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News
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| FILING STATUS |
IF TAXABLE INCOME IS: |
| Married |
| Over |
But not over |
The tax is |
Amount over |
| $ 0 |
$16,050 |
10% |
|
| 16,051 |
$65,100 |
15% minus |
$802.50 |
| 65,101 |
$131,450 |
25% minus |
$7,312.50 |
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| |
|
| Single |
| $ 0 |
$ 8,025 |
10% |
$ 0 |
| 8,026 |
32,550 |
15% minus |
$ 401.25 |
| 32,551 |
78,850 |
25% minus |
$3,656.25 |
|
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| |
|
| HOH |
| $ 0 |
$11,450 |
10% |
$ 0 |
| 11,451 |
$43,650 |
15% minus |
$ 572.50 |
| $43,651 |
$112,650 |
25% minus |
$4,937.50 |
Estate Tax Exclusion and Credit-2008
$2,000,000 Exclusion $780,800 Credit
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Gift Tax Exclusion and Credit-2008
$1,000,000 Exclusion $345,800 Credit
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| CORPORATE TAX RATES |
IF TAXABLE INCOME IS: |
| |
| Over |
But not over |
The tax is |
Amount over |
| $ 0 |
$50,000 |
15% |
0 |
| 50,001 |
$75,000 |
25% minus |
$5,000 |
| 75,001 |
$100,000 |
34% minus |
$11,750 |
| 100,001 |
$35,000 |
39% minus |
$16,750 |
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Qualified Retirement Plan Contributions-2007 |
Maximum elective deferral to retirement plans, e.g., 401(k), 403(b) ..............…..$15,500 |
Catch-up contribution limit for 401(k), 403(b), and 457 plans ...........…...................5,000 |
Maximum elective deferral to SIMPLE 401(k) plans ..........................…................10,500 |
Catch-up contribution limit for SIMPLE plans ..........................................................1,500 |
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Capital Gains Tax |
| |
Short-term(less than 12 months) |
Long-term(more than 12 months) |
| Tax bracket: |
|
|
| 10%, 15% brackets |
Ordinary rate |
5% |
| Other |
Ordinary rate |
15% |
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Tax On Qualified Dividends (investments held more than one year) |
| |
Tax |
|
| Tax bracket: |
|
|
| 10%, 15% brackets |
5% |
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| Other |
15% |
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KIDDIE TAX-2007 |
| First $850 of unearned income for kids under age 18: |
No tax |
| Next $850 of unearned income for kids under age 18: |
Tax imposed on child’s tax bracket |
| Unearned income exceeding $1,700 for kids under age 18: |
Tax imposed at parent’s tax bracket |
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2008 STANDARD DEDUCTIONS |
| MARRIED FILING JOINT OR QUALIFIYING WIDOW (ER): |
No tax |
| SINGLE: |
$ 5,450 |
| HEAD OF HOUSEHOLD: |
$8,000 |
| 2008 PERSONAL EXEMPTIONS: |
$ 3,500 |
| TAX ON QUALIFIED DIVIDENDS
2008 MAXIMUM EARNING SUBJECT TO SOCIAL SECURITY TAX
|
$102,000 |
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Our mailing address
P.O. Box 47605 Phoenix AZ 85068-7605. |
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Our physical address
2432 West Peoria, Suite 1168, Building 9.
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