|
|
Finance > Federal Tax Information > Key Tax Rates
|
|
|
|
|
|
|
Back To Top
|
|
|
|
|
Back To Top
|
|
| ESTATE AND GIFT TAXES
|
TAX AMOUNT
|
| Unified Credit Shelter Amount
|
$650,000
|
| Annual Gift Tax Exclusion Amount(per donee)
|
$10,000
|
| State Death Tax Threshold Amount
|
$60,000
|
| Estate / Gift Tax Rate (before phaseout)
|
55%
|
|
|
Back To Top
|
|
| PAYROLL TAXES
|
TAX RATE
|
| Social Security(self employed) Combined Rate(OASDI+Medicare)
|
15.3%
|
| Social Security(Employer or Employee) Rate (OASDI+Medicare)
|
7.65%
|
| OASDI Maximum Base
|
$72,600
|
| FUTA Rate
|
6.2%
|
| FUTA Wage Base
|
$7,000
|
|
|
Back To Top
|
|
|
|
| ADJUSTED GROSS INCOME LIMITS
|
TAX RATE
|
| Casualty loss threshold
|
10%
|
| Medical Deduction Threshold
|
7.5%
|
| Miscellaneous Itemized Deduction Floor
|
2%
|
|
|
Back To Top
|
|
| EDUCATION PROVISIONS
|
TAX AMOUNT
|
| Hope Scholarship Credit
|
$1500
|
| Lifetime Learning Credit
|
$1000
|
| Student Loan Interest Deduction
|
$1500
|
| U.S Savings Bond Interest Exclusion (Phaseout):
|
|
| Married,Filing Joint Return
|
$79,650
|
| Single,S.S. or H.H.
|
$53,100
|
| Married,Filing Separate Return
|
$0
|
|
|
Back To Top
|
|
| SPECIAL TAX RATES
|
TAX RATE
|
| Personal Income Tax Rate
|
15%-39.6%
|
| Corporate Income Tax Rate(In General)
|
15%-35%
|
| Corporate Rate On Capital Gains
|
35%
|
|
|
Back To Top
|
|
| KEY PENALTY RATES
|
TAX RATE
|
| Failure To File Return
|
5%/month(max25%)
|
| Failure To Pay Tax
|
1/2 of 1% every month
|
| Substantial Understatement
|
20%
|
| Failure To Supply Social Security No.
|
$50 per occurance
|
|
