Reference Room
All numbers on this page except TBD (to be determined) have been
announced or confirmed by the IRS.
Our reference room provides an easy way to find
information on the following:
- Key tax numbers that are adjusted
from time to time for inflation, such as personal exemptions
and the standard deduction.
- Tax rate schedules, including the
latest available schedules and links to prior year
schedules.
- Retirement savings, including
limits on IRA and 401k contributions.
- Interest rates that are used
to calculate the penalty for underpayment of estimated tax
and interest on underpayments and overpayments of individual
taxpayers.
|
Key Tax Numbers |
2006 |
2007 |
2008 |
|
Personal exemptions |
$3,300 |
$3,400 |
$3,500 |
Standard deduction
married filing jointly
head of household
single or separate |
10,300
7,550
5,150 |
10,700
7,850
5,350 |
10,900
8,000
5,450 |
Additional amount for aged or blind
married
single |
1,000
1,250 |
1,050
1,300 |
1,050
1,350 |
|
Kiddie tax exemption |
850 |
850 |
900 |
Gift tax exclusion
individual
non-citizen spouse |
12,000
120,000 |
12,000
125,000 |
12,000
128,000 |
Standard mileage rates
Business
Medical and moving
Charitable
Katrina deduction
Katrina reimbursement
July 1 to December 31 2008
Business
Medical and moving
Charitable |
44.5¢
18.0¢
14.0¢
32.0¢
44.5¢ |
48.5¢
20.0¢
14.0¢
NA
NA |
50.5¢
19.0¢
14.0¢
NA
NA
58.5¢
27.0¢
14.0¢ |
| |
2008 Tax Rate Schedules
For tax year 2008 (returns
filed in 2009)
Click here for 2007 rate schedules |
|
|
Single |
| Taxable income is
over |
But not over |
The tax is |
Plus |
Of the amount
over |
| $0 |
8,025 |
$0.00 |
10% |
$0 |
| 8,025 |
32,550 |
802.50 |
15% |
8,025 |
| 32,550 |
78,850 |
4,481.25 |
25% |
32,550 |
| 78,850 |
164,550 |
16,056.25 |
28% |
78,850 |
| 164,550 |
357,700 |
40,052.25 |
33% |
164,550 |
| 357,700 |
|
103,791.75 |
35% |
357,700 |
Married
Filing Jointly
Qualifying Widow(er) |
| Taxable income is
over |
But not over |
The tax is |
Plus |
Of the amount
over |
| $0 |
16,050 |
$0.00 |
10% |
$0 |
| 16,050 |
65,100 |
1,605.00 |
15% |
16,050 |
| 65,100 |
131,450 |
8,962.50 |
25% |
65,100 |
| 131,450 |
200,300 |
25,550.00 |
28% |
131,450 |
| 200,300 |
357,700 |
44,828.00 |
33% |
200,300 |
| 357,700 |
|
96,770.00 |
35% |
357,700 |
Head
of Household |
| Taxable income is
over |
But not over |
The tax is |
Plus |
Of the amount
over |
| $0 |
11,450 |
$0.00 |
10% |
$0 |
| 11,450 |
43,650 |
1,145.00 |
15% |
11,450 |
| 43,650 |
112,650 |
5,975.00 |
25% |
43,650 |
| 112,650 |
182,400 |
23,225.00 |
28% |
112,650 |
| 182,400 |
357,700 |
42,755.00 |
33% |
182,400 |
| 357,700 |
|
100,604.00 |
35% |
357,700 |
Married
Filing Separately |
| Taxable income is
over |
But not over |
The tax is |
Plus |
Of the amount
over |
| $0 |
8,025 |
$0.00 |
10% |
$0 |
| 8,025 |
32,550 |
802.50 |
15% |
8,025 |
| 32,550 |
65,725 |
4,481.50 |
25% |
32,550 |
| 65,725 |
100,150 |
12,775.00 |
28% |
65,725 |
| 100,150 |
178,850 |
22,414.00 |
33% |
100,150 |
| 178,850 |
|
48,385.00 |
35% |
178,850 |
|
|
Retirement Savings |
2006 |
2007 |
2008 |
IRA contributions
under age 50
50 or older |
4,000
5,000 |
4,000
5,000 |
5,000
6,000 |
Roth IRA phase-out begins
single
married filing jointly |
95,000
150,000 |
99,000
156,000 |
101,000
159,000 |
401k contributions
under age 50
50 or older |
15,000
20,000 |
15,500
20,500 |
15,500
20,500 |
|
SIMPLE accounts |
10,000 |
10,500 |
10,500 |
|
Social security wage base |
94,200 |
97,500 |
102,000 |
Retirement savings contribution credit
Married filing jointly
50% credit up to
20% credit up to
10% credit up to
Head of household
50% credit up to
20% credit up to
10% credit up to
Other taxpayers
50% credit up to
20% credit up to
10% credit up to |
30,000
32,500
50,000
22,500
24,375
37,500
15,000
16,250
25,000 |
31,000
34,000
52,000
23,250
25,500
39,000
15,500
17,000
26,000 |
32,000
34,500
53,000
24,000
25,875
39,750
16,000
17,250
26,500 |
TBD = to be determined (data not yet available).
IRA contribution change for 2008 due to legislation, not inflation
adjustment. |
Underpayment Rates
Rates used to calculate penalty for underpayment of
estimated tax and interest on tax underpayments
and overpayments for individuals |
| First quarter 2004 |
4% |
| Second quarter 2004 |
5% |
| Third quarter 2004 |
4% |
| Fourth quarter 2004 |
5% |
| First quarter 2005 |
5% |
| Second quarter 2005 |
6% |
| Third quarter 2005 |
6% |
| Fourth quarter 2005 |
7% |
| First quarter 2006 |
7% |
| Second quarter 2006 |
7% |
| Third quarter 2006 |
8% |
| Fourth quarter 2006 |
8% |
| First quarter 2007 |
8% |
| Second quarter 2007 |
8% |
| Third quarter 2007 |
8% |
| Fourth quarter 2007 |
8% |
| First quarter 2008 |
7% |
| Second quarter 2008 |
6% |
| Third quarter 2008 |
5% |
|
Tax Guide for Investors |
