2008 Tax Rates Schedule X - Single |
||
If taxable income is over |
But not over |
The tax is |
$0 |
$8,025 |
10% of the taxable amount |
$8,025 |
$32,550 |
$802.50 plus 15% of the amount over $8,025 |
$32,550 |
$78,850 |
$4,481.25 plus 25% of the amount over $32,550 |
$78,850 |
$164,550 |
$16,056.25 plus 28% of the amount over $78,850 |
$164,550 |
$357,700 |
$40,052.25 plus 33% of the amount over $164,550 |
$357,700 |
no limit |
$103,791.75 plus 35% of the amount over $357,700 |
2008 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er) |
||
If taxable income is over |
But not over |
The tax is |
$0 |
$16,050 |
10% of the taxable amount |
$16,050 |
$65,100 |
$1,605 plus 15% of the amount over $16,050 |
$65,100 |
$131,450 |
$8,962.50 plus 25% of the amount over $65,100 |
$131,450 |
$200,300 |
$25,550 plus 28% of the amount over $131,450 |
$200,300 |
$357,700 |
$44,828 plus 33% of the amount over $200,300 |
$357,700 |
no limit |
$96,770 plus 35% of the amount over $357,700 |
2008 Tax Rates Schedule Y-2 - Married Filing Separately |
||
If taxable income is over |
But not over |
The tax is |
$0 |
$8,025 |
10% of the taxable amount |
$8,025 |
$32,550 |
$802.50 plus 15% of the amount over $8,025 |
$32,550 |
$65,725 | $4,481.25 plus 25% of the amount over $32,550 |
$65,725 |
$100,150 |
$12,775 plus 28% of the amount over $65,725 |
$100,150 |
$178,850 |
$22,414 plus 33% of the amount over $100,150 |
$178,850 |
no limit |
$48,385 plus 35% of the amount over $178,850 |
2008 Tax Rates Schedule Z - Head of Household |
||
If taxable income is over |
But not over |
The tax is |
$0 |
$11,450 |
10% of the taxable amount |
$11,450 |
$43,650 |
$1,145 plus 15% of the amount over $11,450 |
$43,650 |
$112,650 |
$5,975 plus 25% of the amount over $43,650 |
$112,650 |
$182,400 |
$23,225 plus 28% of the amount over $112,650 |
$182,400 |
$357,700 |
$42,755 plus 33% of the amount over $182,400 |
$357,700 |
no limit |
$100,604 plus 35% of the amount over $357,700 |
Miscellaneous 2008 Tax Rates |
|
Personal Exemption |
$3,500 |
Business Equipment Expense Deduction |
$250,000 |
Prior-year safe harbor for estimated taxes of higher-income |
110% of your 2007 tax liability |
Standard mileage rate for business driving |
58.5 cents |
Standard mileage rate for medical/moving driving |
19 cents |
Standard mileage rate for charitable driving |
14 cents |
Child Tax Credit |
$1,000 |
Unearned income maximum for children before kiddie tax applies |
$1800 |
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 contribution for Traditional/Roth IRA |
$5,000 if under age 50 |
Maximum employee contribution to SIMPLE IRA |
$10,500 if under age 50 |
Maximum Contribution to SEP IRA |
25% of compensation up to $46,000 |
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 |