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This page offers quick access to commonly sought personal Tax information. It includes:
Current Income Tax Rate Schedules
Retirement Plan Contribution Limits
Various Other Important and Widely Used Items
Tax Rate Schedules
2008 Tax Rates for Married Filing Jointly Taxpayers
|
If Taxable Income
|
|
The TAX Is
|
|
|
|
Is Over
|
But Not Over
|
This Amount
|
Plus
This %
|
Of the Amount Over
|
|
$0
|
$16,050
|
$0
|
10%
|
$0
|
|
$16,050
|
$65,100
|
$1,605
|
15%
|
$16,050
|
|
$65,100
|
$131,450
|
$8,962.50
|
25%
|
$65,100
|
|
$131,450
|
$200,300
|
$25,550.00
|
28%
|
$131,450
|
|
$200,300
|
$357,700
|
$44,828.00
|
33%
|
$200,300
|
|
$357,700
|
On up
|
$96,770
|
35%
|
$357,700
|
2008 Tax Rates for Single Taxpayers
|
If Taxable Income
|
|
The TAX Is
|
|
|
|
Is Over
|
But Not Over
|
This Amount
|
Plus
This %
|
Of the Amount
Over
|
|
$0
|
$8,025
|
$0
|
10%
|
$0
|
|
$8,025
|
$32,550
|
$802.50
|
15%
|
$8,025
|
|
$32,550
|
$78,850
|
$4,481.25
|
25%
|
$32,550
|
|
$78,850
|
$164,550
|
$16,056.25
|
28%
|
$78,850
|
|
$164,550
|
$357,700
|
$40,052.25
|
33%
|
$164,550
|
|
$357,700
|
On up
|
$103,791.75
|
35%
|
$357,700
|
2008 Tax Rates for Married Filing Separately Taxpayers
|
If Taxable Income
|
|
The TAX Is
|
|
|
|
Is Over
|
But Not Over
|
This Amount
|
Plus
This %
|
Of the Amount Over
|
|
$0
|
$8,025
|
$0
|
10%
|
$0
|
|
$8,025
|
$32,550
|
$802.50
|
15%
|
$8,025
|
|
$32,550
|
$65,725
|
$4,481.50
|
25%
|
$32,550
|
|
$65,725
|
$100,150
|
$12,775.00
|
28%
|
$65,725
|
|
$100,150
|
$178,850
|
$22,414.00
|
33%
|
$100,150
|
|
$178,850
|
On up
|
$48,385.00
|
35%
|
$178,850
|
2008 Tax Rates for Head of Household Taxpayers
|
If Taxable Income
|
|
The TAX Is
|
|
|
|
Is Over
|
But Not Over
|
This Amount
|
Plus
This %
|
Of the Amount Over
|
|
$0
|
$11,450
|
$0
|
10%
|
$0
|
|
$11,450
|
$43,650
|
$1,145.00
|
15%
|
$11,450
|
|
$43,650
|
$112,650
|
$5,975.00
|
25%
|
$43,650
|
|
$112,650
|
$182,400
|
$23,225.00
|
28%
|
$112,650
|
|
$182,400
|
$357,700
|
$42,755.00
|
33%
|
$182,400
|
|
$357,700
|
On up
|
$100,604.00
|
35%
|
$357,700
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[Back to Top]
Retirement Plan Contribution Limits
|
Plan Type
|
Tax Year 2007
|
Tax Year
2007
(age 50 or over)
|
Tax Year
2008
|
Tax Year
2008
(age 50 or over)
|
|
Traditional IRA
|
$4,000
|
$5,000
|
$5,000
|
$6,000
|
|
Roth IRA
|
$4,000
|
$5,000
|
$5,000
|
$6,000
|
|
SIMPLE IRA
|
$10,000*
|
$13,000*
|
$10,500*
|
$13,000*
|
|
401(k)
|
$15,500*
|
$20,500
|
$15,500*
|
$20,500*
|
|
Roth 401(k)
|
$15,500
|
$20,500
|
$15,500
|
$20,500
|
|
SEP-IRA
|
$45,000
|
$45,000
|
$46,000
|
$46,000
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* Limit on employee contribution. Employer may also contribute to the account, subject to certain limitations.
[Back to Top]
Various and Other
|
Tax Item
|
Tax Year 2007
|
Tax Year 2008
|
|
Personal Exemption
|
$3,400
|
$3,500
|
|
Standard Deduction
Married Filing Jointly
Head of Household
Single or Separate
|
$10,700
$7,850
$5,350
|
$10,900
$8,000
$5,450
|
|
Gift Tax Exclusion
|
$12,000
|
$12,000
|
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