Tax Rates 2008 Tax Rates
 

2008 Tax Rates - Single Taxpayers - Standard Deduction $5,450

 2007 Rates

10%

 0 to 8,025

15%

8,026 to 32,550

25%

32,551 to 78,850

28%

78,851 to 164,550

33%

165,551 to 357,700

35%

Over 357,700

2008 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $10,900

10%

0 to 16,050

15%

16,051 to 65,100

25%

65,101 to 131,450

28%

131,451 to 200,300

33%

200,301 to 357,700

35%

Over 357,700

2008 Tax Rates - Married Filing Separately - Standard Deduction $5,450

10%

0 to 8,025

15%

8,026 to 32,550

25%

32,551 to 65,725

28%

65,726 to 100,150

33%

100,151 to 178,500

35%

Over 178,550

2008 Tax Rates - Head of Household - Standard Deduction $8,000

10%

1 to 11,450

15%

11,451 to 43,650

25%

43,651 to 112,650

28%

112,651 to 182,400

33%

182,401 to 357,700

35%

Over 357,700

2008 Tax Rates - Estates & Trusts

15%

1 to 2,200

25%

2,201 to 5,150

28%

5,151 to 7,850

33%

7,851 to 10,700

35%

Over 10,700
 

Social Security

2008 Tax Rates

Base Salary

$102,000

Social Security Tax Rate

6.2%

Maximum Social Security Tax

$6,324

Medicare Base Salary

Unlimited

Medicare Tax Rate

1.45%
 

Miscellaneous

2008 Tax Rates
Personal Exemption $3,500

Business equipment expensing 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

50.5 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 under 19 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 eligible 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
 

Education

2008 Tax Rates

Hope Credit

$1,800

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000