Tax Rates

 

2005 Tax Rates - Single Taxpayers - Standard Deduction $5,000

 2006 Rates

10%

 0 – 7,300

15%

7,301 – 29,700

25%

29,701 – 71,950

28%

71,951 – 150,150

33%

150,151 – 326,450

35%

Over 326,450

2005 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $10,000

10%

0 – 14,600

15%

14,601 – 59,400

25%

59,401 – 119,950

28%

119,951 – 182,800

33%

182,801 – 326,450

35%

Over 326,450

2005 Tax Rates - Married Filing Separately - Standard Deduction $5,000

10%

0 – 7,300

15%

7,301 – 29,700

25%

29,701 – 59,975

28%

59,976 – 91,400

33%

91,401 – 163,225

35%

Over 163,225

2005 Tax Rates - Head of Household - Standard Deduction $7,200

10%

1 – 10,450

15%

10,451 – 39,800

25%

39,801 – 102,800

28%

102,801 – 166,450

33%

166,451 – 326,450

35%

Over 326,450

2005 Tax Rates - Estates & Trusts

15%

1 – 2,000

25%

2,001 – 4,700

28%

4,701 – 7,150

33%

7,151 – 9,750

35%

Over 9,750

 

Miscellaneous 2005 Tax Rates

Personal Exemption $3,200

Business equipment expensing deduction

$105,000

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2004 tax liability

Standard mileage rate for business driving 1/1/05 to 8/31/05

40.5 cents

Standard mileage rate for business driving 9/1/05 through 12/31/05

48.5 cents

Mileage rate for medical and moving expense deductions 1/1/05 through 8/31/05

15 cents

Mileage rate for medical and moving expense deductions 9/1/05 through 12/31/05

22 cents

"Kiddie tax" threshold

$1,600

"Nanny tax" threshold

$1,400

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 IRA Contribution

$4,000 if under age 50
$4,500 if 50 or older

Maximum employee contribution to SIMPLE retirement plans

$10,000 if under age 50
$12,000 if 50 or older

401(k) maximum employee contribution limit

$14,000 if under age 50
$18,000 if 50 or older

Self-employed health insurance deduction

100%

Estate tax exemption $1,500,000

Annual Exclusion for Gifts

$11,000