| Tax Rates
2008 Individual Tax Rates & Limits
|
2008 Tax Rate - Single Taxpayers - Standard Deduction $5,450
|
|
10%
|
$ 0 - 8,025 |
|
15%
|
8,025 - 32,550
|
|
25%
|
32,550 - 78,850
|
|
28%
|
78,850 - 164,550
|
|
33%
|
164,550 - 357,700
|
|
35%
|
Over 357,700
|
|
2008 Tax Rate - Married Jointly & Surviving Spouses-Standard Deduction $10,900
|
|
10%
|
$ 0 - 16,050
|
|
15%
|
16,050 - 65,100
|
|
25%
|
65,100 - 131,450
|
|
28%
|
131,450 - 200,300
|
|
33%
|
200,300 - 357,700
|
|
35%
|
Over 357,700
|
|
2008 Tax Rate - Married Filing Separately - Standard Deduction $5,450
|
|
10%
|
$ 0 - 8,025
|
|
15%
|
8,025 - 32,550
|
|
25%
|
32,550 - 65,725
|
|
28%
|
65,725 - 100,150
|
|
33%
|
100,150 - 178,850
|
|
35%
|
Over 178,850
|
|
2008 Tax Rate - Head of Household - Standard Deduction $8,000
|
|
10%
|
$ 0 - 11,450
|
|
15%
|
11,450 - 43,650
|
|
25%
|
43,650 - 112,650
|
|
28%
|
112,650 - 182,400
|
|
33%
|
182,400 - 357,700
|
|
35%
|
Over 357,700
|
|
2008 Tax Rate - Estates & Trusts
|
|
15%
|
1 - 2,200
|
|
25%
|
2,201 - 5,150
|
|
28%
|
5,151 - 7,850
|
|
33%
|
7,851 - 10,700
|
|
35%
|
Over 10,700
|
|
Miscellaneous
|
2008 Tax Rates
|
|
Business equipment expensing deduction
|
$250,000
|
|
Maximum deduction for interest on higher education loans
|
$2,500
|
|
Prior-year safe harbor for estimated taxes of higher-income
|
110% of your 2007 tax liability
|
|
Standard mileage rate for business driving
|
January 1 - June 30 50.0 cents
July 1 - December 31 58.5 cents
|
|
Unearned income maximum for children before kiddie tax applies
|
$900
|
|
Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket
|
0%
|
|
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
|
$10,500 if under age 50
$13,000 if 50 or older
|
|
401(k) maximum employee contribution limit
|
$15,500 if under age 50
$20,500 if 50 or older
|
|
Self-employed health insurance deduction
|
100%
|
| Estate tax exemption |
$2,000,000 |
|
Annual Exclusion for Gifts
|
$12,000
|
|