MFJ
Taxable Income |
| Up to |
Rate |
| $15,650 |
10% |
| $63,700 |
15% |
| $128,500 |
25% |
| $195,850 |
28% |
| $349,700 |
33% |
| above |
35% |
| |
|
Single
Taxable Income |
| Up to |
Rate |
| $7,825 |
10% |
| $31,850 |
15% |
| $77,100 |
25% |
| $160,850 |
28% |
| $349,700 |
33% |
| above |
35% |
| |
|
| Corporate Tax Rates |
| Taxable Income |
| $50,000 |
15% |
| $50-75,000 |
25% |
| $75-100,000 |
34% |
| $100-335,000 |
39% |
| above |
34% |
| |
|
| FICA |
|
|
| 2007 |
$97,500 |
6.2% |
| 2006 |
$94,200 |
6.2% |
| 2005 |
$90,000 |
6.2% |
| |
|
|
| Kiddie Tax |
| Unearned Income (assume no earned |
| |
income) |
| |
|
| under $850 |
no tax |
| up to $1,700 |
at child's rate |
| over $1,700 |
at higher of parents |
| |
or child's rate |
ATTENTION: Kiddie Tax age limits have increased from 14 to 18. Individuals married prior to age 18 are excluded from kiddie tax if they file a married filing joint return with their spouse.
|
| Estimates Due |
| April 16, 2007 |
| June 15, 2007 |
| September 17, 2007 |
| January 15, 2008 |
| 90% of the current year's tax or 100% of prior year's tax |
| (110% if 2006 AGI >$150,000) |
| |
| |
| |
| Estimates Due |
| 4th month 15th day |
| 6th month 15th day |
| 9th month 15th day |
| 12th month 15th day |
| (100% of current or prior year tax) |
| |
| |
| |
| Standard Mileage |
| |
2007 |
2006 |
| Business |
48.5 cents per mile |
44.5 |
| Charity |
14 cents per mile |
14 |
| Medical |
20 cents per mile |
18 |
| |
|
|
| |
|
|
| |
|
|
| Maximum 401(k) contribution |
$15,500 |
| SSI income limits |
|
|
under 65 and 10 months old in 2007
|
$12,960 |
lose $1 for $2 of excess |
| under 65 and 10 months old in 2006 |
$34,440 |
lose $1 for $3 of excess
|
| full retirement age |
no limit |
|
|
