U.S. Master Tax Guide
QUICK TAX FACTS 2002
STANDARD DEDUCTIONS
Married,
filing joint return |
$ 7,850 |
Surviving
Spouse |
$
7,850 |
Head
of Household |
$ 6,900 |
Unmarried
(not S.S. or H.H.) |
$
4,700 |
Married,
filing separate return |
$
3,925 |
Dependent
standard deduction (Minimum) |
$ 750 |
Additional
amount for blindness and/ or age |
$
900 |
Additional
amount as above if unmarried & not S.S. |
$
1,150 |
EXEMPTIONS
Personal
and Dependent Amount |
$ 3,000 |
Estate
Amount |
$
600 |
Simple
Trust Amount |
$
300 |
Complex
Trust Amount |
$
100 |
Joint
returns or surviving spouse (Phaseout) |
$ 206,000 |
Head
of Household (Phaseout) |
$ 171,650 |
Unmarried
(not S.S. or H.H.) (Phaseout) |
$ 137,300 |
Married,
filing separate return (Phaseout) |
$ 103,000 |
ITEMIZED DEDUCTIONS
Married,
filing separate (Phaseout) |
$ 68,650 |
Others
( Phaseout) |
$ 137,350 |
TRANSPORTATION
Fringe
Benefit: Employer-provided passes and vehicles |
$ 100/mo. |
Fringe
Benefit: Qualified parking limit |
$
185/mo. |
Luxury
Auto Excise Tax Base Amount |
$ 40,000 |
Business
Mileage Rate |
36.5
cents |
Charitable
Mileage Rate |
14
cents |
Medical
and Moving Mileage Rate |
13
cents |
Depreciation
Component of Standard Mileage Rate |
15 cents |
High
Cost Per Diem Travel Rate (and optional rate) |
$ 204 |
Low
Cost Per Diem Travel Rate (and optional rate) |
$ 125 |
RETIREMENT PENSION PLANS
Maximum
Annual Benefit for Defined Benefit Plans |
$ 160,000 |
Maximum
Annual Contribution Defined Contribution Plan |
$ 40,000 |
Highly
Compensated Employee Definition (In general) |
$ 90,000 |
SEP
De minimus Compensation Amount |
$ 450 |
SEP
Nondiscrimination Compensation Amount |
$ 200,000 |
401(k)
Maximum Compensation Amount |
$ 200,000 |
401(k)
Maximum Exclusion |
$ 11,000 |
IRA
Deduction Limit |
$ 3,000 |
SIMPLE
Contribution Limit |
$ 7,000 |
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% |
HOME SALE GAIN EXCLUSION
Joint
Filers |
$ 500,000 |
Single
Filers |
$ 250,000 |
ESTATE AND GIFT TAXES
Unified
Credit Shelter Amount |
$ 1,000,000 |
Annual
Gift Tax Exclusion Amount (per donee) |
$ 11,000 |
State
Death Tax Threshold Amount |
$ 60,000 |
Estate/Gift
Tax Rate (before phaseout) |
50% |
PAYROLL TAXES
Soc.
Sec. (Self-employed) Combined Rate (OASDI + Medicare) |
15.3% |
Soc.
Sec. (Employer or Employee) Rate (OASDI + Medicare) |
7.65% |
OASDI
Maximum Base |
$ 84,900 |
FUTA
Rate |
6.2% |
FUTA
Wage Base |
$ 7,000 |
ADJUSTED GROSS INCOME LIMITS
Casualty
Loss Threshold |
10% |
Medical
Deductions Threshold |
7.5% |
Miscellaneous
Itemized Deduction Floor |
2% |
EDUCATION PROVISIONS
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 |
$ 86,400 |
Single, S.S. or H.H. |
$ 57,600 |
Married, filing separate return |
$ 0 |
KEY PENALTY RATES
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 |