2007 Reference Room
Numbers on this page have been
confirmed by the IRS.
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 |
2005 |
2006 |
2007 |
|
Personal exemptions |
$3,200 |
$3,300 |
$3,400 |
Standard deduction
married filing jointly
head of household
single or separate |
10,000
7,300
5,000 |
10,300
7,550
5,150 |
10,700
7,850
5,350 |
Additional amount for aged or blind
married
single |
1,000
1,250 |
1,000
1,250 |
1,050
1,300 |
|
Kiddie tax exemption |
800 |
850 |
850 |
Gift tax exclusion
individual
non-citizen spouse |
11,000
117,000 |
12,000
120,000 |
12,000
125,000 |
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¢ |
48.5¢
20.0¢
14.0¢
NA
NA |
|
|
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. |
| |
2007 Tax Rate Schedules
For tax year 2007 (returns
filed in 2008)
Click here for 2006 rate schedules |
|
|
Single |
| Taxable income is
over |
But not over |
The tax is |
Plus |
Of the amount
over |
| $0 |
7,825 |
$0.00 |
10% |
$0 |
| 7,825 |
31,850 |
782.50 |
15% |
7,825 |
| 31,850 |
77,100 |
4,386.25 |
25% |
31,850 |
| 77,100 |
160,850 |
15,698.75 |
28% |
77,100 |
| 160,850 |
349,700 |
39,148.75 |
33% |
160,850 |
| 349,700 |
|
101,469.25 |
35% |
349,700 |
Married
Filing Jointly
Qualifying Widow(er) |
| Taxable income is
over |
But not over |
The tax is |
Plus |
Of the amount
over |
| $0 |
15,650 |
$0.00 |
10% |
$0 |
| 15,650 |
63,700 |
1,565.00 |
15% |
15,650 |
| 63,700 |
128,500 |
8,772.50 |
25% |
63,700 |
| 128,500 |
195,850 |
24,972.50 |
28% |
128,500 |
| 195,850 |
349,700 |
43,830.50 |
33% |
195,850 |
| 349,700 |
|
94,601.00 |
35% |
349,700 |
Head
of Household |
| Taxable income is
over |
But not over |
The tax is |
Plus |
Of the amount
over |
| $0 |
11,200 |
$0.00 |
10% |
$0 |
| 11,200 |
42,650 |
1,120.00 |
15% |
11,200 |
| 42,650 |
110,100 |
5,837.50 |
25% |
42,650 |
| 110,100 |
178,350 |
22,700.00 |
28% |
110,100 |
| 178,350 |
349,700 |
41,810.00 |
33% |
178,350 |
| 349,700 |
|
98,355.50 |
35% |
349,700 |
Married
Filing Separately |
| Taxable income is
over |
But not over |
The tax is |
Plus |
Of the amount
over |
| $0 |
7,825 |
$0.00 |
10% |
$0 |
| 7,825 |
31,850 |
782.50 |
15% |
7,825 |
| 31,850 |
64,250 |
4,386.25 |
25% |
31,850 |
| 64,250 |
97,925 |
12,486.25 |
28% |
64,250 |
| 97,925 |
174,850 |
21,915.25 |
33% |
97,925 |
| 174,850 |
|
47,300.50 |
35% |
174,850 |
|
|
Retirement Savings |
2005 |
2006 |
2007 |
IRA contributions
under age 50
50 or older |
4,000
4,500 |
4,000
5,000 |
4,000
5,000 |
Roth IRA phase-out begins
single
married filing jointly |
95,000
150,000 |
95,000
150,000 |
99,000
156,000 |
401k contributions
under age 50
50 or older |
14,000
18,000 |
15,000
20,000 |
15,500
20,500 |
|
SIMPLE accounts |
10,000 |
10,000 |
10,500 |
|
Social security wage base |
90,000 |
94,200 |
97,500 |
|
TBD = to be determined (data not yet available) |
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% |
|
Tax Guide for Investors |
