| 2008 Tax Rates
Schedule X - Single |
| If taxable income is over -- | But Not Over -- | The Tax is: |
| $0 | $8,025 | 10% of the amount over $0 |
| $8,025 | $32,550 | $802.50 plus 15% of the amount over 8,025 |
| $32,550 | $78,850 |
$4,481.25 plus 25% of the amount over 32,550 |
| $78,850 | $164,550 | $16,056.25 plus 28% of the amount over 78,850 |
| $164,550 | $357,700 | $40,052.25 plus 33% of the amount over 164,550 |
| $357,700 |
no limit |
$103,791.75 plus 35% of the amount over 357,700 |
| 2008 Tax Rates
Schedule Y-1 - Married Filling Jointly or Qualifying Widow(er) |
| If taxable income is over -- | But Not Over -- | The Tax is: |
| $0 | $16,050 | 10% of the amount over $0 |
| $16,050 | $65,100 | $1,605.00 plus 15% of the amount over 15,650 |
| $65,100 | $131,450 | $8,962.50 plus 25% of the amount over 63,700 |
| $131,450 | $200,300 | $25,550.00 plus 28% of the amount over 128,500 |
| $200,300 | $357,700 |
$44,828.00 plus 33% of the amount over 195,850 |
| $357,700 |
no limit |
$96,770.00 plus 35% of the amount over 349,700 |
| 2008 Tax Rates Schedule Y-2 - Married Filing Separately |
| If taxable income is over -- | But Not Over -- | The Tax is: |
| $0 | $8,025 | 10% of the amount over $0 |
| $8,025 | $32,550 | $802.50 plus 15% of the amount over 7,825 |
| $32,550 | $65,725 | $4,481.25 plus 25% of the amount over 31,850 |
| $65,725 | $100,150 | $12,775.00 plus 28% of the amount over 64,250 |
| $100,150 | $178,850 | $22,414.00 plus 33% of the amount over 97,925 |
| $178,850 | no limit | $48,385.00 plus 35% of the amount over 174,850 |
|
2008 Tax Rates
Schedule Z - Head of Household
|
| If taxable income is over -- | But Not Over -- | The Tax is: |
| $0 |
$11,450 |
10% of the amount over $0 |
| $11,450 |
$43,650 |
$1,145.00 plus 15% of the amount over 11,200 |
| $43,650 |
$112,650 |
$5,975.00.00 plus 25% of the amount over 42,650 |
| $112,650 |
$182,400 |
$23,225.00 plus 28% of the amount over 110,100 |
| $182,400 |
$357,700 |
$42,755.00 plus 33% of the amount over 178,350 |
| $357,700 |
no limit |
$100,604.00 plus 35% of the amount over 349,700 |
| Miscellaneous 2008 Tax Rates |
| Personal Exemption | $3,500 |
| Business Equipment Expense Deduction | $250,000 |
| Prior-year safe harbor for estimated taxes of higher-income | 110% of your 2007 tax liability |
| Standard mileage rate for business driving | 58.5 cents |
| Standard mileage rate for medical/moving driving | 19 cents |
| Standard mileage rate for charitable driving | 14 cents |
| Child Tax Credit | $1,000 |
| Unearned income maximum for children before kiddie tax applies | $1,800 |
| Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket | 0% |
| 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 | $5,000 if under age 50
$6,000 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 $46,000 |
| 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 |