Small Business Taxes & Management--Copyright 1998-2009, 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
2010--Individual Income Tax Rates, Other Data
2009--Individual Income Tax Rates, Other Data
Prior Years--
2008--Individual Income Tax Rates, Other Data
2007--Individual Income Tax Rates, Other Data
2006--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%
2010 2009 2008 2007 2006 2005
$134,000 $250,000 $250,000 $125,000 $108,000 $105,000
Phaseout--$530,000 for 2010; $800,000 for 2009; $800,000 for 2008; $500,000 for 2007; $430,000 for 2006; $420,000 for 2005.
Tax Rate Schedules for Individuals and Trusts--2010
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 8,375 $ 0.00 10 $ 0
8,375 34,000 837.50 15 8,375
34,000 82,400 4,681.25 25 34,000
82,400 171,850 16,781.25 28 82,400
171,850 373,650 41,827.25 33 171,850
373,650 ....... 108,421.25 35 373,650
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 16,750 $ 0.00 10 $ 0
16,750 68,000 1,675.00 15 16,750
68,000 137,300 9,362.50 25 68,000
137,300 209,250 26,687.50 28 137,300
209,250 373,650 46,833.50 33 209,250
373,650 ....... 101,085.50 35 373,650
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 8,375 $ 0.00 10 $ 0
8,375 34,000 837.50 15 8,375
34,000 68,650 4,681.25 25 34,000
68,650 104,625 13,343.75 28 68,650
104,625 186,825 23,416.75 33 104,625
186,825 ....... 50,542.75 35 186,825
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 11,950 $ 0.00 10 $ 0
11,950 45,550 1,195.00 15 11,950
45,550 117,650 6,235.00 25 45,550
117,650 190,550 24,260.00 28 117,650
190,550 373,650 44,672.00 33 190,550
373,650 ....... 105,095.00 35 373,650
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $2,300 0.00 15 $ 0
2,300 5,350 $ 345.00 25 2,300
5,350 8,200 1,107.50 28 5,350
8,200 11,200 1,905.50 33 8,200
11,200 ..... 2,895.50 35 11,200
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 $11,400 Heads of Household 8,400 Single individuals 5,700 Married, filing separate 5,700Dependent's Standard Deduction--No more than the greater of $950 or $300 plus the individual's earned income.
Additional standard deduction for aged and blind--$1,100 each ($1,400 if individual is unmarried and not surviving spouse)
Amount--$3,650
No phaseout of personal exemption in 2010.
100% of first $2,000 of education expenses; 25% of expenses between $2,000 and $4,000 (maximum $2,500)
Phaseout begins at modified adjusted gross income of $160,000 joint return; $80,000 all others.
Credit completely phased out at $180,000 ($90,000).
Phaseout begins at modified adjusted gross income of $100,000 joint return; $50,000 all others.
Maximum interest deduction--$2,500
Modified adjusted gross income phaseout range--Married, joint, $120,000--$150,000; all other filing status, $60,000--$75,000
Modified adjusted gross income phaseout--married, joint, $105,100--$135,100; all other filing status, $70,100--$85,100
Commuter highway vehicle and transit pass--$230
Qualified parking--$230
Number of Qualifying Children
Item One Two or More Three or More None
Earned Income Amount $ 8,970 $12,590 $12,950 $ 5,980
Maximum Amount of Credit 3,050 5,036 5,666 457
Threshold Phaseout (single, surviving
spouse or head of household) 16,450 16,450 16,450 7,480
Completed Phaseout (single, surviving
spouse or head of household) 35,535 40,363 43,352 13,460
Threshold Phaseout (married, joint) 21,460 21,460 21,460 12,490
Completed Phaseout (married, joint) 40,545 45,373 48,362 18,470
Excessive Investment Income for Earned Income Tax Credit--$3,100
Annual Exclusion for Gifts--$13,000
Annual Exclusion for Gifts to Spouse not a Citizen--$134,000
Notice of Large Gifts Received from Foreign Persons--$14,165
Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,340,000
Valuation of Qualified Real Property in Decendent's Gross Estate (Sec. 2032A)--$1,000,000
Unearned Income of Minor Child (Kiddie Tax)--$950 ($9,500 for parental election)
Foreign Earned Income Exclusion--$91,500
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--$12,170
Maximum credit, other adoptions--$12,170
Other adoptions, gross income exclusion, qualified expenses up to $12,170
Phaseout range, modified adjusted gross income--$182,520 to $222,520
Purchasers in a casual sale for less than $1,380 or a mechanic's lienor that repair or improved certain residential property if the contract price is not more than $6,890.
Property exempt from levy under Sec. 6334(a)(2) cannot exceed $8,520. Property exempt from levy under Sec. 6334(a)(3) (books and tools for trade or business) cannot exceed $4,120.
Attained Age Before the Close of the Tax Year Limitation on Premiums
40 or less $ 330
More than 40 but not more than 50 620
More than 50 but not more than 60 1,230
More than 60 but not more than 70 3,290
More than 70 4,110
OASDI Wage Base--$106,800
Quarter of coverage--$1,090
Maximum annual HSA contributions deductible--$3,050 for individual; $6,150 for family coverage
Catch-up contributions for individuals 55 or older (but less than 65) is $1,000 (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 $1,200 $ 5,950
Family Coverage 2,400 11,900
Tax Rate Schedules for Individuals and Trusts--2009
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 8,350 $ 0.00 10 $ 0
8,350 33,950 835.00 15 8,350
33,950 82,250 4,675.00 25 33,950
82,250 171,550 16,750.00 28 82,250
171,550 372,950 41,754.00 33 171,550
372,950 ....... 108,216.00 35 372,950
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 16,700 $ 0.00 10 $ 0
16,700 67,900 1,670.00 15 16,700
67,900 137,050 9,350.00 25 67,900
137,050 208,850 26,637.50 28 137,050
208,850 372,950 46,741.50 33 208,850
372,950 ....... 100,894.50 35 372,950
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 8,350 $ 0.00 10 $ 0
8,350 33,950 835.00 15 8,350
33,950 68,525 4,675.00 25 33,950
68,525 104,425 13,318.75 28 68,525
104,425 186,475 23,370.75 33 104,425
186,475 ....... 50,447.25 35 186,475
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 11,950 $ 0.00 10 $ 0
11,950 45,500 1,195.00 15 11,950
45,500 117,450 6,227.50 25 45,500
117,450 190,200 24,215.00 28 117,450
190,200 372,950 44,585.00 33 190,200
372,950 ....... 104,892.50 35 372,950
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $2,300 0.00 15 $ 0
2,300 5,350 $ 345.00 25 2,300
5,350 8,200 1,107.50 28 5,350
8,200 11,150 1,905.50 33 8,200
11,150 ..... 2,879.00 35 11,150
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 $11,400 Heads of Household 8,350 Single individuals 5,700 Married, filing separate 5,700Dependent's Standard Deduction--No more than the greater of $950 or $300 plus the individual's earned income.
Additional standard deduction for aged and blind--$1,100 each ($1,400 if individual is unmarried and not surviving spouse)
Additional standard deduction for real estate taxes--$500 max. ($1,000 if married filing joint) if not itemizing.
Additional standard deduction for sales tax paid on new motor vehicle purchased on or after February 17, 2009 and in or before December 31, 2009. Amount phased out for taxpayers with AGI between $125,000 ($250,000 married, joint) and $135,000 ($260,000 married, joint).
Additional standard deduction for casualty losses in federally declared disaster area.
All filing status but married separate--$166,800; Married, separate--$83,400
Amount--$3,650
Phaseout of Personal Exemption--
Filing Status AGI Begin Phaseout AGI Maximum Phaseout Married, filing joint/surviving spouse $250,200 $372,700 Heads of household 208,500 331,000 Single 166,800 289,300 Married, filing separate 125,100 186,350For taxable years beginning in 2009 the exemption amount for taxpayers with AGI in excess of the maximum phaseout amount is $2,433.
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 $70,950 Married, separate $35,475 Single (and head of household) $46,700 Estates & Trusts $22,500 Child subject to Kiddie Tax $6,700 (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
100% of first $2,000 of education expenses; 25% of expenses between $2,000 and $4,000 (maximum $2,500)
Phaseout begins at modified adjusted gross income of $160,000 joint return; $80,000 all others.
Credit completely phased out at $180,000 ($90,000).
Phaseout begins at modified adjusted gross income of $100,000 joint return; $50,000 all others.
Maximum interest deduction--$2,500
Modified adjusted gross income phaseout range--Married, joint, $120,000--$150,000; all other filing status, $60,000--$75,000
Modified adjusted gross income phaseout--married, joint, $104,900--$134,900; all other filing status, $69,950--$84,950
Commuter highway vehicle and transit pass 1/09-2/09--$120
Commuter highway vehicle and transit pass 2/09-12/09--$230
Qualified parking--$230
Annual Exclusion for Gifts--$13,000
Annual Exclusion for Gifts to Spouse not a Citizen--$133,000
Notice of Large Gifts Received from Foreign Persons--$14,139
Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,330,000
Valuation of Qualified Real Property in Decendent's Gross Estate (Sec. 2032A)--$1,000,000
Unearned Income of Minor Child (Kiddie Tax)--$950 ($9,500 for parental election)
Foreign Earned Income Exclusion--$91,400
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--$12,150
Maximum credit, other adoptions--$12,150
Other adoptions, gross income exclusion, qualified expenses up to $12,150
Phaseout range, modified adjusted gross income--$182,180 to $222,180
Purchasers in a casual sale for less than $1,380 or a mechanic's lienor that repair or improved certain residential property if the contract price is not more than $6,880.
Attained Age Before the Close of the Tax Year Limitation on Premiums
40 or less $ 320
More than 40 but not more than 50 600
More than 50 but not more than 60 1,190
More than 60 but not more than 70 3,180
More than 70 3,980
OASDI Wage Base--$106,800
Household employee cash wages threshold--$1,700
Quarter of coverage--$1,090
Maximum annual HSA contributions deductible--$3,000 for individual; $5,950 for family coverage
Catch-up contributions for individuals 55 or older (but less than 65) is $1,000 (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 $1,150 $ 5,800
Family Coverage 2,300 11,600
Sales tax on new vehicles purchased after February 16, 2009 is deductible. Only the first $49,500 of vehicle cost qualifies. Deductions is phased out for AGI between $250,000 and $260,000 (married, joint) or $125,000 and $135,000 (single).
Tax Rate Schedules for Individuals and Trusts--2008
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)
Additional standard deduction for real estate taxes--$500 max. ($1,000 if married filing joint) if not itemizing.
Additional standard deduction for casualty losses in federally declared disaster area.
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 $69,950 Married, separate $34,975 Single (and head of household) $46,200 Estates & Trusts $22,500 Child subject to Kiddie Tax $6,400 (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 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 mechanic'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 mechanic'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 mechanic'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
Copyright 2003-2009 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 11/24/09