| Key figures for the 2001 tax year | |
|
|
|
Married, filing joint return |
$ 7,600 |
|
|
Surviving spouse |
$ 7,600 |
|
|
Head of Household |
$ 6,650 |
|
|
Unmarried (not S.S. or H.H.) |
$ 4,550 |
|
|
Married, filing separate return |
$ 3,800 |
|
|
Dependent standard deduction (Minimum) |
$ 750 |
|
|
Additional amount for blindness and/or age |
$ 900 |
|
|
Additional amount as above if unmarried and not S.S. |
$ 1,100 |
|
| |
|
|
|
Personal and Dependent Amount |
$ 2,900 |
|
|
Estate Amount |
$ 600 |
|
|
Simple Trust Amount |
$ 300 |
|
|
Complex Trust Amount |
$ 100 |
|
|
Joint returns or surviving spouse (Phaseout) |
$ 199,450 |
|
|
Head of Household (Phaseout) |
$ 166,200 |
|
|
Unmarried (not S.S. or H.H.) (Phaseout) |
$ 132,950 |
|
|
Married, filing separate return (Phaseout) |
$ 99,725 |
|
| |
|
|
|
Married, filing separate (Phaseout) |
$ 66,475 |
|
|
Others (Phaseout) |
$ 132,950 |
|
| |
|
|
|
Fringe Benefit: Employer-provided passes and vehicles |
$ 65/mo. |
|
|
Fringe Benefit: Qualified parking limit |
$ 180/mo. |
|
|
Luxury Auto Excise Tax Base Amount |
$ 38,000 |
|
|
Business Mileage Rate |
34.5˘ |
|
|
Charitable Mileage Rate |
14˘ |
|
|
Medical and Moving Mileage Rate |
12˘ |
|
|
Depreciation Component of Standard Mileage Rate |
15˘ |
|
|
High Cost Per Diem Travel Rate (and optional rate) |
$ 204 |
|
|
Low Cost Per Diem Travel Rate (and optional rate) |
$ 125 |
|
| |
|
|
|
Maximum Annual Benefit for Defined Benefit Plan |
$ 140,000 |
|
|
Maximum Annual Contribution Defined Contribution Plan |
$ 35,000 |
|
|
Highly Compensated Employee Definition (In general) |
$ 85,000 |
|
|
SEP De minimis Compensation Amount |
$ 450 |
|
|
SEP Nondiscrimination Compensation Amount |
$ 170,000 |
|
|
401(k) Maximum Compensation Amount |
$ 170,000 |
|
|
401(k) Maximum Exclusion |
$ 10,500 |
|
|
IRA Deduction Limit (In general) |
$ 2,000 |
|
|
SIMPLE Contribution Limit |
$ 6,500 |
|
| |
|
CAPITAL GAIN RATES
(MAXIMUM FOR NONCORPORATE TAXPAYERS) |
| |
|
Adjusted net capital gain (assets held more than 12 months) |
20% |
|
|
for those in 15% bracket |
10% |
|
|
for those in 15% bracket (assets held more than 5 years) |
8% |
|
|
For recaptured gain on real estate |
25% |
|
|
For most collectibles |
28% |
|
| |
|
|
|
Joint Filers |
$ 500,000 |
|
|
Single Filers |
$ 250,000 |
|
| |
|
|
|
Unified Credit Shelter Amount |
$ 675,000 |
|
|
Annual Gift Tax Exclusion Amount (per donee) |
$ 10,000 |
|
|
State Death Tax Threshold Amount |
$ 60,000 |
|
|
Estate/Gift Tax Rate (before phaseout) |
55% |
|
| |
|
|
|
Soc. Sec. (Self-employed) Combined Rate (OASDI+Medicare) |
15.3% |
|
|
Soc. Sec. (Employer or Employee) Rate (OASDI+Medicare) |
7.65% |
|
|
OASDI Maximum Base |
$ 80,400 |
|
|
FUTA Rate |
6.2% |
|
|
FUTA Wage Base |
$ 7,000 |
|
| |
|
ADJUSTED GROSS INCOME LIMITS |
| |
|
Casualty Loss Threshold |
10% |
|
|
Medical Deduction Threshold |
7.5% |
|
|
Miscellaneous Itemized Deduction Floor |
2% |
|
| |
|
|
|
Hope Scholarship Credit |
$ 1,500 |
|
|
Lifetime Learning Credit |
$ 1,000 |
|
|
Student Loan Interest Deduction |
$ 2,500 |
|
|
U.S. Savings Bond Interest Exclusion |
(Phaseout) |
|
|
Married, filing joint return |
$ 83,650 |
|
|
Single, S.S. or H.H. |
$ 55,750 |
|
|
Married, filing separate return |
$ 0 |
|
| |
|
|
|
|
Failure to File Return |
5% / month (max. 25%) |
|
|
Failure to Pay Tax |
1/2 of 1% per month |
|
|
Substantial Understatement |
20% |
|
|
Failure to Supply Social Security No. |
$50 per occurrence |
|
| |
