2008 Tax Rates

2008 Tax Rates Schedule X - Single
If taxable income is over --
But Not Over --
The Tax is:
$0$8,02510% of the amount over $0
$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 Filling Jointly or Qualifying Widow(er)
If taxable income is over --
But Not Over --
The Tax is:
$0$16,05010% of the amount over $0
$16,050$65,100$1,605.00 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$25,550.00 plus 28% of the amount over 131,450
$200,300$357,700 $44,828.00 plus 33% of the amount over 200,300
$357,700 no limit $96,770.00 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$8,02510% of the amount over $0
$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$12,775.00 plus 28% of the amount over 65,725
$100,150$178,850$22,414.00 plus 33% of the amount over 100,150
$178,850no limit$48,385.00 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 amount over $0
$11,450 $43,650 $1,145.00 plus 15% of the amount over 11,450
$43,650 $112,650 $5,975.00.00 plus 25% of the amount over 43,650
$112,650 $182,400 $23,225.00 plus 28% of the amount over 112,650
$182,400 $357,700 $42,755.00 plus 33% of the amount over 182,400
$357,700 no limit $100,604.00 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-income110% of your 2007 tax liability
Standard mileage rate for business driving58.5 cents
Standard mileage rate for medical/moving driving19 cents
Standard mileage rate for charitable driving14 cents
Child Tax Credit$1,000
Unearned income maximum for children before kiddie tax applies$1,800
Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket0%
Maximum capital gains tax rate for taxpayers above the 15% bracket15%
Capital gains tax rate for unrecaptured Sec. 1250 gains25%
Capital gains tax rate on collectibles28%
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 IRA25% 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 deduction100%
Estate tax exemption$2,000,000
Annual Exclusion for Gifts$12,000