2006 Reference Room
This is an archive of our reference
room. For more recent numbers visit our current reference room.
Our expanded reference room now 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 |
2004 |
2005 |
2006 |
|
Personal exemptions |
$3,100 |
$3,200 |
$3,300 |
Standard deduction
married filing jointly
head of household
single or separate |
9,700
7,150
4,850 |
10,000
7,300
5,000 |
10,300
7,550
5,150 |
Additional amount for aged or blind
married
single |
950
1,200 |
1,000
1,250 |
1,000
1,250 |
|
Kiddie tax exemption |
800 |
800 |
850 |
Gift tax exclusion
individual
non-citizen spouse |
11,000
114,000 |
11,000
117,000 |
12,000
120,000 |
Standard mileage rates
Business
Medical and moving
Charitable
Katrina deduction
Katrina reimbursement |
|
last 4 months
48.5¢
22.0¢
14¢
34¢
48.5¢ |
44.5¢
18.0¢
14.0¢
32.0¢
44.5¢ |
|
|
For the first 8 months of 2005 the standard mileage rates were 40.5¢
business, 15.0¢ medical and moving, and 14¢ charitable. Katrina
rates were 29¢ and 40.5¢ for the last 7 days of August 2005. |
| |
2006 Tax Rate Schedules
For tax year 2006 (returns
filed in 2007)
Click here for 2005 rate schedules |
|
|
Single |
| Taxable income is
over |
But not over |
The tax is |
Plus |
Of the amount
over |
| $0 |
7,550 |
$0.00 |
10% |
$0 |
| 7,550 |
30,650 |
755.00 |
15% |
7,550 |
| 30,650 |
74,200 |
4,220.00 |
25% |
30,650 |
| 74,200 |
154,800 |
15,107.50 |
28% |
74,200 |
| 154,800 |
336,550 |
37,675.50 |
33% |
154,800 |
| 336,550 |
|
97,653.00 |
35% |
336,550 |
Married
Filing Jointly
Qualifying Widow(er) |
| Taxable income is
over |
But not over |
The tax is |
Plus |
Of the amount
over |
| $0 |
15,100 |
$0.00 |
10% |
$0 |
| 15,100 |
61,300 |
1,510.00 |
15% |
15,100 |
| 61,300 |
123,700 |
8,440.00 |
25% |
61,300 |
| 123,700 |
188,450 |
24,040.00 |
28% |
123,700 |
| 188,450 |
336,550 |
42,170.00 |
33% |
188,450 |
| 336,550 |
|
91,043.00 |
35% |
336,550 |
Head
of Household* |
| Taxable income is
over |
But not over |
The tax is |
Plus |
Of the amount
over |
| $0 |
10,750 |
$0.00 |
10% |
$0 |
| 10,750 |
41,050 |
1,075.00 |
15% |
10,750 |
| 41,050 |
106,000 |
5,620.00 |
25% |
41,050 |
| 106,000 |
171,650 |
21,857.50 |
28% |
106,000 |
| 171,650 |
336,550 |
40,239.50 |
33% |
171,650 |
| 336,550 |
|
94,656.50 |
35% |
336,550 |
*An error in this table was corrected October 26, 2005.
Married
Filing Separately |
| Taxable income is
over |
But not over |
The tax is |
Plus |
Of the amount
over |
| $0 |
7,550 |
$0.00 |
10% |
$0 |
| 7,550 |
30,650 |
755.00 |
15% |
7,550 |
| 30,650 |
61,850 |
4,220.00 |
25% |
30,650 |
| 61,850 |
94,225 |
12,020.00 |
28% |
61,850 |
| 94,225 |
168,275 |
21,085.00 |
33% |
94,225 |
| 168,275 |
|
45,521.50 |
35% |
168,275 |
|
|
Retirement Savings |
2004 |
2005 |
2006 |
IRA contributions
under age 50
50 or older |
3,000
3,500 |
4,000
4,500 |
4,000
5,000 |
401k contributions
under age 50
50 or older |
13,000
16,000 |
14,000
18,000 |
15,000
20,000 |
|
SIMPLE accounts |
9,000 |
10,000 |
10,000 |
|
Social security wage base |
87,900 |
90,000 |
94,200 |
|
|
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% |
|
Tax Guide for Investors |
