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Frequently Asked
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| Q: | What are the FICA limits for 2007 and 2008? | |||
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A:
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For
2007 the FICA limit is $97,500, for 2008 its $102,000
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| Q: | What are the standard mileage rates for 2007 and 2008? | |||
| A: | In cents per mile, | 2007 | 2008 | |
| Business: | 48.5 | 50.5 | ||
| Charitable: | 14.0 | 14.0 | ||
| Moving/Medical: | 20.0 | 19.0 | ||
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| Q: | What is my tax rate? Listed below are marginal tax rates (step rates). Therefore, if you are single and make $50,000 in taxable income, your tax rate is 25% for each additional dollar made | |||
| A: | 2008 Marginal rates: | Single | Head of Household | Married |
| 10% | $8,025 | $11,450 | $16,050 | |
| 15% | $32,550 | $43,650 | $65,100 | |
| 25% | $78,850 | $112,650 | $131,450 | |
| 28% | $164,550 | $182,400 | $200,300 | |
| 33% | $357,700 | $357,700 | $357,700 | |
| 35% | $357,700+ | $357,700+ | $357,700+ | |
| 2007 Marginal rates: | Single | Head of Household | Married | |
| 10% | $7,825 | $11,200 | $15,650 | |
| 15% | $31,850 | $42,650 | $63,700 | |
| 25% | $77,100 | $110,100 | $128,500 | |
| 28% | $160,850 | $178,350 | $195,850 | |
| 33% | $349,700 | $349,700 | $349,700 | |
| 35% | $349,700+ | $349,700+ | $349,700+ | |
| Q: | What are the standard deductions for 2007 and 2008? | |||
| A: | Single | Head of Household | Married | |
| 2007 | $5,350 | $7,850 | $10,700 | |
| add-on for blind/over-65 | $1,300 | $1,300 | $1,050 | |
| 2008 | $5,450 | $8,000 | $10,900 | |
| add-on for blind/over-65 | $1,300 | $1,300 | $1,050 | |
| Q: | What are the personal exemption amounts for 2005 and 2006? | |||
| A: | 2006 | $3,300 | ||
| 2005 | $3,200 | |||
Amy R. Cook, PC
1514 Corona Drive Austin, TX 78723
512.419.9696 / 512.233.1085 fax
amy@acookcpa.com
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Copyright© 2008 Amy R. Cook, PC