2007 Tax Rates
2007 Tax Rates - Single Taxpayers - Standard Deduction $5,350
10% 0 . 7,825
15% 7,825 . 31,850
25% 31,850 . 77,100
28% 77,100 . 160,850
33% 160,850 . 349,700
35% Over 349,700
2007 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $10,700
10% 0 . 15,650
15% 15,650 . 63,700
25% 63,700 . 128,500
28% 128,500 . 195,850
33% 195,850 . 349,700
35% Over 349,700
2007 Tax Rates - Married Filing Separately - Standard Deduction $5,350
10% 0 . 7,825
15% 7,825 . 31,850
25% 31,850 . 64,250
28% 64,250 . 97,925
33% 97,925 . 174,850
35% Over 174,850
2007 Tax Rates - Head of Household - Standard Deduction $7,850
10% 0 . 11,200
15% 11,200 . 42,650
25% 42,650 . 110,100
28% 110,100 . 178,350
33% 178,350 . 349,700
35% Over 349,700
2007 Tax Rates - Estates & Trusts
15% 1 . 2,050
25% 2,051 . 4,850
28% 4,851 . 7,400
33% 7,401 . 10,050
35% Over 10,050


Miscellaneous 2007 Tax Rates
Personal Exemption $3,400
Business equipment expensing deduction $112,000
Prior-year safe harbor for estimated taxes of higher-income 110% of your 2006 tax liability
Standard mileage rate for business driving 48.5 cents
Standard mileage rate for medical/moving driving 20 cents
Standard mileage rate for charitable driving 14 cents
Child Tax Credit $1,000
Unearned income maximum for children before kiddie tax applies $850
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 contribution for Traditional/Roth IRA $4,000 if under age 50
$5,000 if 50 or older
Maximum employee contribution to SIMPLE IRA $10,500 if under age 50
$13,000 if 50 or older
Maximum Contribution to SEP IRA 25% of compensation
up to $45,000
401(k) maximum employee contribution limit $15,500 if under age 50
$20,500 if 50 or older
Self-employed health insurance deduction 100%
Estate tax exemption $2,000,000
Annual Exclusion for Gifts $12,000