|
PDF version of the 2005 Tax Facts table
| Tax Item |
Rates |
Dollar Rate Category |
|
Comments |
| |
|
|
|
|
| Single Tax Classification |
10% |
$1-7,300 |
|
|
| |
15% |
7,301-29,700 |
|
| |
25% |
29,701-71,950 |
|
| |
28% |
71,951-150,150 |
|
| |
33% |
150,151-326,450 |
|
| |
35% |
Over $326,450 |
|
| |
|
|
|
|
| Happily Married and Filing Joint |
10% |
1-14,600 |
|
|
| |
15% |
14,601-59,400 |
|
| |
25% |
59,401-119,950 |
|
| |
28% |
119,951-182,800 |
|
| |
33% |
182,801-326,450 |
|
| |
35% |
Over 326,450 |
|
| |
|
|
|
|
| Married But Filing Separate |
10% |
1-7,300 |
|
|
| (still happily married) |
15% |
7,301-29,700 |
|
| |
25% |
29,701-59,975 |
|
| |
28% |
59,976-91,400 |
|
| |
33% |
91,401-163,225 |
|
| |
35% |
Over 163,225 |
|
| |
|
|
|
|
| Head of the Household |
10% |
1-10,450 |
|
|
| (not married but you have kids) |
15% |
10,451-39,800 |
|
| |
25% |
39,801-102,800 |
|
| |
28% |
102,801-166,450 |
|
| |
33% |
166,451-326,450 |
|
| |
35% |
Over 326,450 |
|
| |
|
|
|
|
| 12 Mo. Capital Gains Rate |
15%/5% |
|
|
| 5 Year Capital Gains Rate |
|
N/A |
|
| |
|
|
|
|
| Standard Deduction |
|
Amount of the Standard Deduction |
|
|
| Single |
|
$5,000 |
|
|
| Joint returns & Surviving spouses |
|
10,000 |
|
| Married filing seperately |
|
5,000 |
|
| Head of household |
|
7,300 |
|
| Additional for elderly or blind (married) |
|
1,000 |
|
| Additional for elderly or blind (single) |
|
1,250 |
|
| Taxpayer dependent of another (3) |
|
|
|
(3) Greater of $800, or $250 plus earned income not to exceed regualr standard deduction |
| Personal Exemption (4) |
|
3,200 |
|
(4) Zero for individual who is dependent on another taxpayer |
| |
|
|
|
|
| FICA & Self- Employment Tax |
|
|
|
|
| Taxable wages for social security/ Medicare |
|
Up to $90,000/ All |
|
| Maximum social security/ Medicare tax |
|
$5,580/ No limit |
|
| Social security/ Medicare tax rate (employers and employees) |
|
6.20%/ 1.45% |
|
| Social security/ Medicare tax rate (self employed) |
|
12.4%/ 2.9% |
|
| |
|
|
|
|
| Social Security Earnings Limit |
|
|
|
|
| Under age of 65 |
|
$12,000 |
|
| Age 65 and over |
|
No limit |
|
| |
|
|
|
|
| IRA Contribution Limit |
|
$4,000 |
|
|
| 50 & over catch-up |
|
500 |
|
| |
|
|
|
|
| SIMPLE Deferral Limit |
|
$10,000 |
|
|
| 50 & over catch-up |
|
2,000 |
|
| |
|
|
|
|
| 401(k) Deferral Limit |
|
$14,000 |
|
|
| 50 & over catch-up |
|
4,000 |
|
| |
|
|
|
|
| Self- Employment Health Insurance Deductions |
|
100% |
|
|
| |
|
|
|
|
| Section 179 Deduction/ Purchase Limit |
|
$105,000/$420,000 |
|
|
| |
|
(SUV limit-$25,000) |
|
| |
|
|
|
|
| Kiddie Tax Unearned Income Maximum |
|
$1,600 |
|
|
| |
|
|
|
|
| Nanny Tax Threshold |
|
$1,400 |
|
|
| |
|
|
|
|
| Education Loan Interest Deduction |
|
$2,500 |
|
|
| |
|
|
|
|
| Higher Education Deduction |
|
2 |
|
|
| |
|
|
|
|
| Education Savings Account Contribution |
|
$2,000 |
|
|
| |
|
|
|
|
| Estate Tax Exemption |
|
$1,500,000 |
|
|
| |
|
|
|
|
| Top Estate Tax Rate |
|
47.00% |
|
|
| |
|
|
|
|
| Annual Gift Exlusion |
|
$11,000 |
|
|
| |
|
|
|
|
| Standard Mileage Rate |
|
|
|
|
| Business/ Depreciation component |
|
40.5 cents -17cents |
|
| Charitable activities |
|
14 |
|
| Medical/ Moving expense |
|
15 |
|
| |
|
|
|
|
| PHASE OUT INCOME (5) LEVELS FOR: |
|
|
|
|
| Personal Exemption |
|
|
|
| Single |
|
$145,950 - 268,450 |
|
| Joint returns & Surviving spouses |
|
218,341 - 341,450 |
|
| Married filing seperately |
|
109,475 - 170,725 |
|
| Head of household |
|
182,450 - 304,950 |
|
| |
|
|
|
|
| Itemized Deductions |
|
|
|
|
| Single/Joint/Head of household |
|
$145,950 |
|
| Married filing seperately |
|
72,975 |
|
| |
|
|
|
|
| Child Credit |
|
($1,000 per child) |
|
|
| Single/Head of household |
|
Starts at $75,000 |
|
| Joint |
|
Starts at $110,000 |
|
| Married filing seperately |
|
Starts at $55,000 |
|
| |
|
|
|
|
| IRA Deductiblity (with company pension) |
|
|
|
|
| Single/ Head of household |
|
$50,000-60,000 |
|
| Joint (6) |
|
70,000-80,000 |
|
| Married filing seperatelly |
|
0-10,000 |
|
| |
|
|
|
|
| Roth IRA Eligibility |
|
|
|
|
| Single/ Head of household |
|
$95,000-110,000 |
|
| Joint |
|
150,000-160,000 |
|
| Married filing seperately |
|
0-10,000 |
|
| Rollover or regular IRA to Roth IRA (7) |
|
100,000 |
|
| |
|
|
|
|
| College Bond Interest Exclusion |
|
|
|
|
| Single/ Head of household |
|
$61,200-76,200 |
|
| Joint |
|
91,850-121,850 |
|
| Married filing seperately |
|
0 |
|
| |
|
|
|
|
| Education Savings Account (Ed. IRA) |
|
|
|
|
| Single/ Head of household/ Married filing seperately |
|
$95,000-110,000 |
|
| Joint |
|
190,000-220,000 |
|
| |
|
|
|
|
| Hope/ Lifetime Learning Interest Deduction |
|
|
|
|
| Single/ Head of household |
|
$43,000-53,000 |
|
| Joint |
|
87,000-107,000 |
|
| Married filing seperately |
|
0 |
|
| |
|
|
|
|
| Education Loan Interest Deduction |
|
|
|
|
| Single/ Head of household |
|
$50,000-65,000 |
|
| Joint |
|
105,000-135,000 |
|
| Married filing seperately |
|
0 |
|
| |
|
|
|
|
| Higher Education Deduction |
|
|
|
|
| Single |
|
$65,000/ $80,000 |
|
| Joint |
|
$130,000/ $160,000 |
|
| Married filing seperately |
|
0 |
|
|
