All numbers are adjusted for inflation.
If taxable income is: Tax is: $1 - $15,650 10% of taxable income $15,651 - $63,700 15% of taxable income $63,701 - $128,500 25% of taxable income $128,501 - $195,850 28% of taxable income $195,851 - $349,700 33% of taxable income Over $349,700 35% of taxable income
If taxable income is: Tax is: $1 - $11,200 10% of taxable income $11,201 - $42,650 15% of taxable income $42,651 - $110,100 25% of taxable income $110,101 - $178,350 28% of taxable income $178,351 - $349,700 33% of taxable income Over $349,700 35% of taxable income
If taxable income is: Tax is: $1 - $7,825 10% of taxable income $7,826 - $31,850 15% of taxable income $31,851 - $77,100 25% of taxable income $77,101 - $160,850 28% of taxable income $160,851 - $349,700 33% of taxable income Over $349,700 35% of taxable income
If taxable income is: Tax is: $1 - $7,825 10% of taxable income $7,826 - $31,850 15% of taxable income $31,851 - $64,250 25% of taxable income $64,251 - $97,925 28% of taxable income $97,926 - $174,850 33% of taxable income Over $174,850 35% of taxable income
Single $5,350 Married filing Jointly/Surviving spouses $10,700 Married filing separately $5,350 Head of household $7,850 Additional for elderly or blind (married) $1,050 Additional for elderly or blind (head of household) $1,300 Additional for elderly or blind (single) $1,300 Taxpayer dependent of another greater of $850 or $300 plus earned income, not to exceed regular standard deduction
Over 12 months 15%/5% Over 5 years Eliminated
$3,400 (zero for individual who is dependent of another taxpayer)
Taxable wages for social security up to $97,500 Maximum social security $6,045 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 eight months $12,960 Thereafter No limit
IRA Contribution Limit $4,000 50 & over catch-up $1,000 SIMPLE Deferral Limit $10,500 50 & over catch-up $2,500 401(k) Deferral Limit $15,500 50 & over catch-up $5,000
Category For 2007 Compensation Cap for Plan Purposes $225,000 Compensation for Highly Compensated Definition $100,000 Compensation for HCE Definition and Top Paid 20% $100,000 Key Employee Compensation - Officer $145,000 Key Employee Compensation - 1% Owner $150,000 Deferral Limit for 401(k) & SAR-SEPs $15,500 Deferral Limit for 403(b) Plans $15,500 Deferral Limit for 457(b) Plans $15,500 Deferral Limit for SIMPLE IRA Plans $10,500 Maximum Match for SIMPLE IRA Plans $10,500 Minimum Earnings for SEP Contribution Plans $500 Social Security Wage Base OASDI $97,500 Medicare Wage Base Unlimited
$112,000 for property placed in service in calendar years 2007.
(SUV Limit - $25,000)Investment Limitation - $450,000 of qualified property placed in service during 2007.
$1,700
Top
Expenses up to $11,390 (subject to modified AGI phase-out beginning at $170,820
to completely phased out at $210,820) per child
$3,400 maximum for taxpayer buying a hybrid or lean burn vehicle in 2007. This tax credit is adjusted quarterly when a particular manufacturer has sold 60,000 combined units after December 31, 2005.
$2,500
$2,500
Federal $2,000,000 State of Tennessee $1,000,000
45%
$12,000
Business 48.5 cents/mile Charitable activities 14 cents/mile Medical expense 20 cents/mile Moving expense 20 cents/mile
Personal exemption Single $156,400/$278,900 Joint returns & surviving spouses $234,600/$357,100 Married filing separately $117,300/$178,550 Head of household $195,500/$318,000 Itemized deductions Single/Joint/Head of Household $156,400 Married filing separately $78,200 College Savings bond interest exclusion Single/Head of Household $65,600/$80,600 Joint $98,400/$128,400 Married filing separately $0 IRA deductibility (with company pension) Single/Head of Household $52,000 - 62,000 Joint, when taxpayer has company pension $83,000 - 103,000 Joint, when spouse has company pension $156,000 -166,000 Married filing separately $0-$10,000 Roth IRA eligibility Single/Head of household $99,000 - 114,000 Joint $156,000 - 166,000 Married filing separately $0 - 10,000 Rollover of regular IRA to Roth IRA $100,000 (not allowed for married filing separately) Child credit
• $1,000 per child for 2007 for one or more qualifying childrenSingle/Head of household starts at $75,000 Joint starts at $110,000 Married filing separately starts at $55,000 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 $47,000 - 57,000 Joint $94,000 - 114,000 Married filing separately $0 Education loan interest deduction Single/Head of Household $55,000 - $70,000 Joint $110,000 - 140,000 Married filing separately $0 Higher Education Deduction Single $65,000/$80,000 Joint $130,000/$160,000 Married filing separately $0