifts--$12,000
Annual Exclusion for Gifts to Spouse not a Citizen--$128,000
Notice of Large Gifts Received from Foreign Persons--$13,561
Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,280,000
Valuation of Qualified Real Property in Decendent's Gross Estate (Sec. 2032A)--$960,000
Excessive Investment Income for Earned Income Tax Credit--$2,950
Unearned Income of Minor Child (Kiddie Tax)--$900 ($9,000 for parental election)
Minor Child subject to Kiddie Tax--up to age 18 or full-time student over 18 with earned income no more than 1/2 support under age 24.
Maximum credit for child with special needs--$11,650
Other adoptions, gross income exclusion, qualified expenses up to $11,650
Phaseout range, modified adjusted gross income--$174,730 to $214,730
Maximum annual HSA contributions deductible--$2,900 for individual; $5,800 for family coverage
Catch-up contributions for individuals 55 or older (but less than 65) is $900 (pro rate for year).
Deductible Amounts that define High Deductible Plan:
Annual Deductible Deductibles, Co-Payments and other Amounts
Not Less Than but not Premiums Not to Exceed
Self Only $1,100 $ 5,600
Family Coverage 2,200 11,200
Purchasers in a casual sale for less than $1,320 or a machanic's lienor that repair or improved certain residential property if the contract price is not more than $6,600.
Attained Age Before the Close of the Tax Year Limitation on Premiums
40 or less $ 310
More than 40 but not more than 50 580
More than 50 but not more than 60 1,150
More than 60 but not more than 70 3,080
More than 70 3,850
OASDI Wage Base--$102,000
Household employee cash wages threshold--$1,600
Quarter of coverage--$1,050
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 7,825 $ 0.00 10 $ 0
7,825 31,850 782.50 15 7,825
31,850 77,100 4,386.25 25 31,850
77,100 160,850 15,698.75 28 77,100
160,850 349,700 39,148.75 33 160,850
349,700 ....... 101,469.25 35 349,700
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 15,650 $ 0.00 10 $ 0
15,650 63,700 1,565.00 15 15,650
63,700 128,500 8,772.50 25 63,700
128,500 195,850 24,972.50 28 128,500
195,850 349,700 43,830.50 33 195,850
349,700 ....... 94,601.00 35 349,700
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 7,825 $ 0.00 10 $ 0
7,825 31,850 782.50 15 7,825
31,850 64,250 4,386.25 25 31,850
64,250 97,925 12,486.25 28 64,250
97,925 174,850 21,915.25 33 97,925
174,850 ....... 47,300.50 35 174,850
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 11,200 $ 0.00 10 $ 0
11,200 42,650 1,120.00 15 11,200
42,650 110,100 5,837.50 25 42,650
110,100 178,350 22,700.00 28 110,100
178,350 349,700 41,810.00 33 178,350
349,700 ....... 98,355.50 35 349,700
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $2,150 15 $ 0
2,150 5,000 $ 322.50 25 2,150
5,000 7,650 1,035.00 28 5,000
7,650 10,450 1,777.00 33 7,650
10,450 ..... 2,701.00 35 10,450
For taxpayers in the 10% or 15% bracket--5% For taxpayers in higher brackets--15% Tax on unrecaptured Sec. 1250 gain--25% Capital gain rate on collectibles--28%
Filing Status Standard Deduction Married filing joint and surviving spouses $10,700 Heads of Household 7,850 Single individuals 5,350 Married, filing separate 5,350Dependent's Standard Deduction--No more than the greater of $850 or $300 plus the individual's earned income.
Additional standard deduction for aged and blind--$1,050 each ($1,300 if individual is unmarried and not surviving spouse)
All filing status but married separate--$156,400; Married, separate--$78,200
Amount--$3,400
Phaseout of Personal Exemption--
Filing Status AGI Begin Phaseout AGI Maximum Phaseout Married, filing joint/surviving spouse $234,600 $357,100 Heads of household 195,500 318,000 Single 156,400 278,900 Married, filing separate 117,300 178,550For taxable years beginning in 2007 the exemption amount for taxpayers with AGI in excess of the maximum phaseout amount is $1,133.
First $175,000 ($87,500 married, separate) of Alternative Minimum Taxable Income 26% Over $175,000 of AMTI (Alternative Minimum Taxable Income) 28% Exemptions: Joint Filers (and surviving spouse) $66,250 Married, separate $33,125 Single (and head of household) $44,350 Estates & Trusts $22,500 Child subject to Kiddie Tax $6,050 (plus child's earned income)
Exemption Phaseout: 25% of amount AMTI exceeds: $150,000 for married, joint and surviving spouses $112,500 single (and head of household) $75,000 married, filing separate
Phaseout begins at modified adjusted gross income, $94,000 joint return; $47,000 all others.
Hope credit, 100% of first $1,100; 50% of next $1,100.
Maximum interest deduction--$2,500
Modified adjusted gross income phaseout range--Married, joint, $110,000--$140,000; all other filing status, $55,000--$70,000
Modified adjusted gross income phaseout--married, joint, $98,400--$128,400; all other filing status, $65,600--$80,600
Commuter highway vehicle and transit pass--$110
Qualified parking--$215
Annual Exclusion for Gifts--$12,000
Annual Exclusion for Gifts to Spouse not a Citizen--$125,000
Notice of Large Gifts Received from Foreign Persons--$13,258
Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,250,000
Valuation of Qualified Real Property in Decendent's Gross Estate (Sec. 2032A)--$940,000
Excessive Investment Income for Earned Income Tax Credit--$2,900
Unearned Income of Minor Child (Kiddie Tax)--$850 ($8,500 for parental election)
Minor Child subject to Kiddie Tax--under age 18
Maximum credit for child with special needs--$11,390
Other adoptions, gross income exclusion, qualified expenses up to $11,390
Phaseout range, modified adjusted gross income--$170,820 to $210,820
Maximum annual HSA contributions deductible--$2,850 for individual; $5,650 for family coverage
Catch-up contributions for individuals 55 or older (but less than 65) is $800 (pro rate for year).
Deductible Amounts that define High Deductible Plan:
Annual Deductible Deductibles, Co-Payments and other Amounts
Not Less Than but not Premiums Not to Exceed
Self Only $1,100 $ 5,500
Family Coverage 2,200 11,000
Purchasers in a casual sale for less than $1,290 or a machanic's lienor that repair or improved certain residential property if the contract price is not more than $6,450.
Attained Age Before the Close of the Tax Year Limitation on Premiums
40 or less $ 290
More than 40 but not more than 50 550
More than 50 but not more than 60 1,110
More than 60 but not more than 70 2,950
More than 70 3,680
OASDI Wage Base--$97,500
Household employee cash wages threshold--$1,500
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 7,550 $ 0.00 10 $ 0
7,550 30,650 755.00 15 7,550
30,650 74,200 4,220.00 25 30,650
74,200 154,800 15,107.50 28 74,200
154,800 336,550 37,675.50 33 154,800
336,550 ....... 97,653.00 35 336,550
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 15,100 $ 0.00 10 $ 0
15,100 61,300 1,510.00 15 15,100
61,300 123,700 8,440.00 25 61,300
123,700 188,450 24,040.00 28 123,700
188,450 336,550 42,170.00 33 188,450
336,550 ....... 91,043.00 35 336,550
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 7,550 $ 0.00 10 $ 0
7,550 30,650 755.00 15 7,550
30,650 61,850 4,220.00 25 30,650
61,850 94,225 12,020.00 28 61,850
94,225 168,275 21,085.00 33 94,225
168,275 ....... 45,521.50 35 168,275
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 10,750 $ 0.00 10 $ 0
10,750 41,050 1,075.00 15 10,750
41,050 106,000 5,620.00 25 41,050
106,000 171,650 21,857.50 28 106,000
171,650 336,550 40,239.50 33 171,650
336,550 ....... 94,656.50 35 336,550
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $2,050 15 $ 0
2,050 4,850 $ 307.50 25 2,050
4,850 7,400 1,007.50 28 4,850
7,400 10,050 1,721.50 33 7,400
10,050 ..... 2,596.00 35 10,050
For taxpayers in the 10% or 15% bracket--5% For taxpayers in higher brackets--15% Tax on unrecaptured Sec. 1250 gain--25% Capital gain rate on collectibles--28%
Filing Status Standard Deduction Married filing joint and surviving spouses $10,300 Heads of Household 7,550 Single individuals 5,150 Married, filing separate 5,150 Dependent's Standard Deduction--No more than the greater of $850 or $300 plus the individual's earned income.Additional standard deduction for aged and blind--$1,000 each ($1,250 if individual is unmarried and not surviving spouse)
All filing status but married separate--$150,500; Married, separate--$75,250
Amount--$3,300
Phaseout of Personal Exemption--
Filing Status AGI Begin Phaseout AGI Fully Phased Out Married, filing joint/surviving spouse $225,750 $348,250 Heads of household 188,150 310,650 Single 150,500 273,100 Married, filing separate 112,875 174,125
First $175,000 ($87,500 married, separate) of Alternative Minimum Taxable Income 26% Over $175,000 of AMTI (Alternative Minimum Taxable Income) 28% Exemptions: Joint Filers $62,550 Married, separate 31,275 Single (and head of household) 42,500 Estates & Trusts 22,500 Child subject to Kiddie Tax 6,050
Exemption Phaseout: 25% of amount AMTI exceeds: $150,000 for married, joint and surviving spouses $112,500 single (and head of household) $75,000 married, filing separate
Phaseout begins at modified adjusted gross income, $90,000 joint return; $45,000 all others.
Hope credit, 100% of first $1,100; 50% of next $1,100.
Maximum interest deduction--$2,500
Modified adjusted gross income phaseout range--
Married, joint, $105,000--$135,000; all other filing status, $50,000--$65,000
Modified adjusted gross income phaseout begins--married, joint, $94,700--$124,700; all other filing status, $63,100--$78,100
Commuter highway vehicle and transit pass--$105
Qualified parking--$205
Annual Exclusion for Gifts--$12,000
Annual Exclusion for Gifts to Spouse not a Citizen--$120,000
Notice of Large Gifts Received from Foreign Persons--$12,760
Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,200,000
Valuation of Qualified Real Property in Decendent's Gross Estate (Sec. 2032A)--$900,000
Excessive Investment Income for Earned Income Tax Credit--$2,800
Unearned Income of Minor Child (Kiddie Tax)--$850 ($8,500 for parental election)
Minor Child subject to Kiddie Tax--under age 18
Maximum credit for child with special needs--$10,960
Other adoptions, gross income exclusion, qualified expenses up to $10,960
Phaseout range, modified adjusted gross income--$164,410 to $204,410
Maximum annual HSA contributions deductible--$2,700 for individual; $5,450 for family coverage
Catch-up contributions for individuals 55 or older ( but less than 65) is $700 (pro rate for year).
Deductible Amounts that define High Deductible Plan:
Annual Deductible Deductibles, Co-Payments and other Amounts
Not Less Than but not Premiums Not to Exceed
Self Only $1,050 $ 5,250
Family Coverage 2,100 10,500
Purchasers in a casual sale for less than $1,240 or a machanic's lienor that repair or improved certain residential property if the contract price is not more than $6,210.
Attained Age Before the Close of the Tax Year Limitation on Premiums
40 or less $ 280
More than 40 but not more than 50 530
More than 50 but not more than 60 1,060
More than 60 but not more than 70 2,830
More than 70 3,530
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 7,300 $ 0.00 10 $ 0
7,300 29,700 730.00 15 7,300
29,700 71,950 4,090.00 25 29,700
71,950 150,150 14,652.50 28 71,950
150,150 326,450 36,548.50 33 150,150
326,450 ....... 94,727.50 35 326,450
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 14,600 $ 0.00 10 $ 0
14,600 59,400 1,460.00 15 14,600
59,400 119,950 8,180.00 25 59,400
119,950 182,800 23,317.50 28 119,950
182,800 326,450 40,915.50 33 182,800
326,450 ....... 88,320.00 35 326,450
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 7,300 $ 0.00 10 $ 0
7,300 29,700 730.00 15 7,300
29,700 59,975 4,090.00 25 29,700
59,975 91,400 11,658.75 28 59,975
91,400 163,225 20,457.75 33 91,400
163,225 ....... 44,160.00 35 163,225
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 10,450 $ 0.00 10 $ 0
10,450 39,800 1,045.00 15 10,450
39,800 102,800 5,447.50 25 39,800
102,800 166,450 21,197.50 28 102,800
166,450 326,450 39,019.50 33 166,450
326,450 ....... 91,819.50 35 326,450
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $2,000 15 $ 0
2,000 4,700 $ 300.00 25 2,000
4,700 7,150 975.00 28 4,700
7,150 9,750 1,661.00 33 7,150
9,750 ..... 2,519.00 35 9,750
For taxpayers in the 10% or 15% bracket--5% For taxpayers in higher brackets--15% Tax on unrecaptured Sec. 1250 gain--25% Capital gain rate on collectibles--28%
Filing Status Standard Deduction Married filing joint and surviving spouses $10,000 Heads of Household 7,200 Single individuals 5,000 Married, filing separate 5,000 Dependent No more than the greater of $800 or $250 plus the individual's earned income Additional standard deduction for aged and blind--$1,000 each ($1,250 if individual is unmarried and not surviving spouse)
All filing status but married separate--$145,950; Married, separate--$72,975
Amount--$3,200
Phaseout of Personal Exemption--
Filing Status AGI Begin Phaseout AGI Fully Phased Out Married, filing joint/surviving spouse $218,950 $341,450 Heads of household 182,450 304,950 Single 145,950 268,450 Married, filing separate 109,475 170,725
First $175,000 ($87,500 married, separate) of Alternative Minimum Taxable Income 26% Over $175,000 of AMTI (Alternative Minimum Taxable Income) 28% Exemptions: Joint Filers $58,000 Married, separate 29,000 Single (and head of household) 40,250 Estates & Trusts 22,500 Exemption Phaseout: 25% of amount AMTI exceeds: $150,000 for married, joint and surviving spouses $112,500 single (and head of household) $75,000 married, filing separate
Modified adjusted gross income, $87,000 joint return; $43,000 all others.
Maximum interest deduction--$2,500
Modified adjusted gross income phaseout range--
Married, joint, $105,000--$135,000
All other filing status, $50,000--$65,000
Modified adjusted gross income phaseout range--
Married, joint, $91,850--$121,850
All other filing status, $61,200--$76,200
Commuter highway vehicle and transit pass--$105
Qualified parking--$200
Notice of Large Gifts Received from Foreign Persons--$12,375
Annual Exclusion for Gifts--$11,000
Annual Exclusion for Gifts to Spouse not a Citizen--$117,000
Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,170,000
Valuation of Qualified Real Property in Decendent's Gross Estate (Sec. 2032A)--$870,000
Excessive Investment Income for Earned Income Tax Credit--$2,700
Unearned Income of Minor Child (Kiddie Tax)--$800 ($8,000 for parental election)
Maximum credit for child with special needs--$10,630
Other adoptions, qualified expenses up to $10,630
Phaseout range, modified adjusted gross income--$159,450 to $199,450
Maximum annual HSA contributions--$2,650 for individual; $5,250 for family coverage
Catch-up contributions for individuals 55 or older (less than 65) is $600 (pro rate for year).
Deductible Amounts:
Not Less Than Not to Exceed
Self Only $1,000 $ 5,100
Family 2,000 10,200
Attained Age Before the Close of the Tax Year Limitation on Premiums
40 or less $ 270
More than 40 but not more than 50 510
More than 50 but not more than 60 1,020
More than 60 but not more than 70 2,720
More than 70 3,400
Copyright 2003-2008 by A/N Group, Inc. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The information is not necessarily a complete summary of all materials on the subject.--ISSN 1089-1536
Last update 02/21/08