|
For Your Information Quick Facts
Federal Tax Data Sheet (2007-2008)
|
2008 |
2007 |
| Standard Deduction: |
|
|
| Joint or Qualifying Widow(er) |
$10,900 |
$10,700 |
| Single |
$5,450 |
$5,350 |
| Head of Household |
$8,000 |
$7,850 |
|
| Personal/Dependent Exemption |
$3,500 |
$3,400 |
|
| FICA/SE Tax Max Earnings |
$102,000 |
$97,500 |
|
| Standard Mileage Rate |
$0.505 |
$0.485 |
|
|
| Retirement Plan Maximum Contributions: |
|
|
| 401(k) |
$15,500 |
$15,500 |
| 401(k) - Additional Age 50 or Older |
$5,000 |
$5,000 |
| Simple Plans |
$10,500 |
$10,500 |
| Simple Plans - Additional Age 50 or Older |
$2,500 |
$2,500 |
| IRA |
$5,000 |
$4,000 |
| IRA - Additional Age 50 or Older |
$1,000 |
$1,000 |
|
| Gift and Estate Tax: |
|
|
| Annual Gift Tax Exclusion |
$12,000 |
$12,000 |
| Unified Credit Exemption Amount: |
|
|
| Estate Tax Exemption |
$2,000,000 |
$2,000,000 |
| Gift Tax Exemption |
$1,000,000 |
$1,000,000 |
|
| Section 179 Deduction |
$128,000 |
$112,000 |
|
| Earning Ceiling for Social Security: |
|
|
| 62-65 and 8 months |
$13,560 |
$12,960 |
| Age 65 and 8 Months and Above |
Unlimited |
Unlimited |
|
| Maximum Education Savings Accounts Contribution |
$2,000 |
$2,000 |
|
| Child Tax Credit |
$1,000 |
$1,000 |
|
| Unearned Income Without Kiddie Tax |
$1,800 |
$1,700 |
|
