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 | | 2008 Tax Rates - Single Taxpayers - Standard Deduction $5,450 | |
| | 10% | 0 – 8,025 | | 15% | 8,026 - 32,550 | | 25% | 32,551 - 78,850 | | 28% | 78,851 - 164,550 | | 33% | 164,551 - 357,700 | | 35% | Over 357,700 | | 2008 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $10,900 | | 10% | 0 – 16,050 | | 15% | 16,051 - 65,100 | | 25% | 65,101 - 131,450 | | 28% | 131,451 - 200,300 | | 33% | 200,301 - 357,700 | | 35% | Over 357,700 | | 2008 Tax Rates - Married Filing Separately - Standard Deduction $5,450 | | 10% | 0 – 8,025 | | 15% | 8,026 - 32,550 | | 25% | 32,551 - 65,725 | | 28% | 65,725 - 100,150 | | 33% | 100,151 - 178,850 | | 35% | Over 178,850 | | 2008 Tax Rates - Head of Household - Standard Deduction $8,000 | | 10% | 0 - 11,450 | | 15% | 11,451 - 43,650 | | 25% | 43,651 - 112,650 | | 28% | 112,651 - 182,400 | | 33% | 182,401 - 357,700 | | 35% | Over 357,700 |
Miscellaneous 2008 Tax Rates | | Personal Exemption | $ 3,500 | | Business equipment expensing deduction | $250,000 | | Prior-year safe harbor for estimated taxes of higher-income | 110% of your 2007 tax liability | | Standard mileage rate for business driving | 50.5 cents | | Mileage rate for medical and moving expense deductions | 15 cents | | Mileage rate for medical and moving expense deductions | 18 cents | | "Kiddie tax" threshold | $1,800 | | "Nanny tax" threshold | $1,400 | | Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket | 5% | | Maximum capital gains tax rate for taxpayers above the 15% bracket | 15% | | Capital gains tax rate for unrecaptured Sec. 1250 gains | 25% | | Capital gains tax rate on collectibles | 28% | | Maximum IRA Contribution | $4,000 if under age 50
$4,500 if 50 or older | | Maximum employee contribution to SIMPLE retirement plans | $10,000 if under age 50
$12,000 if 50 or older | | 401(k) maximum employee contribution limit | $14,000 if under age 50
$18,000 if 50 or older | | Self-employed health insurance deduction | 100% | | Estate tax exemption | $1,500,000 | | Annual Exclusion for Gifts | $11,000 |
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