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U.S. Master Tax Guide® - Quick Tax Facts 2002
| Key figures for the 2002 tax year | |
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Married, Filing Joint Return |
$ 7,850 |
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Surviving Spouse |
$ 7,850 |
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Head of Household |
$ 6,900 |
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Unmarried (not S.S. or H.H.) |
$ 4,700 |
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Married, Filing Separate Return |
$ 3,925 |
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Dependent Standard Deduction (Minimum) |
$ 750 |
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Additional Amount for Blindness or Age |
$ 900 |
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Additional Amount as Above if Unmarried and not S.S. |
$ 1,150 |
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Personal and Dependent Amount |
$ 3,000 |
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Estate Amount |
$ 600 |
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Simple Trust Amount |
$ 300 |
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Complex Trust Amount |
$ 100 |
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Joint Returns or Surviving Spouse (Phaseout starts) |
$ 206,000 |
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Head of Household (Phaseout starts) |
$ 171,650 |
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Unmarried (not S.S. or H.H.) (Phaseout starts) |
$ 137,300 |
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Married, Filing Separate Return (Phaseout starts) |
$ 103,000 |
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Married, Filing Separate Return (Phaseout starts) |
$ 68,650 |
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Others (Phaseout starts) |
$ 137,300 |
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Casualty Loss (AGI Threshold) |
10% |
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Medical Deduction (AGI Threshold) |
7.5% |
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Miscellaneous Itemized (AGI Deduction Floor) |
2% |
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Maximum Annual Benefit for Defined Benefit Plan |
$ 160,000 |
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Maximum Annual Contribution for Defined Contribution Plan |
$ 40,000 |
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Highly Compensated Employee Definition (In general) |
$ 90,000 |
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SEP De minimis Compensation Amount |
$ 450 |
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SEP Nondiscrimination Compensation Amount |
$ 200,000 |
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401(k) Maximum Compensation Amount |
$ 200,000 |
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401(k) Maximum Exclusion (In general) |
$ 11,000 |
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IRA Deduction Limit (In general) |
$ 3,000 |
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Saver's Tax Credit (Maximum) |
$ 1,000 |
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Catch-up Contributions (Extra amount for taxpayers over age 49) |
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IRAs and SIMPLEs |
$ 500 |
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401(k), 403(b) and 457 Plans |
$ 1,000 |
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SIMPLE Contribution Limit |
$ 7,000 |
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Employer's Start-up Tax Credit (For establishing retirement plan) |
$ 500 |
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CAPITAL GAIN RATES (MAXIMUM FOR NONCORPORATE TAXPAYERS) |
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Adjusted Net Capital Gain (Assets held more than 12 months) |
20% |
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For those in 15% bracket |
10% |
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For those in 15% bracket (Assets held more than 5 years) |
8% |
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For Recaptured Gain on Real Estate |
25% |
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For Most Collectibles |
28% |
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Unified Credit Shelter Amount |
$ 1,000,000 |
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Annual Gift Tax Exclusion Amount (Per donee) |
$ 11,000 |
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State Death Tax Threshold Amount |
$ 60,000 |
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Estate/Gift Tax Rate (Before phaseout) |
50% |
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Soc. Sec. (Self-employed) Combined Rate (OASDI+Medicare) |
15.3% |
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Soc. Sec. (Employer or Employee) Rate (OASDI+Medicare) |
7.65% |
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OASDI Maximum Base |
$ 84,900 |
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FUTA Rate |
6.2% |
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FUTA Wage Base |
$ 7,000 |
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Nanny Tax Threshold |
$ 1,300 |
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Hope Scholarship Credit |
$ 1,500 |
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Lifetime Learning Credit |
$ 1,000 |
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Education Savings Account |
$ 2,000 |
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Higher Education Deduction |
$ 3,000 |
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Student Loan Interest Deduction |
$ 2,500 |
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U.S. Savings Bond Interest Exclusion (Phaseout starts) |
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Married, filing joint return |
$ 86,400 |
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Single, S.S. or H.H. |
$ 57,600 |
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Married, filing separate return |
$ 0 |
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Fringe Benefit: Employer-provided passes and vehicles |
$ 100/mo. |
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Fringe Benefit: Qualified parking limit |
$ 185/mo. |
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Luxury Auto Excise Tax Base Amount |
$ 40,000 |
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Business Mileage Rate |
36.5˘ |
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Charitable Mileage Rate |
14˘ |
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Medical and Moving Mileage Rate |
13˘ |
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Depreciation Component of Standard Mileage Rate |
15˘ |
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High Cost Per Diem Travel Rate (10/1/01–9/30/02) |
$ 204 |
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Low Cost Per Diem Travel Rate (10/1/01–9/30/02) |
$ 125 |
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Premium Limits |
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Age 40 or less |
$ 240 |
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More than 40, but not more than 50 |
$ 450 |
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More than 50, but not more than 60 |
$ 900 |
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More than 60, but not more than 70 |
$ 2,390 |
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More than 70 |
$ 2,990 |
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© 2002 CCH INCORPORATED
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