All numbers are adjusted for inflation.
If taxable income is: Tax is: $1 - $16,050 10% of taxable income $16,051 - $65,100 15% of taxable income $65,101 - $131,450 25% of taxable income $131,451 - $200,300 28% of taxable income $200,301 - $357,700 33% of taxable income Over $357,700 35% of taxable income
If taxable income is: Tax is: $1 - $11,450 10% of taxable income $11,451 - $43,650 15% of taxable income $43,651 - $112,650 25% of taxable income $112,651 - $182,400 28% of taxable income $182,401 - $357,700 33% of taxable income Over $357,700 35% of taxable income
If taxable income is: Tax is: $1 - $8,025 10% of taxable income $8,026 - $32,550 15% of taxable income $32,551 - $78,850 25% of taxable income $78,851 - $164,550 28% of taxable income $164,551 - $357,700 33% of taxable income Over $357,700 35% of taxable income
If taxable income is: Tax is: $1 - $8,025 10% of taxable income $8,026 - $32,550 15% of taxable income $32,551 - $65,725 25% of taxable income $65,726 - $100,150 28% of taxable income $100,151 - $178,850 33% of taxable income Over $178,850 35% of taxable income
Single $5,450 Married filing Jointly/Surviving spouses $10,900 Married filing separately $5,450 Head of household $8,000 Additional for elderly or blind (married) $1,050 Additional for elderly or blind (head of household) $1,350 Additional for elderly or blind (single) $1,350 Taxpayer dependent of another greater of $900 or $300 plus earned income, not to exceed regular standard deduction
Over 12 month holding period 15% Exception for 10-15% tax bracket 0%
$3,500 (zero for individual who is dependent of another taxpayer)
Taxable wages for social security up to $102,000 Maximum social security $6,324 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%
Year before Social Security eligibility $13,560 Year after Social Security eligibility No limit
IRA Contribution Limit $5,000 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 2008 Compensation Cap for Plan Purposes $230,000 Compensation for Highly Compensated Definition $105,000 Compensation for HCE Definition and Top Paid 20% $105,000 Key Employee Compensation - Officer $150,000 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 $102,000 Medicare Wage Base Unlimited
$250,000 for property placed in service in calendar year 2008.
(SUV Limit - $25,000)Investment Limitation - $800,000 of qualified property placed in service during 2008.
$1,800
Expenses up to $11,650 (subject to modified AGI phase-out beginning at $174,730
to completely phased out at $214,730) per child
$2,500
$2,500
Federal $2,000,000 State of Tennessee $1,000,000
45%
$12,000
Business 50.5 cents/mile through 6/30.
58.5 cents/mile from 7/1-12/31
Charitable activities 14 cents/mile Medical expense 19 cents/mile through 6/30.
27 cents/mile from 7/1-12/31Moving expense 19 cents/mile through 6/30.
27 cents/mile from 7/1-12/31
Personal exemption Single $159,950/$282,450 Joint returns & surviving spouses $239,950/$362,450 Married filing separately $119,975/$181,225 Head of household $199,950/$322,450 Itemized deductions Single/Joint/Head of Household $159,950 Married filing separately $79,975 College Savings bond interest exclusion Single/Head of Household $67,100/$82,100 Joint $100,650/$130,650 Married filing separately $130,650 IRA deductibility (with company pension) Single/Head of Household $53,000 - 63,000 Joint, when taxpayer has company pension $85,000 - 105,000 Joint, when spouse has company pension $159,000 -169,000 Married filing separately $0-$10,000 Roth IRA eligibility Single/Head of household $101,000 - 116,000 Joint $159,000 - 169,000 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 2008 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 $48,000 - 58,000 Joint $96,000 - 116,000 Married filing separately $0 Education loan interest deduction Single/Head of Household $55,000 - $70,000 Joint $115,000 - 145,000 Married filing separately $0