| Tax Rates
2005 Individual Tax Rates & Limits
|
2005 Tax Rate - Single Taxpayers - Standard Deduction $5,000 |
|
10% |
0 - 7,300 |
|
15% |
7,301 - 29,700 |
|
25% |
29,701 - 71,950 |
|
28% |
71,951 - 150,150 |
|
33% |
150,151 - 326,450 |
|
35% |
Over 326,450 |
|
2005 Tax Rate - Married Jointly & Surviving Spouses-Standard Deduction $10,000 |
|
10% |
0 - 14,600 |
|
15% |
14,601 - 59,400 |
|
25% |
59,401 - 119,950 |
|
28% |
119,951 - 182,800 |
|
33% |
182,801 - 326,450 |
|
35% |
Over 326,450 |
|
2005 Tax Rate - Married Filing Separately - Standard Deduction $5,000 |
|
10% |
0 - 7,300 |
|
15% |
7,301 - 29,700 |
|
25% |
29,701 - 59,975 |
|
28% |
59,976 - 91,400 |
|
33% |
91,401 - 163,225 |
|
35% |
Over 163,225 |
|
2005 Tax Rate - Head of Household - Standard Deduction $7,300 |
|
10% |
1 - 10,450 |
|
15% |
10,451 - 39,800 |
|
25% |
39,801 - 102,800 |
|
28% |
102,801 - 166,450 |
|
33% |
166,451 - 326,450 |
|
35% |
Over 326,450 |
|
2005 Tax Rate - Estates & Trusts |
|
15% |
1 - 2,000 |
|
25% |
2,001 - 4,700 |
|
28% |
4,701 - 7,150 |
|
33% |
7,151 - 9,750 |
|
35% |
Over 9,750 |
|
Miscellaneous |
2005 Tax Rates |
|
Business equipment expensing deduction |
$105,000 |
|
Maximum deduction for interest on higher education loans |
$2,500 |
|
Prior-year safe harbor for estimated taxes of higher-income |
110% of your 2004 tax liability |
|
Standard mileage rate for business driving |
January 1 - August 31 40.5 cents
September 1 - December 31 48.5 cents |
|
Unearned income maximum for children before kiddie tax applies |
$800 |
|
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 employee contribution to SIMPLE retirement plans |
$10,000 if under age 50 $12,000 if 50 or older |
|
401(k) maximum employee contribution limit |
$14,000 if under age 50 $18,000 if 50 or older |
|
Self-employed health insurance deduction |
100% |
| Estate tax exemption |
$1,500,000 |
|
Annual Exclusion for Gifts |
$11,000 | |