Tax Rates |
| |||
10% | 0 to 7,825 | ||
15% | 7,826 to 31,850 | ||
25% | 31,851 to 77,100 | ||
28% | 77,101 – 160,850 | ||
33% | 160,851 – 349,700 | ||
35% | Over 349,700 | ||
2007 Tax RatesStandard Deduction $10,700 - Married Jointly & Surviving Spouses - | |||
10% | 0 – 15,650 | ||
15% | 15,651 – 63,700 | ||
25% | 63,701 – 128,500 | ||
28% | 128,501 – 195,850 | ||
33% | 195,851 – 349,700 | ||
35% | Over 349,700 | ||
2007 Tax RatesStandard Deduction $5,350 - Married Filing Separately - | |||
10% | 0 – 7,825 | ||
15% | 7,826 – 31,850 | ||
25% | 31,851 – 64,250 | ||
28% | 64,251 – 97,925 | ||
33% | 97,926 – 174,850 | ||
35% | Over 174,850 | ||
2007 Tax RatesStandard Deduction $7,850 - Head of Household - | |||
10% | 1 – 11,200 | ||
15% | 11,201 – 42,650 | ||
25% | 42,651 – 110,100 | ||
28% | 110,101 – 178,350 | ||
33% | 178,351 – 349,700 | ||
35% | Over 349,700 | ||
2007 Tax Rates - Estates & Trusts | |||
15% | 1 – 2,150 | ||
25% | 2,151 – 5,000 | ||
28% | 5,001 – 7,650 | ||
33% | 7,651 – 10,450 | ||
35% | Over 10,450 | ||
Miscellaneous | 2007 Tax Rates |
Personal Exemption | $3,400 |
Business equipment expensing deduction | $112,000 |
Prior-year safe harbor for estimated taxes of higher-income | 110% of your 2006 tax liability |
Standard mileage rate for business driving | 48.5 cents |
Standard mileage rate for medical/moving driving | 20 cents |
Standard mileage rate for charitable driving | 14 cents |
Child Tax Credit | $1,000 |
Unearned income maximum for children under 18 before kiddie tax applies | $1,700 |
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 contribution for Traditional/Roth IRA | $4,000 if under age 50 |
Maximum employee contribution to SIMPLE IRA | $10,500 if under age 50 |
Maximum Contribution to SEP IRA | 25% of eligible compensation |
401(k) maximum employee contribution limit | $15,500 if under age 50 |
Self-employed health insurance deduction | 100% |
Estate tax exemption | $2,000,000 |
Annual Exclusion for Gifts | $12,000 |