2009 Federal Tax Schedules

All numbers are adjusted for inflation.

 

Married individuals filing joint returns and surviving spouses

If taxable income is: Tax is:
$1 - $16,700 10% of taxable income
$16,701 - $67,900 15% of taxable income
$67,901 - $137,050 25% of taxable income
$137,051 - $208,850 28% of taxable income
$208,851 - $372,950 33% of taxable income
Over $372,950 35% of taxable income

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Heads of Households

If taxable income is: Tax is:
$1 - $11,950 10% of taxable income
$11,951 - $45,500 15% of taxable income
$45,501 - $117,450 25% of taxable income
$117,451 - $190,200 28% of taxable income
$190,201 - $372,950 33% of taxable income
Over $372,950 35% of taxable income

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Single individuals (other than surviving spouses and heads of households)

If taxable income is: Tax is:
$1 - $8,350 10% of taxable income
$8,351 - $33,950 15% of taxable income
$33,951 - $82,250 25% of taxable income
$82,251 - $171,550 28% of taxable income
$171,551 - $372,950 33% of taxable income
Over $372,950 35% of taxable income

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Married individuals filing separate returns

If taxable income is: Tax is:
$1 - $8,350 10% of taxable income
$8,351 - $33,950 15% of taxable income
$33,951 - $68,525 25% of taxable income
$68,526 - $104,425 28% of taxable income
$104,426 - $186,475 33% of taxable income
Over $186,475 35% of taxable income

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Standard Deduction

Single $5,700
Married filing Jointly/Surviving spouses $11,400
Married filing separately $5,700
Head of household $8,350
Additional for elderly or blind (married) $1,100
Additional for elderly or blind (head of household) $1,400
Additional for elderly or blind (single) $1,400
Taxpayer dependent of another greater of $950 or $300 plus earned income, not to exceed regular standard deduction

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Maximum/minimum rate for net long-term capital gains

Over 12 month holding period 15%
Exception for 10-15% tax bracket 0%

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Personal exemption

$3,650 (zero for individual who is dependent of another taxpayer)

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FICA & self-employment tax

Taxable wages for social security up to $106,800
Maximum social security $6,622
Social security tax rate for both employers and employees 6.20%
Social security tax rate for self-employed 12.4%
Taxable wages for Medicare All
Maximum Medicare tax No limit
Medicare tax rate for both employers and employees 1.45%
Medicare tax rate for self-employed 2.9%
Self-employed health insurance deduction 100%

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Social security earnings limit

Year before Social Security eligibility $14,160
Year after Social Security eligibility No limit

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Retirement plan limitations

IRA Contribution Limit $5,000
     50 & over catch-up $1,000
SIMPLE Deferral Limit $11,500
     50 & over catch-up $2,500
401(k) Deferral Limit $16,500
     50 & over catch-up $5,500

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Retirement plan Cost of Living Adjustments (COLAs)

Category For 2009
Compensation Cap for Plan Purposes $245,000
Compensation for Highly Compensated Definition $110,000
Compensation for HCE Definition and Top Paid 20% $110,000
Key Employee Compensation - Officer $160,000
Key Employee Compensation - 1% Owner $160,000
Deferral Limit for 401(k) & SAR-SEPs $16,500
Deferral Limit for 403(b) Plans $16,500
Deferral Limit for 457(b) Plans $16,500
Deferral Limit for SIMPLE IRA Plans $11,500
Maximum Match for SIMPLE IRA Plans $11,500
Minimum Earnings for SEP Contribution Plans $550
Social Security Wage Base OASDI $106,800
Medicare Wage Base Unlimited

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Section 179 Deduction

$133,000 for property placed in service in calendar year 2009.
(SUV Limit - $25,000)
Investment Limitation - $530,000 of qualified property placed in service during 2009.

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Kiddie tax unearned income maximum

$1,900

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Adoption Tax Credit

Expenses up to $12,150 (subject to modified AGI phase-out beginning at $182,180 
to completely phased out at $222,180) per child

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Education Loan Interest Deduction

$2,500

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Education Loan Interest Deduction (for AGI)

$2,500

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Estate Tax Exemption

Federal $3,500,000
State of Tennessee $1,000,000

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Top Estate Tax Rate

45%

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Annual Gift Exclusion

$13,000

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Standard mileage allowance

Business 55 cents/mile
Charitable activities 14 cents/mile
Medical expense 24 cents/mile
Moving expense 24 cents/mile

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Phase-out income levels (based on adjusted or modified adjusted gross income)

Personal exemption
Single $166,800/$289,300
Joint returns & surviving spouses $250,200/$372,700
Married filing separately $125,100/$186,350
Head of household $208,500/$331,000
Itemized deductions
Single/Joint/Head of Household $166,800
Married filing separately $83,400
College Savings bond interest exclusion
Single/Head of Household $69,950/$84,950
Joint $104,900/$134,900
Married filing separately $0
IRA deductibility (with company pension)
Single/Head of Household $55,000 - 65,000
Joint, when taxpayer has company pension $89,000 - 109,000
Joint, when spouse has company pension $166,000 -176,000
Married filing separately $0-$10,000
Roth IRA eligibility
Single/Head of household $105,000 - 120,000
Joint $166,000 - 176,000
Married filing separately $0 - 10,000
Rollover of regular IRA to Roth IRA $100,000 (not allowed for married filing separately)
Child credit
• $1,000 per child for 2009 for one or more qualifying children
Single/Head of household starts at $75,000
Joint starts at $110,000
Married filing separately starts at $55,000
Education IRA
Single/Head of household
$95,000 - 110,000
Married filing separately $95,000 - 110,000
Joint $190,000 - 220,000
HOPE/Lifetime learning credits
Single/Head of household $50,000 - 60,000
Joint $100,000 - 120,000
Married filing separately $0
Education loan interest deduction
Single/Head of Household $60,000 - $75,000
Joint $120,000 - 150,000
Married filing separately $0


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