All numbers are adjusted for inflation.
If taxable income is: Tax is: $1 - $16,700 10% of taxable income $16,701 - $67,900 15% of taxable income $67,901 - $137,050 25% of taxable income $137,051 - $208,850 28% of taxable income $208,851 - $372,950 33% of taxable income Over $372,950 35% of taxable income
If taxable income is: Tax is: $1 - $11,950 10% of taxable income $11,951 - $45,500 15% of taxable income $45,501 - $117,450 25% of taxable income $117,451 - $190,200 28% of taxable income $190,201 - $372,950 33% of taxable income Over $372,950 35% of taxable income
If taxable income is: Tax is: $1 - $8,350 10% of taxable income $8,351 - $33,950 15% of taxable income $33,951 - $82,250 25% of taxable income $82,251 - $171,550 28% of taxable income $171,551 - $372,950 33% of taxable income Over $372,950 35% of taxable income
If taxable income is: Tax is: $1 - $8,350 10% of taxable income $8,351 - $33,950 15% of taxable income $33,951 - $68,525 25% of taxable income $68,526 - $104,425 28% of taxable income $104,426 - $186,475 33% of taxable income Over $186,475 35% of taxable income
Single $5,700 Married filing Jointly/Surviving spouses $11,400 Married filing separately $5,700 Head of household $8,350 Additional for elderly or blind (married) $1,100 Additional for elderly or blind (head of household) $1,400 Additional for elderly or blind (single) $1,400 Taxpayer dependent of another greater of $950 or $300 plus earned income, not to exceed regular standard deduction
Over 12 month holding period 15% Exception for 10-15% tax bracket 0%
$3,650 (zero for individual who is dependent of another taxpayer)
Taxable wages for social security up to $106,800 Maximum social security $6,622 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 $14,160 Year after Social Security eligibility No limit
IRA Contribution Limit $5,000 50 & over catch-up $1,000 SIMPLE Deferral Limit $11,500 50 & over catch-up $2,500 401(k) Deferral Limit $16,500 50 & over catch-up $5,500
Category For 2009 Compensation Cap for Plan Purposes $245,000 Compensation for Highly Compensated Definition $110,000 Compensation for HCE Definition and Top Paid 20% $110,000 Key Employee Compensation - Officer $160,000 Key Employee Compensation - 1% Owner $160,000 Deferral Limit for 401(k) & SAR-SEPs $16,500 Deferral Limit for 403(b) Plans $16,500 Deferral Limit for 457(b) Plans $16,500 Deferral Limit for SIMPLE IRA Plans $11,500 Maximum Match for SIMPLE IRA Plans $11,500 Minimum Earnings for SEP Contribution Plans $550 Social Security Wage Base OASDI $106,800 Medicare Wage Base Unlimited
$133,000 for property placed in service in calendar year 2009.
(SUV Limit - $25,000)Investment Limitation - $530,000 of qualified property placed in service during 2009.
$1,900
Expenses up to $12,150 (subject to modified AGI phase-out beginning at $182,180
to completely phased out at $222,180) per child
$2,500
$2,500
Federal $3,500,000 State of Tennessee $1,000,000
45%
$13,000
Business 55 cents/mile Charitable activities 14 cents/mile Medical expense 24 cents/mile Moving expense 24 cents/mile
Personal exemption Single $166,800/$289,300 Joint returns & surviving spouses $250,200/$372,700 Married filing separately $125,100/$186,350 Head of household $208,500/$331,000 Itemized deductions Single/Joint/Head of Household $166,800 Married filing separately $83,400 College Savings bond interest exclusion Single/Head of Household $69,950/$84,950 Joint $104,900/$134,900 Married filing separately $0 IRA deductibility (with company pension) Single/Head of Household $55,000 - 65,000 Joint, when taxpayer has company pension $89,000 - 109,000 Joint, when spouse has company pension $166,000 -176,000 Married filing separately $0-$10,000 Roth IRA eligibility Single/Head of household $105,000 - 120,000 Joint $166,000 - 176,000 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 2009 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 $50,000 - 60,000 Joint $100,000 - 120,000 Married filing separately $0 Education loan interest deduction Single/Head of Household $60,000 - $75,000 Joint $120,000 - 150,000 Married filing separately $0