All numbers are adjusted for inflation.
If taxable income is: Tax is: $1 - $14,300 10% of taxable income $14,301 - $58,100 15% of taxable income $58,101 - $117,250 25% of taxable income $117,251 - $178,650 28% of taxable income $178,651 - $319,100 33% of taxable income Over $319,100 35% of taxable income
If taxable income is: Tax is: $1 - $10,200 10% of taxable income $10,201 - $38,900 15% of taxable income $38,901 - $100,500 25% of taxable income $100,501 - $162,700 28% of taxable income $162,701 - $319,100 33% of taxable income Over $319,100 35% of taxable income
If taxable income is: Tax is: $1 - $7,150 10% of taxable income $7,151 - $29,050 15% of taxable income $29,051 - $70,350 25% of taxable income $70,351 - $146,750 28% of taxable income $146,751 - $319,100 33% of taxable income Over $319,100 35% of taxable income
If taxable income is: Tax is: $1 - $7,150 10% of taxable income $7,151 - $29,050 15% of taxable income $29,051 - $58,625 25% of taxable income $58,626 - $89,325 28% of taxable income $89,326 - $159,550 33% of taxable income Over $159,550 35% of taxable income
Single $4,850 Married filing Jointly/Surviving spouses $9,700 Married filing separately $4,850 Head of household $7,150 Additional for elderly or blind (married) $950 Additional for elderly or blind (single) $1,200 Taxpayer dependent of another greater of $800 or $250 plus earned income, not to exceed regular standard deduction
Over 12 months 15%/5% Over 5 years Eliminated
$3,100 (zero for individual who is dependent of another taxpayer)
Taxable wages for social security up to $87,900 Maximum social security $5,450 Social security tax rate for both employers and employees 6.20% Social security tax rate for self-employed 12.4% Taxable wages for Medicare All Maximum Medicare tax No limit Medicare tax rate for both employers and employees 1.45% Medicare tax rate for self-employed 2.9% Self-employed health insurance deduction 100%
Under age 65 and four months $11,640 Age 65 and over No limit
IRA Contribution Limit $3,000 50 & over catch-up $500 SIMPLE Deferral Limit $9,000 50 & over catch-up $1,500 401(k) Deferral Limit $13,000 50 & over catch-up $3,000
Category For 2004 Compensation Cap for Plan Purposes $200,000 Compensation for Highly Compensated Definition $90,000 Compensation for HCE Definition and Top Paid 20% $90,000 Key Employee Compensation - Officer $130,000 Key Employee Compensation - 1% Owner $150,000 Deferral Limit for 401(k) & SAR-SEPs $13,000 Deferral Limit for 403(b) Plans $13,000 Deferral Limit for 457(b) Plans $13,000 Deferral Limit for SIMPLE IRA Plans $9,000 Maximum Match for SIMPLE IRA Plans $9,000 Minimum Earnings for SEP Contribution Plans $450 Social Security Wage Base OASDI $87,900 Medicare Wage Base Unlimited
$102,000 for property placed in service in calendar years 2004.
$1,600
Expenses up to $10,390 (subject to AGI phase-out beginning at $155,860
to completely phased out at $195,860)
$2,500
$4,000/$2,000
$1,500,000
48%
$11,000
Business 44.5 cents/mile Charitable activities 14 cents/mile Medical expense 14 cents/mile Moving expense 14 cents/mile
Personal exemption Single $142,700/$265,200 Joint returns & surviving spouses $214,050/$336,550 Married filing separately $107,025/$168,275 Head of household $178,350/$300,850 Itemized deductions Single/Joint/Head of Household $142,700 Married filing separately $71,350 College Savings bond interest exclusion Single/Head of Household $59,850/$74,850 Joint $89,750/$119,750 Married filing separately $0 IRA deductibility (with company pension) Single/Head of Household $45,000 - 55,000 Joint, when taxpayer has company pension $65,000 - 75,000 Joint, when spouse has company pension $150,000 -160,000 Married filing separately $0-$10,000 Roth IRA eligibility Single/Head of household $95,000 - 110,000 Joint $150,000 - 160,000 Married filing separately $0 - 10,000 Rollover of regular IRA to Roth IRA $100,000 (not allowed for married filing separately) Education IRA Single/Head of household $95,000 - 110,000 Married filing separately $95,000 - 110,000 Joint $190,000 - 220,000 HOPE/Lifetime learning credits Single/Head of household $42,000 - 52,000 Joint $85,000 - 105,000 Married filing separately $0 Education loan interest deduction Single/Head of Household $50,000 - $65,000 Joint $100,000 - 130,000 Married filing separately $0 Child credit
• $1,000 per child for 2003 and 2004
• $600 per child thereafterSingle/Head of household starts at $75,000 Joint starts at $110,000 Married filing separately starts at $55,000 Higher Education Deduction Single $65,000/$80,000 Joint $130,000/$160,000 Married filing separately $0