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HARTMAN, BLITCH
& GARTSIDE CERTIFIED PUBLIC ACCOUNTANTS |
Tax Rates
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2006 |
2007 |
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Standard deduction: |
2006 |
2007 |
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Personal exemption |
3,300 |
3,400 |
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Married filing joint Over 65 - one spouse Over 65 - both spouses |
10,300 11,300 12,300 |
10,700 11,750 12,800 |
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The reduction is reduced by one-third in 2006 and 2007
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225,750 225,750 150,500 188,150 112,875
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234,600 234,600 156,400 195,500 117,300
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Single, over 65 Head of household Head of household, over 65 Married, filing separately Married filing separately, over 65 |
5,150 6,400 7,550 8,800 5,150 6,150 |
5,350 6,650 7,850 9,150 5,350 6,400 |
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Blind Unmarried |
1,250 |
1,300 |
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Blind Married |
1,000 |
1,050 |
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Itemized deduction |
2006 |
2007 |
Social Security |
2006 |
2007 |
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The reduction is reduced by one-third in 2006 and 2007 |
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Maximum earnings subject to social security tax |
94,200 |
97,500 |
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Married filing joint |
150,500 | 156,400 | . | Maximum yearly earnings before reduction in benefits: | ||
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Single |
75,250 | 78,200 |
Age 65 and up: |
No Limit |
No Limit |
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Mileage allowance |
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2006 |
2007 |
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cents per mile |
44.5 Business .18 Medical .18 Moving .14 Charitable (Katrina related .32) |
48.5 Business .20 Medical .20 Moving .14 Charitable |
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$5.85 per hour $6.79 per hour |
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Per Diem rates |
Oct. 1, 2006 - Sept. 30, 2007 |
Oct. 1, 2007 - Sept. 30, 2008 |
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... |
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Meals & incidentals |
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Meals & incidentals |
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| High locality | $188 | $58 | $246 | $179 | $58 | $237 |
| Other localities | $103 | $45 | $148 | $107 | $45 | $152 |
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Individual Tax Rate Schedules |
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2006 |
2007 |
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Rate (%) |
Taxable Income ($) |
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Rate (%) |
Taxable Income ($) |
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Married Filing Jointly |
10 15 25 28 33 35 |
$0-15,100 15,101-61,300 61,301-123,700 123,701-188,450 188,451-336,550 Over $336,500 |
Married Filing Jointly |
10 15 25 28 33 35 |
$0-15,650 15,651-63,700 63,701-128,500 128,501-195,850 195,851-349,700 Over $349,700 |
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Head of Household |
10 15 25 28 33 35 |
$0–10,750 10,751-41,050 41,051-106,000 106,001-171,650 171,651-336,550 Over - $336,550 |
Head of Household |
10 15 25 28 33 35 |
$0–11,200 11,201-42,650 42,651-110,100 110,101-178,350 178,351-349,700 Over - $349,700 |
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Single |
10 15 25 28 33 35 |
$0-7,550 7,551-30,650 30,651-74,200 74,201-154,800 154,801-336,550 Over - $336,550 |
Single |
10 15 25 28 33 35 |
$0-7,825 7,826-31,850 31,851-77,100 77,101-160,850 160,851-349,700 Over - $349,700 |
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Married Filing Separately |
10 15 25 28 33 35 |
$0 – 7,550 7,551-30,650 30,651-61,850 61,851-94,225 94,226-168,275 Over – $168,275 |
Married Filing Separately |
10 15 25 28 33 35 |
$0 – 7,825 7.826-31,850 31,851-64,250 64,251-97,925 97,926-174,850 Over – $174,850 |
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Corporate Tax Rates |
Trust Tax Rates |
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Rate (%) |
2006 |
Rate (%) |
2006 |
Rate (%) |
2007 |
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15 25 34 39 34 35 38 35 |
$0 - 50,000 50,001 - 75,000 75,001 - 100,000 100,001 - 335,000 335,001 - 10,000,000 10,000,001 - 15,000,000 15,000,001 - $18,333,333 over - 18,333,334 |
15 25 28 33 35
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0 - 2,050 2,051 - 4,850 4,851 - 7,400 7,401 - 10,050 Over - 10,050
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15 25 28 33 35
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$0 - 2,150 2,151 - 5,000 5,001-7,650 7,651-10,450 Over - 10,450
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Estate Tax Exclusion |
2007 |
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$2,000,000 |
Estate Tax Rates 2007 |
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| If the amount is: | |||
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Over (1) |
But not over (2) |
Tax on (1) |
Rate on Excess (1) |
$1,500,000 2,000,000 |
$ 2,000,000 |
$555,800
780,800 |
45 45 |
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Rates (%) |
Taxable Estate |
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37 39 41 43 45 45 |
$500,000 - 750,000 750,000 - 1,000,000 1,000,000 - 1,250,000 1,250,000 - 1,500,000 1,500,000 - 2,000,000 Over - 2,000,000 |
Hartman, Blitch & Gartside
4929 Atlantic Boulevard wJacksonville, FL 32207-2409 w (904)396-9802 Fax (904)396-1528 w hbg@hbgcpa.com
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