Peter Witts, CPA

Tax Rates

2007 Rates	2008 Rates	2009 Rates
2010 Tax Rates

2010 Tax Rates Schedule X - Single
If taxable income is over --	But Not Over --	The Tax is:
$0	$8,375	10% of the taxable amount
$8,375	$34,000	$837.50 plus 15% of the amount over $8,375
$34,000	$82,400	$4,681.25 plus 25% of the amount over $34,000
$82,400	$171,850	$16,781.25 plus 28% of the amount over $82,400
$171,850	$373,650	$41,827.25 plus 33% of the amount over $171,850
$373,650	no limit	$108,421.25 plus 35% of the amount over $373,650

2010 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)
If taxable income is over --	But Not Over --	The Tax is:
$0	$16,750	10% of the taxable amount
$16,750	$68,000	$1,675 plus 15% of the amount over $16,750
$68,000	$137,300	$9,362.50 plus 25% of the amount over $68,000
$137,300	$209,250	$26,687.50 plus 28% of the amount over $137,300
$209,250	$373,650	$46,833.50 plus 33% of the amount over $209,250
$373,650	no limit	$101,085.50 plus 35% of the amount over $373,650

2010 Tax Rates Schedule Y-2 - Married Filing Separately
If taxable income is over --	But Not Over --	The Tax is:
$0	$8,375	10% of the taxable amount
$8,375	$34,000	$835 plus 15% of the amount over $8,375
$34,000	$68,650	$4,675 plus 25% of the amount over $34,000
$68,650	$104,625	$13,343.75 plus 28% of the amount over $68,650
$104,625	$186,825	$23,416.75 plus 33% of the amount over $104,625
$186,825	no limit	$50,542.75 plus 35% of the amount over $186,825

2010 Tax Rates Schedule Z - Head of Household
If taxable income is over --	But Not Over --	The Tax is:
$0	$11,950	10% of the taxable amount
$11,950	$45,550	$1,195.00 plus 15% of the amount over $11,950
$45,550	$117,650	$6,235 plus 25% of the amount over $45,550
$117,650	$190,550	$24,260 plus 28% of the amount over $117,650
$190,550	$373,650	$44,672 plus 33% of the amount over $190,550
$373,650	no limit	$105,095 plus 35% of the amount over $373,650

2010 Tax Rates Estates & Trusts
If taxable income is over --	But Not Over --	The Tax is:
$0	$2,300	15%
$2,300	$5,350	25%
$5,350	$8,200	28%
$8,200	$11,200	33%
$11,200	no limit	35%

Social Security 2010 Tax Rates
Base Salary	$106,800
Social Security Tax Rate	6.2%
Maximum Social Security Tax	$6,621.60
Medicare Base Salary	Unlimited
Medicare Tax Rate	1.45%

Education 2010 Tax Rates
Hope Credit	$2,500
Lifetime Learning Credit	$2,000
Student Loan Interest Deduction	$2,500
Coverdell Education Savings Contribution	$2,000

Miscellaneous 2010 Tax Rates
Personal Exemption	$3,650
Business Equipment Expense Deduction	$250,000
Prior-year safe harbor for estimated taxes of higher-income	110% of your 2009 tax liability
Standard mileage rate for business driving	50 cents
Standard mileage rate for medical/moving driving	16.5 cents
Standard mileage rate for charitable driving	14 cents
Child Tax Credit	$1,000
Unearned income maximum for children before kiddie tax applies	$950
Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket	0%
Maximum capital gains tax rate for taxpayers above the 15% bracket	15%
Capital gains tax rate for unrecaptured Sec. 1250 gains	25%
Capital gains tax rate on collectibles	28%
Maximum contribution for Traditional/Roth IRA	$5,000 if under age 50 $6,000 if 50 or older
Maximum employee contribution to SIMPLE IRA	$11,500 if under age 50 $14,000 if 50 or older
Maximum Contribution to SEP IRA	25% of compensation up to $49,000
401(k) maximum employee contribution limit	$16,500 if under age 50 $22,000 if 50 or older
Self-employed health insurance deduction	100%
Estate tax exemption	Unlimited for 2010
Annual Exclusion for Gifts	$13,000

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