Tax Library and Important Rates...

Tax Rates 2009   2009 Tax Rates - Single Taxpayers - Standard Deduction $5,700 2008 Rates 10% 0 to $8,350 15% $8,350 to $33,950 25% $33,950 to $82,250 28% $82,250 – $171,550 33% $171,550 – $372,950 35% Over $372,950 2009 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $11,400 10% 0 – $16,700 15% $16,700 – $67,900 25% $67,900 – $137,050 28% $137,050 – $208,850 33% $208,850 – $372,950 35% Over $372,950 2009 Tax Rates - Married Filing Separately - Standard Deduction $5,700 10% 0 – $8,350 15% $8,350 – $33,950 25% $33,950 – $68,525 28% $68,525 – $104,425 33% $104,425 – $186,475 35% Over $186,475 2009 Tax Rates - Head of Household - Standard Deduction $8,350 10% 1 – $11,950 15% $11,950 – $45,500 25% $45,500 – $117,450 28% $117,450 – $190,200 33% $190,200 – $372,950 35% Over $372,950 2009 Tax Rates - Estates & Trusts 15% 0 – $2,300 25% $2,300 – $5,350 28% $5,350 – $8,200 33% $8,200 – $11,150 35% Over $11,150   Social Security 2009 Tax Rates Base Salary $106,800 Social Security Tax Rate 6.2% Maximum Social Security Tax $6,621.60 Medicare Base Salary Unlimited Medicare Tax Rate 1.45%   Miscellaneous 2009 Tax Rates Personal Exemption $3,650 Business equipment expensing deduction $133,000 Prior-year safe harbor for estimated taxes of higher-income 110% of your 2008 tax liability Standard mileage rate for business driving 55 cents Standard mileage rate for medical/moving driving 24 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 $950 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 $11,500 if under age 50 $14,000 if 50 or older Maximum Contribution to SEP IRA 25% of eligible compensation up to $49,000 401(k) maximum employee contribution limit $16,500 if under age 50 $22,000 if 50 or older Self-employed health insurance deduction 100% Estate tax exemption $3,500,000 Annual Exclusion for Gifts $13,000   Education 2009 Tax Rates Hope Credit $1,800 Lifetime Learning Credit $2,000 Student Loan Interest Deduction $2,500 Coverdell Education Savings Contribution $2,000