| |
2006 |
|
2005 |
|
Standard Deductions |
|
|
|
|
|
Joint or Qualifying Widow(er) |
$10,300 |
|
$10,000 |
|
|
Single |
5,150 |
|
5,000 |
|
|
Head of Household |
7,550 |
|
7,300 |
|
|
Married Filing Separately |
5,150 |
|
5,000 |
|
|
Additional for Elderly/Blind-Married |
1,000 |
|
1,000 |
|
|
Additional for Elderly/Blind-Unmarried |
1,250 |
|
1,250 |
|
|
Taxpayer Claimed as Dependent1 |
850 |
|
800 |
|
| |
|
|
|
|
Personal/Dependent
Exemption |
$3,300 |
|
$3,200 |
|
| |
|
|
|
|
| Unearned
Income without Kiddie Tax1 |
$1700 |
|
$1,600 |
|
| |
|
|
|
|
| Beginning
of 15% Bracket |
|
|
|
|
|
Joint or Qualifying Widow(er) |
$15,100 |
|
$14,600 |
|
|
Single |
7,550 |
|
7,300 |
|
|
Head of Household |
10,750 |
|
10,450 |
|
|
Married Filing Separately |
7,550 |
|
7,300 |
|
|
Estates and Nongrantor Trusts |
0 |
|
0 |
|
| |
|
|
|
|
| Beginning
of 25% Bracket |
|
|
|
|
|
Joint or Qualifying Widow(er) |
$61,300 |
|
$59,400 |
|
|
Single |
30,650 |
|
29,700 |
|
|
Head of Household |
41,050 |
|
38,900 |
|
|
Married Filing Separately |
30,650 |
|
29,700 |
|
|
Estates and Nongrantor Trusts |
2,050 |
|
2,000 |
|
| |
|
|
|
|
| Beginning
of 28% Bracket |
|
|
|
|
|
Joint or Qualifying Widow(er) |
$123,700 |
|
$119,950 |
|
|
Single |
74,200 |
|
71,950 |
|
|
Head of Household |
106,000 |
|
102,800 |
|
|
Married Filing Separately |
61,850 |
|
59,975 |
|
|
Estates and Nongrantor Trusts |
4,850 |
|
4,700 |
|
| |
|
|
|
|
| Beginning
of 33% Bracket |
|
|
|
|
|
Joint or Qualifying Widow(er) |
$188,450 |
|
$182,800 |
|
|
Single |
154,800 |
|
150,150 |
|
|
Head of Household |
171,650 |
|
166,450 |
|
|
Married Filing Separately |
94,225 |
|
91,400 |
|
|
Estates and Nongrantor Trusts |
7,400 |
|
7,150 |
|
| |
|
|
|
|
| Beginning
of 35% Bracket |
|
|
|
|
|
Joint, Single, Head of Household |
$336,550 |
|
$326,450 |
|
|
Married Filing Separately |
168,275 |
|
163,225 |
|
|
Estates and Nongrantor Trusts |
10,050 |
|
9,750 |
|
| |
|
|
|
|
| Beginning/Ending
of Personal Exemption |
|
|
|
|
|
Phaseout Range-Based on AGI |
|
|
|
|
|
Joint or Qualifying Widow(er) |
$225,750/348,250 |
|
$218,950/341,450 |
|
|
Single |
150,500/273,000 |
|
145,950/268,450 |
|
|
Head of Household |
188,150/310,650 |
|
182,450/304,950 |
|
|
Married Filing Separately |
112,875/174,125 |
|
109,475/170,725 |
|
| Beginning
of Itemized Deduction |
|
|
|
|
|
Phaseout Range-Based on AGI |
|
|
|
|
|
Joint, Single, Head of Household |
$150,500 |
|
$145,950 |
|
|
Married Filing Separately |
72,250 |
|
72,975 |
|
|
|
|
|
|
| Gift and Estate
Tax |
|
|
|
|
|
Unified Credit Equivalent |
$2,000,000 |
|
$1,500,0004 |
|
|
Gift Tax Annual Exclusion |
12,000 |
|
11,000 |
|
| |
|
|
|
|
| FICA/SE Tax
Max Earnings |
$94,200 |
|
$90,000 |
|
| |
|
|
|
|
| Auto Standard
Mileage Allowances |
|
|
|
|
|
Business |
.445 |
|
.405/.4855 |
|
|
Charity Work |
.14 |
|
.14 |
|
|
Medical/Moving |
.18 |
|
.15/.225 |
|
| |
|
|
|
|
| Luxury (Non-electric)
Auto Depreciation Limits2 |
|
|
|
|
|
First Year |
$ |
|
$2,960 |
|
|
Second Year |
|
|
4,700 |
|
|
Third Year |
|
|
2,850 |
|
|
Fourth Year and Thereafter |
|
|
1,675 |
|
| |
|
|
|
|
| Qualified Transportation
Fringe |
|
|
|
|
|
Vehicle/Transit Pass Limit |
$105 |
|
$105 |
|
|
Qualified Parking Limit |
205 |
|
200 |
|
| |
|
|
|
|
| Max Deductible
401(k) and 403(b) |
|
|
|
|
|
Employee Contribution3 |
$15,000/20,000 |
|
$14,000/18,000 |
|
| |
|
|
|
|
| Self-Employed
Health Insurance Deduction |
100% |
|
100% |
|
| |
|
|
|
|
| Section 179
Deduction |
$108,0006 |
|
$105,0006 |
|
| |
|
|
|
|
Earnings Ceiling
for Social Security |
|
|
|
|
|
Under Full Retirement Age |
$12,480 |
|
$12,000 |
|
|
Full Retirement Age |
Unlimited |
|
Unlimited |
|
| |
|
|
|
|
| Estimated
Tax Payments (AGI>$150,000) |
|
|
|
|
|
Prior Year Tax % |
110% |
|
110% |
|
|
Or Current Year Tax % |
90% |
|
90% |
|
|
_____________
- For
2006, if an individual who can be claimed as a dependent on another's return
has earned income, the standard deduction is the greater of $800 or $300 plus
the earned income (but no more than the standard deduction).
- The official
numbers are not yet available for 2006.
- Limit will be different for certain employees because of
the discrimination rules, % of salary limitations, etc. In addition,
the higher of the two limits in 2005 and 2006 apply only to those age 50 or
older.
- Gift tax exclusion remains at $1,000,000 for 2006.
- September 1 thru December 31, 2005.
- $25,000 for SUV over 6,000 pounds placed in service after
October 22, 2004.
|
|
