Dec. 29, 2008:: Key Tax Figures for 2004-2008
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| Married, Filing Joint Return | $10,900 | $10,700 | $10,300 | $10,000 | $9,700 |
| Surviving Spouse | $10,900 | $10,700 | $10,300 | $10,000 | $9,700 |
| Head of Household | $8,000 | $7,850 | $7,550 | $7,300 | $7,150 |
| Unmarried (not S.S. or H.H.) | $5,450 | $5,350 | $5,150 | $5,000 | $4,850 |
| Married, Filing Separate Return | $5,450 | $5,350 | $5,150 | $5,000 | $4,850 |
| Dependent Standard Deduction (Minimum) | $900 | $850 | $850 | $800 | $800 |
| Additional Amount for Blindness or Age | $1,050 | $1,050 | $1,000 | $1,000 | $9,50 |
| Additional Amount as Above if Unmarried and not S.S. | $1,350 | $1,300 | $1,250 | $1,250 | $1,200 |
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| Personal and Dependent Amount | $3,500 | $3,400 | $3,300 | $3,200 | $3,100 |
| Estate Amount | $600 | $600 | $600 | $600 | $600 |
| Simple Trust Amount | $300 | $300 | $300 | $300 | $300 |
| Complex Trust Amount | $100 | $100 | $100 | $100 | $100 |
| Qualified Disability Trust Amount | $3500 | $3,400 | $3,300 | $3,200 | $3,100 |
| Joint Returns or Surviving Spouse (Phaseout starts) | $239,950 | $234,600 | $225,750 | $218,950 | $214,050 |
| Head of Household (Phaseout starts) | $199,950 | $195,500 | $188,150 | $182,450 | $178,350 |
| Unmarried (not S.S. or H.H.) (Phaseout starts) | $159,950 | $156,400 | $150,500 | $145,950 | $142,700 |
| Married, Filing Separate Return (Phaseout starts) | $119,975 | $117,300 | $112,875 | $109,475 | $107,025 |
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| Married, Filing Separate Return (Phaseout starts) | $79,975 | $78,200 | $75,250 | $72,975 | $71,350 |
| Others (Phaseout starts) | $159,950 | $156,400 | $150,500 | $145,950 | $142,700 |
| Casualty Loss (AGI Threshold) | 10% | 10% | 10% | 10% | 10% |
| Medical Deduction (AGI Threshold) | 7.5% | 7.5% | 7.5% | 7.5% | 7.5% |
| Miscellaneous Itemized (AGI Deduction Floor) | 2% | 2% | 2% | 2% | 2% |
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| Maximum Annual Benefit for Defined Benefit Plan | $185,000 | $180,000 | $175,000 | $170,000 | $165,000 |
| Maximum Annual Contribution for Defined Contribution Plan | $46,000 | $45,000 | $44,000 | $42,000 | $41,000 |
| Highly Compensated Employee Definition (In general) | $105,000 | $100,000 | $100,000 | $95,000 | $90,000 |
| SEP Deminimis Compensation Amount | $500 | $500 | $450 | $450 | $450 |
| SEP Nondiscrimination Compensation Amount | $230,000 | $225,000 | $220,000 | $210,000 | $205,000 |
| 401(k) Maximum Compensation Amount | $230,000 | $225,000 | $220,000 | $210,000 | $205,000 |
| 401(k) Maximum Exclusion (In general) | $15,500 | $15,500 | $15,000 | $14,000 | $13,000 |
| IRA Deduction Limit (In general) | $5,000 | $4,000 | $4,000 | $4,000 | $3,000 |
| SIMPLE Contribution Limit | $10,500 | $10,500 | $10,000 | $10,000 | $9,000 |
| Catch-up Contributions (Extra amount for taxpayers over age 49): | |||||
|
$1000 | $1,000 | $1,000 | $500 | $500 |
|
$2,500 | $2,500 | $2,500 | $2,000 | $1,500 |
|
$5,000 | $5,000 | $5,000 | $4,000 | $3,000 |
| Saving's Tax Credit (Maximum) | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Employer's Start-up Tax Credit (For establishing retirement plan) | $500 | $500 | $500 | $500 | $500 |
ADJUSTED NET CAPITAL GAIN (ASSETS HELD MORE THAN 12 MONTHS)
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| General Rate | 15% | 15% | 15% | 15% | 15% |
| Low Rate: (Taxpayers in 10% or 15% bracket) | 0% | 5% | 5% | 5% | 5% |
| High Rate: Collectibles (coins, art, antiques) | 28% | 28% | 28% | 28% | 28% |
| Recaptured gain on real estate (Sec. 1250 gain) | 25% | 25% | 25% | 25% | 25% |
| Dividends, qualified (General rate) | 15% | 15% | 15% | 15% | 15% |
| Dividends, qualified (Taxpayers in 10% or 15% bracket) | 0% | 5% | 5% | 5% | 5% |
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| Estate Tax Credit Shelter Amount | $2,000,000 | $2,000,000 | $2,000,000 | $1,500,000 | $1,500,000 |
| Gift Tax Credit Shelter Amount | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Annual Gift Tax Exclusion Amount (Per donee) | $12,000 | $12,000 | $12,000 | $11,000 | $11,000 |
| State Death Tax Threshold Amount | $60,000 | ||||
| Estate/Gift Tax Rate (Before phaseout) | 45% | 45% | 46% | 47% | 48% |
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| Soc. Sec. (Self-employed) Combined Rate (OASDI+Medicare) | 15.3% | 15.3% | 15.3% | 15.3% | 15.3% |
| Soc. Sec. (Employer or Employee) Rate (OASDI+Medicare) | 7.65% | 7.65% | 7.65% | 7.65% | 7.65% |
| OASDI Maximum Base | $102,200 | $97,500 | $94,200 | $90,000 | $87,900 |
| Medicare Rate | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% |
| FUTA Rate | 6.2% | 6,2% | 6.2% | 6.2% | 6.2% |
| FUTA Wage Base | $7,000 | $7,000 | $7,000 | $7,000 | $7,000 |
| Nanny Tax Threshold | $1,600 | $1,500 | $1,500 | $1,400 | $1,400 |
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| Hope Scholarship Credit | $1,800 | $1,650 | $1,650 | $1,500 | $1,500 |
| Lifetime Learning Credit | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
| Coverdell Education Savings Account Contribution | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
| Student Loan Interest Deduction | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 |
| U.S. Savings Bond Interest Exclusion (Phaseout starts) | |||||
|
$100,650 | $98,400 | $94,700 | $91,850 | $89,750 |
|
$67,100 | $65,600 | $63,100 | $61,200 | $59,850 |
|
No exclusion | $0 | $0 | $0 | $0 |
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| Fringe Benefit: Employer-provided passes and vehicles | $115/mo. | $110/mo. | $105/mo. | $105/mo. | $100/mo. |
| Fringe Benefit: Qualified parking limit | $220/mo. | $215/mo. | $205/mo. | $200/mo. | $195/mo. |
| Business Mileage Rate | 50.5¢ | 48.5¢ | 44.5¢ | 40.5¢ | $3.75¢ |
| Charitable Mileage Rate | 14¢ | 14¢ | 14¢ | 48.5¢ | 14¢ |
| Medical and Moving Mileage Rate | 20¢ | 20¢ | 18¢ | 14¢ | 14¢ |
| Depreciation Component of Standard Mileage Rate | 19¢ | 19¢ | 17¢ | 17¢ | 16¢ |
| High Cost Per Diem Travel Rate | $237 | $237 | $226 | $226 | $199 |
Low Cost Per Diem Travel Rate |
$152 | $152 | $141 | $129 | $127 |
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| Premium Limits | |||||
|
$310 | $290 | $280 | $270 | $260 |
|
$580 | $550 | $530 | $510 | $490 |
|
$1,150 | $1,110 | $1,060 | $1,020 | $980 |
|
$3,080 | $2,950 | $2,830 | $2,720 | $2,600 |
|
$3,850 | $3,680 | $3,530 | $3,400 | $3,250 |
Jan. 7, 2004:: 2004 FICA Changes
FICA Changes
The FICA changes for 2004 are as follows:
| 2003 | 2004 | |
| Social Security (OASDI) Wage Base | $87,000 | $87,900 |
| Medicare Wage Base | No Limit | No Limit |
| OASDI Percentage | 6.2% | 6.2% |
| HI Percentage | 1.45% | 1.45% |
| Maximum OASDI | $5,394.00 | $5,394.00 |
| Maximum HI Withholding | No Limit | No Limit |
| Maximum FICA Withholding | No Limit | No Limit |
| Social Security tax rate | 12.4% | 12.4% |
| Medicare tax rate | 2.9% | 2.9% |
Dec. 23, 2003 :: NYS LLC/LLP Fee
Payments for the IT-204LL are due January 30, 2004. This year, the New York State Department of Taxation and Finance has raised the Limited Liability Company/Partnership fee. The new fees are as follows:
- For LLP's - $100 per partner. Minimum fee of $500.
- All other LLC's - $100.
Checks should be made payable to: NYS LLC/LLP Fee and mailed to:
State Processing Center
PO Box 61000
Albany, NY 12261-0001
Happy Holidays!
Komorsky, Mason, Rothstein & Associates, CPA/LLP
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Komorsky, Mason, Rothstein & Associates, CPA/LLP
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