2010 Federal Tax Schedules

All numbers are adjusted for inflation.

 

Married individuals filing joint returns and surviving spouses

If taxable income is: Tax is:
$1 - $16,750 10% of taxable income
$16,751 - $68,000 15% of taxable income
$68,001 - $137,300 25% of taxable income
$137,301 - $209,250 28% of taxable income
$209,251 - $373,650 33% of taxable income
Over $373,650 35% of taxable income

Top

Heads of Households

If taxable income is: Tax is:
$1 - $11,950 10% of taxable income
$11,951 - $45,550 15% of taxable income
$45,551 - $117,650 25% of taxable income
$117,651 - $190,550 28% of taxable income
$190,551 - $373,650 33% of taxable income
Over $373,650 35% of taxable income

Top

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

If taxable income is: Tax is:
$1 - $8,375 10% of taxable income
$8,376 - $34,000 15% of taxable income
$34,001 - $82,400 25% of taxable income
$82,401 - $171,850 28% of taxable income
$171,851 - $373,650 33% of taxable income
Over $373,650 35% of taxable income

Top

Married individuals filing separate returns

If taxable income is: Tax is:
$1 - $8,375 10% of taxable income
$8,376 - $34,000 15% of taxable income
$34,001 - $68,650 25% of taxable income
$68,651 - $104,625 28% of taxable income
$104,626 - $186,825 33% of taxable income
Over $186,825 35% of taxable income

Top

Standard Deduction

Single $5,700
Married filing Jointly/Surviving spouses $11,400
Married filing separately $5,700
Head of household $8,400
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

Top

Maximum/minimum rate for net long-term capital gains

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

Top

Personal exemption

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

Top

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%

Top

Social security earnings limit

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

Top

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

Top

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

Top

Section 179 Deduction

$134,000 for property placed in service in calendar year 2010.
(SUV Limit - $25,000)
Investment Limitation - $530,000 of qualified property placed in service during 2010.

Top

Kiddie tax unearned income maximum

$1,900

Top

Adoption Tax Credit

Expenses up to $12,170 subject to modified AGI phase-out beginning at $182,520 
to completely phased out at $222,520 per child

Top

Education Loan Interest Deduction

$2,500

Top

Education Loan Interest Deduction (for AGI)

$2,500

Top

Estate Tax Exemption

Federal Federal Estate Tax expired December 31, 2009. It may be reinstated retroactive to January 1, 2010.
State of Tennessee $1,000,000

Top

Top Estate Tax Rate

Federal Estate Tax expired December 31, 2009. It may be reinstated retroactive to January 1, 2010.

Top

Annual Gift Exclusion

$13,000

Top

Standard mileage allowance

Business 50 cents/mile
Charitable activities 14 cents/mile
Medical expense 16.5 cents/mile
Moving expense 16.5 cents/mile

Top

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

Personal exemption
Single Income phase-out eliminated for 2010
Joint returns & surviving spouses
Married filing separately
Head of household
Itemized deductions
Single/Joint/Head of Household Income limit repealed for 2010
Married filing separately
College Savings bond interest exclusion
Single/Head of Household $70,100/$85,100
Joint $105,100
Married filing separately $0
IRA deductibility (with company pension)
Single/Head of Household $56,000 - 66,000
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 $167,000 - 177,000
Married filing separately $0 - 10,000
Rollover of regular IRA to Roth IRA No income limit
Child credit
$1,000 per child for 2010 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 Credit
Single/Head of household $80,000 - 90,000
Joint $160,000 - 180,000
Married filing separately $0
Lifetime Learning Credit
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


Top