|
| |
2000 and 2001
|
Standard Deductions |
2001 |
2000 |
|
Married, filing joint return |
|
$7,350 |
|
Surviving spouse |
|
$7,350 |
| Head of
Household |
|
$6,450 |
|
Unmarried |
|
$4,440 |
|
Married, filing separate return |
|
$3,675 |
|
Dependent standard deduction minimum |
|
$ 700 |
|
Additional - for blindness and/or age |
|
$ 850 |
|
Exemptions |
|
|
|
Personal and Dependent |
|
$2,800 |
| Joint
returns or surviving spouse (Complete Phaseout) |
|
$315,900 |
|
Itemized Deductions |
|
|
|
Married, filing separate return (Phaseout) |
|
$64,475 |
| Others
(Phaseout) |
|
$128,950 |
|
Mileage |
|
|
|
Business Mileage Rate |
$0.345 |
$ 0.325 |
|
Charitable Mileage Rate |
$0.140 |
$ 0.140 |
|
Medical and Moving Rate |
$0.100 |
$ 0.100 |
|
Per Diem Rates |
|
|
|
U.S. Per Diem Rates (this will bring you to another web site) |
|
|
|
Foreign Per Diem
Rates (this will bring you to another web site) |
|
|
|
Retirement Pension Plans |
|
|
|
Maximum Annual Benefit for
Defined Benefit Plan*
*Call if separation occurred
prior to Jan 1, 2001 |
$140,000 |
$135,000 |
| Maximum
Annual Contribution Defined Contribution Plan |
$ 35,000 |
$ 30,000 |
| Highly
Compensated Employee Definition (in general) |
$85,000 |
$85,000 |
| SEP
Nondiscrimination Compensation Amount |
$170,000 |
$170,000 |
| 401(k)
Maximum Compensation Amount |
|
$170,000 |
| 401(k)
Maximum Exclusion |
$10,500 |
$10,500 |
| IRA
Deduction Limit (in general) |
|
$ 2,000 |
| SIMPLE
Contribution Limit |
$ 6,500 |
$ 6,000 |
|
Capital Gain Rates (Maximum for Non-Corporate Taxpayer) |
|
|
|
Adjusted net capital gain (assets held more than 1 year) |
|
|
| *Above
15% bracket |
20% |
20% |
| *15%
bracket |
10% |
10% |
|
Adjusted net capital gain (assets held more than 5 years) |
|
|
| *Above
15% bracket |
18% |
20% |
| *15%
bracket |
8% |
10% |
| For
unrecaptured gain on real estate |
25% |
25% |
| For
most collectibles |
|
28% |
|
Home Sale Gain Exclusion |
|
|
| Joint
filers |
$ 500,000 |
$ 500,000 |
| Single
filers |
$ 250,000 |
$ 250,000 |
|
Estate and Gift Taxes |
|
|
| Unified
Credit Shelter Amount |
$675,000 |
$675,000 |
| Annual
Gift Tax Exclusion Amount (per donee) |
$ 10,000 |
$ 10,000 |
|
Estate/Gift Tax Rate (before phaseout) |
|
55% |
|
Payroll Taxes |
|
|
| Social
Security (Self-Employed) Combined Rate (OASDI + Medicare) |
15.30% |
15.30% |
| Social
Security (Employer or Employee) Rate (OASDI + Medicare) |
7.65% |
7.65% |
| OASDI
Maximum Base |
$80,400 |
$76,200 |
| FUTA
Rate |
|
6.20% |
| FUTA
Wage Base |
|
$ 7,000 |
|
Education Provisions |
|
|
| Hope
Scholarship Credit |
|
$ 1,500 |
|
Lifetime Learning Credit |
|
$ 1,000 |
| Student
Loan Interest Deduction |
|
$ 1,500 |
|
*Married, filing joint return |
|
$ 79,650 |
|
*Single, surviving spouse, or head of household |
|
$ 53,100 |
|
*Married, filing separate return |
|
$ - |
|
Special Tax Rates |
|
|
|
Personal Income Tax Rate |
|
15% - 39.6% |
|
Corporate Income Tax Rate (in general) |
|
15% - 39% |
|
Key Penalty Rates |
|
|
| Failure
to File Return |
|
5%/month |
| |
|
(Max 25%) |
| Failure
to Pay Tax |
|
.5% per month |
|
Substantial Understatement |
|
20% |
| Failure
to supply Social Security Number (per occurrence) |
|
$ 50 |
|
