Tax Rates

2007 Tax RatesStandard Deduction $5,350 - Single Taxpayers
10% 0 to 7,825
15% 7,826 to 31,850
25% 31,851 to 77,100
28% 77,101 - 160,850
33% 160,851 - 349,700
35% Over 349,700
2007 Tax RatesStandard Deduction $10,700 -
Married Jointly & Surviving Spouses
10% 0 - 15,650
15% 15,651 - 63,700
25% 63,701 - 128,500
28% 128,501 - 195,850
33% 195,851 - 349,700
35% Over 349,700
2007 Tax RatesStandard Deduction $5,350 - Married Filing Separately
10% 0 - 7,825
15% 7,826 - 31,850
25% 31,851 - 64,250
28% 64,251 - 97,925
33% 97,926 - 174,850
35% Over 174,850
2007 Tax RatesStandard Deduction $7,850 - Head of Household
10% 1 - 11,200
15% 11,201 - 42,650
25% 42,651 - 110,100
28% 110,101 - 178,350
33% 178,351 - 349,700
35% Over 349,700
2007 Tax Rates - Estates & Trusts
15% 1 - 2,150
25% 2,151 - 5,000
28% 5,001 - 7,650
33% 7,651 - 10,450
35% Over 10,450
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 under 18 before kiddie tax applies $1,700
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 eligible 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