2008 Income Tax Rates, Phaseouts, Limits, etc.
Tax Rates
|
Phaseouts
|
Limits and Other Information
Social Security (FICA)
| Base Salary |
$102,000 |
| Social Security Tax Rate |
6.20% |
| Maximum Social Security Tax |
$6,324 |
| Medicare Base Salary |
Unlimited |
| Medicare Tax Rate |
1.45% |
| Maximum Medicare Tax |
Unlimited |
| Self-Employment Tax Rate |
15.30% |
Retirement Plans
| Maximum IRA Contribution |
$5,000 if under age 50 |
| |
$6,000 if 50 or older |
| Maximum SIMPLE contribution |
$10,500 if under age 50 |
| |
$13,000 if 50 or older |
| Maximum SEP contribution |
25% of compensation to a max of $46,000 |
| Maximum 401(k) contribution |
$15,500 if under age 50 |
| |
$20,500 if 50 or older |
Education
| Lifetime Learning Credit |
$2,000 |
| Hope Credit |
$1,800 |
| Student Loan Interest Deduction |
$2,500 |
| Coverdell Education Savings Contribution |
$2,000 |
Other Information
| Personal/Dependent Exemption |
$3,500 |
| Child Tax Credit |
$1,000 |
| Standard Deduction--Single |
$5,450 |
| Standard Deduction--Head of Household |
$8,000 |
| Standard Deduction--Married Joint |
$10,900 |
| Standard Deduction--Married Separate |
$5,450 |
| Addtl Standard Deduction Blind/Elderly--Unmarried |
$1,350 |
| Addtl Standard Deduction Blind/Elderly--Married |
$1,050 |
| Dependent Standard Deduction (Minimum) |
$900 |
| Unearned income of child under 19 before kiddie tax applies |
$1,800 |
| Exemption from gain on sale of principal residence for Single taxpayers |
$250,000 |
| Exemption from gain on sale of principal residence for Married Filing Joint taxpayers |
$500,000 |
| Annual exclusion for gifts |
$12,000 |
| Estate tax exemption |
$2,000,000 |
| Business mileage rate |
50.5 cents |
| Charitable mileage rate |
14 cents |
| Medical and moving mileage rate |
19 cents |
| Sec. 179 business equipment deduction |
$128,000 |
|
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