|
|
| Quick
Tax Facts |
|
Standard
Deductions
|
2002 |
2001 |
2000
|
|
Joint
or Qualifying Widow(er)
|
7,850 |
7,600 |
7,350
|
|
Single
|
4,700 |
4,550 |
4,400
|
|
Head
of Household
|
6,900 |
6,650 |
6,450
|
|
Married
Filing Separately
|
3,925 |
3,800 |
3,675
|
|
Additional
for Elderly/Blind - Married
|
900 |
900 |
850
|
|
Additional
for Elderly/Blind - Unmarried
|
1,150 |
1,100 |
1,100
|
|
Taxpayer
Claimed as Dependent
|
750 |
750 |
700
|
|
Personal/Dependent
Exemption
|
3,000 |
2,900 |
2,800
|
|
Unearned
Income Without Kiddie Tax
|
1,500 |
1,500 |
1,400
|
|
Beginning
of 27%/27.5%/28% Bracket
|
27%
|
27.5%
|
28%
|
|
Joint
or Qualifying Widower
|
46,700 |
45,200 |
43,850
|
|
Single
|
27,950 |
27,050 |
26,250
|
|
Head
of Household
|
37,450 |
36,250 |
35,150
|
|
Married
Filing separately
|
23,350 |
22,600 |
21,925
|
|
Beginning
of 30%/30.5%/31% Bracket
|
30%
|
30.5%
|
31%
|
|
Joint
or Qualifying Widow(er)
|
112,850 |
109,250 |
105,950
|
|
Single
|
67,700 |
65,550 |
63,550
|
|
Head
of Household
|
96,700 |
93,650 |
90,800
|
|
Married
Filing separately
|
56,425 |
54,625 |
52,975
|
|
Beginning
of 35%/35.5%/36% Bracket
|
35%
|
35.5%
|
36%
|
|
Joint
or Qualifying Widower
|
171,950 |
166,500 |
161,450
|
|
Single
|
141,250 |
136,750 |
132,600
|
|
Head
of Household
|
156,600 |
151,650 |
147,050
|
|
Married
Filing separately
|
85,975 |
83,250 |
80,725
|
|
Beginning
of 38.6%/39.1%/39.6% Bracket
|
38.6%
|
39.1%
|
39.6%
|
|
Joint
or Qualifying Widow(er)
|
307,050 |
297,300 |
288,350
|
|
Married
Filing separately
|
153,525 |
148,675 |
144,175
|
|
FICA/SE
Tax Information
|
|
FICA/SE
Tax Max Earnings
|
84,900 |
80,400 |
72,600
|
|
FICA
(OASDI and HI) Tax Rate (Employee)
|
7.65% |
7.65% |
7.65%
|
|
SE
Tax Rate
|
15.30% |
15.30% |
15.30%
|
|
Auto
Standard Mileage Allowances
|
|
Business
|
.365 |
.345 |
.325
|
|
Charity
Work
|
.140 |
.140 |
.140
|
|
Medical/Moving
|
.130 |
.120 |
.100
|
|
Luxury
Auto Depreciation Limits (non-electric)
|
|
First
Year
|
3,060 |
3,060
|
3,060
|
|
Second
Year
|
4,900 |
4,900
|
4,900
|
|
Third
Year
|
2,950 |
2,950
|
2,950
|
|
Fourth
Year and Thereafter
|
1,775 |
1,775
|
1,775
|
|
Max
Deductible 401(k) and 403(b)
|
|
Employee
Contribution
|
11,000 |
10,500 |
10,500
|
|
Self
Employed Health Insurance Deduction
|
70% |
60% |
60%
|
|
Section
179 Deduction
|
24,000 |
24,000 |
20,000
|
|
Taxable
Social Security Income Thresholds
|
|
Joint
- Less than 32,000
|
0% |
0%
|
0%
|
|
- Between 32,000 and 44,000
|
50% |
50%
|
50%
|
|
- Over 44,000
|
85% |
85%
|
85%
|
|
Single
- Less than 25,000
|
0% |
0%
|
0%
|
|
- Between 25,000 and 34,000
|
50% |
50%
|
50%
|
|
- Over 34,000
|
85% |
85%
|
85%
|
|
Earnings
Ceiling for Social Security
|
|
Under
Age 65
|
11,280 |
10,680 |
10,080
|
|
Age
65-69
|
Unlimited |
Unlimited |
Unlimited
|
|
Age
70 and Above
|
Unlimited |
Unlimited |
Unlimited
|
| Maximum
Social Security Benefits (mo) |
1,660 |
1,536 |
1,433 |
|
Long
Term Care Premiums Maximum Deductible Amount
|
|
Age
40 and under (at year end)
|
TBA |
230 |
220
|
|
Age
41-50 (at year end)
|
TBA |
430 |
410
|
|
Age
51-60 (at year end)
|
TBA |
860 |
820
|
|
Age
61-70 (at year end)
|
TBA |
2,290 |
2,200
|
|
Over
age 70 (at year end)
|
TBA |
2,860 |
2,750
|
| Alternative
Minimum Tax Rates |
TBA |
26%/28% |
26%/28% |
| Estimated
Tax Payments (AGI > $150,000) |
| %
of Prior Year Tax |
112% |
110% |
108.6% |
| %
of Current Year Tax |
90% |
90% |
90% |
| Gift
and Estate Tax |
| Unified
Credit Equivalent |
1,000,000 |
675,000 |
675,000 |
| Annual
Gift Tax Exclusion |
11,000 |
10,000 |
10,000 |
|
|
