2008 Tax Rates Schedule X - Single

If taxable income is over

But not over

The tax is

$0

$8,025

10% of the taxable amount

$8,025

$32,550

$802.50 plus 15% of the amount over $8,025

$32,550

$78,850

$4,481.25 plus 25% of the amount over $32,550

$78,850

$164,550

$16,056.25 plus 28% of the amount over $78,850

$164,550

$357,700

$40,052.25 plus 33% of the amount over $164,550

$357,700

no limit

$103,791.75 plus 35% of the amount over $357,700

2008 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)

If taxable income is over

But not over

The tax is

$0

$16,050

10% of the taxable amount

$16,050

$65,100

$1,605 plus 15% of the amount over $16,050

$65,100

$131,450

$8,962.50 plus 25% of the amount over $65,100

$131,450

$200,300

$25,550 plus 28% of the amount over $131,450

$200,300

$357,700

$44,828 plus 33% of the amount over $200,300

$357,700

no limit

$96,770 plus 35% of the amount over $357,700

2008 Tax Rates Schedule Y-2 - Married Filing Separately

If taxable income is over

But not over

The tax is

$0

$8,025

10% of the taxable amount

$8,025

$32,550

$802.50 plus 15% of the amount over $8,025

$32,550

$65,725

$4,481.25 plus 25% of the amount over $32,550

$65,725

$100,150

$12,775 plus 28% of the amount over $65,725

$100,150

$178,850

$22,414 plus 33% of the amount over $100,150

$178,850

no limit

$48,385 plus 35% of the amount over $178,850

2008 Tax Rates Schedule Z - Head of Household

If taxable income is over

But not over

The tax is

$0

$11,450

10% of the taxable amount

$11,450

$43,650

$1,145 plus 15% of the amount over $11,450

$43,650

$112,650

$5,975 plus 25% of the amount over $43,650

$112,650

$182,400

$23,225 plus 28% of the amount over $112,650

$182,400

$357,700

$42,755 plus 33% of the amount over $182,400

$357,700

no limit

$100,604 plus 35% of the amount over $357,700

Miscellaneous 2008 Tax Rates

Personal Exemption

$3,500

Business Equipment Expense 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

58.5 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 before kiddie tax applies

$1800

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 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