These tax tables are for informational purposes only
and should not be used for preparation of tax returns.
Standard Deductions 2006 |
| Joint return or surviving spouse |
$10,300 (up from $10,000 in 2005) |
| Single (other than head of household or surviving spouse) |
$5,150 (Up from $5,000 in 2005) |
| Head of household |
$7,550 (Up from $7,300 in 2005) |
| Married filing separate returns |
$5,150 (Up from $5,000 in 2005) |
| |
| Phase-out of personal exemption for 2006 will begin at adjusted gross income of: |
| Joint return or surviving spouse |
$225,750 (Up from $218,950 in 2005) |
| Head of household |
$188,150 (Up from $182,450 in 2005) |
| Single (other than head of household or surviving spouse) |
$150,500 (Up from $145,950 in 2005) |
| Married filing separate returns |
$112,875 (Up from $109,475 in 2005) |
| |
|
Tax Rate Schedule for 2006 will be: |
| For married individuals filing joint returns and surviving spouses the 2006 rate brackets are: |
| If taxable income is |
The tax is |
| Not over $15,100 |
10% of taxable income |
| Over $15,100 but not over $61,300 |
$1,510 plus 15% of the excess over $15,100 |
| Over $61,300 but not over $123,700 |
$8,440 plus 25% of the excess over $61,300 |
| Over $123,700 but not over $188,450 |
$24,040 plus 28% of the excess over $123,700 |
| Over $188,450 but not over $336,550 |
$42,170 plus 33% of the excess over $188,450 |
| Over $336,550 |
$91,043 plus 35% of the excess over $336,550 |
| |
|
| For single individuals (other than heads of households and surviving spouses) the 2006 rate brackets are |
| If taxable income is |
The tax is |
| Not over $7,550 |
10% of taxable income |
| Over $7,550 but not over $30,650 |
$755 plus 15% of the excess over $7,550 |
| Over $30,650 but not over $74,200 |
$4,220 plus 25% of the excess over $30,650 |
| Over $74,200 but not over $154,800 |
$15,107.50 plus 28% of the excess over $74,200 |
| Over $154,800 but not over $336,550 |
$37,675.50 plus 33% of the excess over $154,800 |
| Over $336,550 |
$97,653 plus 35% of the excess over $336,550 |
| |
|
| For heads of household, the 2006 rate brackets are |
| If taxable income is |
The tax is |
| Not over $10,750 |
10% of taxable income |
| Over $10,750 but not over $41,050 |
$1,075 plus 15% of the excess over $10,750 |
| Over $41,050 but not over $106,000 |
$5,620 plus 25% of the excess over $41,050 |
| Over $106,000 but not over $171,650 |
$21,857.50 plus 28% of the excess over $106,000 |
| Over $171,650 but not over $336,550 |
$40,239.50 plus 33% of the excess over $171,650 |
| Over $336,550 |
$94,656.50 plus 35% of the excess over $336,550 |
| |
|
| For marrieds filing separate returns, the 2006 rate brackets are |
| If taxable income is |
The tax is |
| Not over $7,550 |
10% of taxable income |
| Over $7,550 but not over $30,650 |
$755 plus 15% of the excess over $7,550 |
| Over $30,650 but not over $61,850 |
$4,220 plus 25% of the excess over $30,650 |
| Over $61,850 but not over $94,225 |
$12,020 plus 28% of the excess over $61,850 |
| Over $94,225 but not over $168,275 |
$21,085 plus 33% of the excess over $94,225 |
| Over $168,275 |
$45,521.50 plus 35% of the excess over $168,275 |
| |
|
| For estates and trusts, the 2006 rate brackets are |
| If taxable income is |
The tax is |
| Not over 2,050 |
15% of taxable income |
| Over $2,050 but not over $4,850 |
$307.50 plus 25% of the excess over $2,050 |
| Over $4,850 but not over $7,400 |
$1,007.50 plus 28% of the excess over $4,850 |
| Over $7,400 but not over $10,050 |
$1,721.50 plus 33% of the excess over $7,400 |
| Over $10,050 |
$2,596 plus 35% of the excess over $10,050 |
| |
|
| Reduction of itemized deductions. The allowable amount of itemized deductions will be reduced if adjusted gross income in 2006 is more than: |
| All returns other than married filing separately |
$150,500 (Up from $145,950 in 2005) |
| Married filing separately |
$75,250 (Up from $72,975 in 2005) |
|
Comparison Tax Table |
| Standard Deductions |
2002 |
2001 |
2000 |
1999 |
| Joint or Qualifying Widow(er) |
$7,850 |
$7,600 |
$7,350 |
$7,200 |
| Single |
4,700 |
4,550 |
4,400 |
4,300 |
| Head of Household |
6,900 |
6,650 |
6,450 |
6,350 |
| Married Filing Separately |
3,925 |
3,800 |
3,675 |
3,600 |
| Additional for Elderly/Blind-Married |
900 |
900 |
850 |
850 |
| Additional for Elderly/Blind-Unmarried |
1,150 |
1,100 |
1,100 |
1,050 |
| Taxpayer Claimed as Dependent |
750 |
750 |
700 |
700 |
| |
| Personal/Dependent Exemption |
$3,000 |
$2,900 |
$2,800 |
$2,750 |
| |
| Unearned Income w/out Kiddie Tax |
$1,500 |
$1,500 |
$1,400 |
$1,400 |
| |
| *Beginning of 27% Bracket |
| Joint or qualifying Widow(er) |
$46,700 |
$45,200 |
$43,850 |
$43,050 |
| Single |
27,950 |
27,050 |
26,250 |
25,750 |
| Head of Household |
37,450 |
36,250 |
35,150 |
34,550 |
| Married Filing Separately |
23,350 |
22,600 |
21,925 |
21,525 |
| Estates and Nongrantor Trusts |
1,850 |
1,800 |
1,750 |
1,750 |
| |
| *Beginning of 30% Bracket |
| Joint or qualifying Widow(er) |
$112,850 |
$109,250 |
$105,950 |
$104,050 |
| Single |
67,700 |
65,550 |
63,500 |
62,450 |
| Head of Household |
96,700 |
93,600 |
90,800 |
89,150 |
| Married Filing Separately |
56,425 |
54,625 |
52,975 |
52,025 |
| Estates and Nongrantor Trusts |
4,400 |
4,250 |
4,150 |
4,050 |
| |
| *Beginning of 35% Bracket |
| Joint or Qualifying Widow(er) |
$171,950 |
$166,450 |
$161,450 |
$158,550 |
| Single |
141,250 |
136,750 |
132,600 |
130,250 |
| Head of Household |
156,600 |
151,600 |
147,050 |
144,400 |
| Married Filing Separately |
85,975 |
83,225 |
80,725 |
79,275 |
| Estates and Nongrantor Trusts |
6,750 |
6,500 |
6,300 |
6,200 |
| |
| *Beginning of 38.6% Bracket |
| Joint, Single, HOH |
$307,050 |
$297,300 |
$288,350 |
$283,150 |
| Married Filing Separately |
153,525 |
148,600 |
144,175 |
141,575 |
| Estates and Nongrantor Trusts |
9,200 |
8,900 |
8,650 |
8,450 |
| |
| Beginning/Ending of Personal Exemption |
| Phaseout Range - Based on AGI |
| Joint or Qualifying Widow(er) |
$206,000 |
$199,450 |
$193,400 |
$189,950 |
| Single |
137,300 |
132,950 |
128,950 |
126,600 |
| Head of Household |
171,650 |
166,200 |
161,150 |
158,300 |
| Married Filing Separately |
103,000 |
99,725 |
96,700 |
94,975 |
| |
| Beginning of Itemized Deduction |
| Phaseout Range - Based on AGI |
| Joint, Single, HOH |
$137,300 |
$132,950 |
$128,950 |
$126,600 |
| Married Filing Separately |
68,650 |
66,475 |
64,475 |
63,300 |
| |
| Beginning/Ending of U.S. Savings Bond |
| Interest Exclusion - Based on Modified AGI |
| Joint Return |
$86,400 |
$83,650 |
$81,100 |
$79,650 |
| Unmarried |
57,600 |
55,750 |
54,100 |
53,100 |
| Married Filing Separately |
0 |
0 |
0 |
0 |
| |
| *Tax Rates are applicable to tax year 2002 only |
| |
| Maximum Rate on Net Capital Gains |
28% |
28% |
28% |
28% |
| |
| Alternative Minimum Tax (AMT) Rate |
|
|
|
|
| AMTI Less Exemption up to $175,000 |
26% |
26% |
26% |
26% |
| AMTI Less Exemption over $175,000 |
28% |
28% |
28% |
28% |
| ($87,500 if Married Filing Separately) |
|
|
|
|
| |
| Estate & Gift Exemption |
$1,000,000 |
$675,000 |
$675,000 |
$650,000 |
| |
| AMT Exemption Amounts |
| Joint or Qualifying Widow(er) |
$49,000 |
$49,000 |
$45,000 |
$45,000 |
| Single, HOH |
35,750 |
35,750 |
33,750 |
33,750 |
| MFS, Estates, Trusts |
22,750 |
22,750 |
22,750 |
22,500 |
| |
| FICA/SE Tax Information* |
| FICA/SE Tax Max Earnings |
$84,900 |
$80,400 |
$76,200 |
$72,600 |
| FICA/SE (OASDI and HI) Tax Rate (Employee) |
7.65% |
7.65% |
7.65% |
7.65% |
| Maximum FICA Tax (Employee) |
$5,264 |
$4,985 |
$4,724 |
$4,501 |
| SE Tax Rate |
15.30% |
15.30% |
15.30% |
15.30% |
| |
| Auto Standard Mileage Allowances |
| Business |
|
0.365 |
0.345 |
0.325 |
.325 until April 1st .31 after |
| |
| Charity Work |
0.14 |
0.14 |
0.14 |
0.14 |
| Medical/Moving |
0.13 |
0.12 |
0.1 |
0.1 |
| |
| Floor for 10% Excise Tax on Luxury Cars |
$40,000 |
$38,000 |
$38,000 |
$36,000 |
| (9% for 1996, 8% for 1997, 7% for 1998, 6% for 1999, 5% for 2000, 4% for 2001 and 3% for 2002.) |
| |
| Luxury Auto Depreciation Limits |
| First Year |
$7,660 |
$3,060 |
$3,060 |
$3,060 |
| Second Year |
4,900 |
4,900 |
4,900 |
5,000 |
| Third Year |
2,950 |
2,950 |
2,950 |
2,950 |
| Fourth Year and Thereafter |
1,775 |
1,775 |
1,775 |
1,775 |
| |
| Qualified Transportation Fringe |
| Vehicle/Transit Pass Limit |
$100 |
$65 |
$65 |
$65 |
| Qualified Parking Limit |
185 |
180 |
175 |
175 |
| |
| Max Deductible 401 (k) Contribution |
$11,000 |
$10,500 |
$10,500 |
$10,000 |
| |
| Earnings Ceiling for Social Security |
| Below Age 65 |
$11,280 |
$10,680 |
$10,080 |
$9,600 |
| Age 65 |
$30,000 |
|
|
|
| Age 66-69 |
No Limit |
No Limit |
No Limit |
$15,500 |
| Age 70 and Above |
No Limit |
No Limit |
No Limit |
No Limit |
| *Up to the old age, survivors, and disability insurance (OASDI) wage limit. Beginning in 1994 the hospital insurance (HI) portion of FICA (1.45%) for employess and employers alike; 2.9% for self-employeds) applies to all wages/income above the OASDI limit. |
STANDARD MILEAGE RATE DEEMED DEPRECIATION
For any year in which the business standard mileage rate is used, depreciation will be considered to have been allowed for that auto. The deemed depreciation rates are based upon the number of business miles claimed, as follows:
Deemed Depreciation per Business Mile
2004 - 16.0¢
2003 - 16.0¢
2002 – 15.0¢
2001 – 15.0¢
2000 – 14.0¢
1999 – 12.0¢
1998 – 12.0 ¢
1997 – 12.0¢
1996 – 12.0¢
1995 – 12.0¢
1994 – 12.0¢
1993 – 11.5¢
1992 – 11.5¢
|
ANNUAL LEASE VALUE TABLE
The personal use portion of a company provided auto is determined by the Annual Lease Value Table below:
Annual Lease Automobile Fair Market Value Table
IRC Reg. § 1.61-21(d)(2)(iii)
| $ 0 to 999 |
$600 |
| 1,000 to 1,999 |
850 |
| 2,000 to 2,999 |
1,100 |
| 3,000 to 3,999 |
1,350 |
| 4,000 to 4,999 |
1,600 |
| 5,000 to 5,999 |
1,850 |
| 6,000 to 6,999 |
2,100 |
| 7,000 to 7,999 |
2,350 |
| 8,000 to 8,999 |
2,600 |
| 9,000 to 9,999 |
2,850 |
| 10,000 to 10,999 |
3,100 |
| 11,000 to 11,999 |
3,350 |
| 12,000 to 12,999 |
3,600 |
| 13,000 to 13,999 |
3,850 |
| 14,000 to 15,999 |
4,100 |
| 15,000 to 15,999 |
4,350 |
| 16,000 to 16,999 |
4,600 |
| 17,000 to 17,999 |
4,850 |
| 18,000 to 18,999 |
5,100 |
| 19,000 to 19,999 |
5,350 |
| 20,000 to 20,999 |
5,600 |
| 21,000 to 21,999 |
5,850 |
| 22,000 to 22,999 |
6,100 |
| 23,000 to 23,999 |
9,350 |
| 24,000 to 24,999 |
6,600 |
| 25,000 to 25,999 |
6,850 |
| 26,000 to 27,999 |
7,250 |
| 28,000 to 29,999 |
7,750 |
| 30,000 to 31,999 |
8,250 |
| 32,000 to 33,999 |
8,750 |
| 34,000 to 35,999 |
9,250 |
| 36,000 to 37,999 |
9,750 |
| 38,000 to 39,999 |
10,250 |
| 40,000 to 41,999 |
10,750 |
| 42,000 to 43,999 |
11,250 |
| 44,000 to 45,999 |
11,750 |
| 46,000 to 47,999 |
12,250 |
| 48,000 to 49,999 |
12,750 |
| 50,000 to 51,999 |
13,250 |
| 52,000 to 53,999 |
13,750 |
| 54,000 to 55,999 |
14,250 |
| 56,000 to 57,999 |
14,750 |
| 58,000-59,999 |
15,250 |
|
AUTO DEPRECIATION LIMIT AND LEASE INCUSION AMOUNT TABLES
| |
2004 |
2005 |
2006 |
Each year Thereafter |
| Autos |
|
|
|
|
Used
|
$2,960 |
$4,800 |
$2,850 |
$1,675 |
New
|
$10,610 |
$4,800 |
$2,850 |
$1,675 |
| Light Duty Trucks and Vans |
|
|
|
|
Used
|
$3,260 |
$5,300 |
$3,150 |
$1,875 |
New
|
$10,910 |
$5,300 |
$3,150 |
$1,875 |
| Electric Automobiles |
|
|
|
|
Used
|
$8,880 |
$14,300 |
$8,550 |
$5,125 |
New
|
$31,830 |
$14,300 |
$8,550 |
$5,125 |
|
2005 Inflation-Based Adjustments to Tax Tables,
Standard Deduction and Personal Exemption*
| Inflation Adjustments |
Single |
MFJ |
MFS |
HOH |
| Tax Tables |
|
|
|
|
| 15% bracket starts at taxable income of |
$7,300 |
$14,600 |
$7,300 |
$10,450 |
| 25% bracket starts at taxable income of |
29,700 |
59,400 |
29,700 |
39,800 |
| 28% bracket starts at taxable income of |
71,950 |
119,950 |
59,975 |
102,800 |
| 33% bracket starts at taxable income of |
150,150 |
182,800 |
91,400 |
166,450 |
| 35% bracket starts at taxable income of |
326,450 |
326,450 |
163,225 |
326,450 |
| Standard Deductions |
|
|
|
|
| Regular standard deduction |
5,000 |
10,000 |
5,000 |
7,300 |
| Additional standard deduction |
1,250 |
(each) 1,000 |
1,000 |
1,250 |
| “Kiddie” deduction |
800 |
|
|
|
| Itemized Deduction Phase-Out |
|
|
|
|
| Deductions reduced for AGI exceeding |
145,950 |
145,950 |
72,975 |
145,950 |
| Personal Exemption |
|
|
|
|
| Each person |
3,200 |
3,200 |
3,200 |
3,200 |
| Personal Exemption Phase-Out |
|
|
|
|
| Exemptions reduced for AGI exceeding |
145,950 |
218,950 |
109,475 |
182,450 |
*Unofficial projections by Bruce D. Schobel, vice president and actuary, New York Life Insurance Co., on September 16, 2004, based on changes in the Consumer Price Index for All Urban Consumers and calculated in accordance with § 1(f)(3). Official rates will be released by the IRS by December 15, 2004. |
2004 Personal Exemptions
The personal exemption for each qualifying dependent increased by $50 for 2004.
| |
2004 |
2003 |
| Exemption |
$3,100 |
$3,050 |
| The exemption is phased out by 2% for each $2,500 ($1,250) for married filing separately) by which your income is over: |
| |
2004 Phase Out |
| Single |
$142,700 |
| Married Filing Separately |
$107,025 |
| Married Filing Jointly |
$214,050 |
| Head of Household |
$178,350 |
|
2004 Standard Deductions-
Standard deductions for those who do not itemize are as follows:
| |
2004 |
2003 |
| Married Filing Join |
$9,700 |
$9,500 |
| Single |
$4,850 |
$4,750 |
| Head of Household |
$7,150 |
$7,000 |
| Married Filing Separately |
$4,850 |
$4,750 |
| If 65 or over and/or blind add: |
|
|
| Single/Head of Household |
$1,200 |
$1,150 |
| Married/Surviving Spouse |
$950 |
$950 |
|
2004 Standard Mileage Rates-
The standard mileage rates for 2004 are:
| Mileage |
2004 Rate/Mile |
2005 Rate/Mile |
| Business Travel |
37.5˘ |
40.5¢ (Jan.-Aug.)
48.5¢ (Sept.-Dec.) |
| Charitable Work |
14.0˘ |
14.0¢ |
| Medical/Moving |
14.0˘ |
15.0¢ (Jan.-Aug.)
22.0¢ (Sept.-Dec.) |
|
2004 Tax Rates
Income Tax Brackets- There are six tax brackets for 2004.
The following shows the 2004 income brackets for each tax rate.
Single |
Married Jointly |
Head of Household |
Tax Rate |
$1-7,150 |
$1-14,300 |
$1-10,200 |
10% |
$7,151-29,050 |
$14,301-58,100 |
$10,201-38,900 |
15% |
$29,051-70,350 |
$58,101-117,250 |
$38,901-100,500 |
25% |
$70,351-146,750 |
$117,251-178,650 |
$100,501-162,700 |
28% |
$146,751-319,100 |
$178,651-319,100 |
$162,701-319,100 |
33% |
Over $319,100 |
Over $319,100 |
Over $319,100 |
35% |
|
Itemized Deduction Phaseout
Deductions are reduced by 3% of every dollar of Adjusted Gross Income (AGI) over $ 142,700 (($ 71,350.00 if married filing separately) up to a maximum phaseout of 80% of your itemized deductions. Your medical expenses, investment interest, casualty losses and gambling losses are excluded. |
These tax tables are for informational purposes only
and should not be used for preparation of tax returns.
|
