All numbers are adjusted for inflation.
If taxable income is: Tax is: $1 - $14,600 10% of taxable income $14,601 - $59,400 15% of taxable income $59,401 - $119,950 25% of taxable income $119,951 - $182,800 28% of taxable income $182,801 - $326,450 33% of taxable income Over $326,450 35% of taxable income
If taxable income is: Tax is: $1 - $10,450 10% of taxable income $10,451 - $39,800 15% of taxable income $39,801 - $102,800 25% of taxable income $102,801 - $166,450 28% of taxable income $166,451 - $326,450 33% of taxable income Over $326,450 35% of taxable income
If taxable income is: Tax is: $1 - $7,300 10% of taxable income $7,301 - $29,700 15% of taxable income $29,701 - $71,950 25% of taxable income $71,951 - $150,150 28% of taxable income $150,151 - $326,450 33% of taxable income Over $326,450 35% of taxable income
If taxable income is: Tax is: $1 - $7,300 10% of taxable income $7,301 - $29,700 15% of taxable income $29,701 - $59,975 25% of taxable income $59,976 - $91,400 28% of taxable income $91,401 - $163,225 33% of taxable income Over $163,225 35% of taxable income
Single $5,000 Married filing Jointly/Surviving spouses $10,000 Married filing separately $5,000 Head of household $7,300 Additional for elderly or blind (married) $1,000 Additional for elderly or blind (single) $1,250 Taxpayer dependent of another greater of $800 or $250 plus earned income, not to exceed regular standard deduction
Over 12 months 15%/5% Over 5 years Eliminated
$3,200 (zero for individual who is dependent of another taxpayer)
Taxable wages for social security up to $90,000 Maximum social security $5,580 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%
Under full retirement age $12,000 After full retirement age is reached No limit
IRA Contribution Limit $4,000 50 & over catch-up $500 SIMPLE Deferral Limit $10,000 50 & over catch-up $2,000 401(k) Deferral Limit $14,000 50 & over catch-up $4,000
Category For 2005 Compensation Cap for Plan Purposes $210,000 Compensation for Highly Compensated Definition $95,000 Compensation for HCE Definition and Top Paid 20% $95,000 Key Employee Compensation - Officer $135,000 Key Employee Compensation - 1% Owner $150,000 Deferral Limit for 401(k) & SAR-SEPs $14,000 Deferral Limit for 403(b) Plans $14,000 Deferral Limit for 457(b) Plans $14,000 Deferral Limit for SIMPLE IRA Plans $10,000 Maximum Match for SIMPLE IRA Plans $10,000 Minimum Earnings for SEP Contribution Plans $450 Social Security Wage Base OASDI $90,000 Medicare Wage Base Unlimited
$105,000 for property placed in service in calendar years 2005.
(SUV Limit - $25,000)
$1,600
Expenses up to $10,630 (subject to modified AGI phase-out beginning at $150,000
to completely phased out at $190,000) per child
$2,500
$4,000/$2,000
$1,500,000
47%
$11,000
Business 40.5 cents/mile Charitable activities 14 cents/mile Medical expense 15 cents/mile Moving expense 15 cents/mile
Personal exemption Single $145,950/$268,450 Joint returns & surviving spouses $218,950/$341,450 Married filing separately $109,475/$170,725 Head of household $182,450/$304,950 Itemized deductions Single/Joint/Head of Household $145,950 Married filing separately $72,975 College Savings bond interest exclusion Single/Head of Household $61,200/$76,200 Joint $91,850/$121,850 Married filing separately $0 IRA deductibility (with company pension) Single/Head of Household $50,000 - 60,000 Joint, when taxpayer has company pension $70,000 - 80,000 Joint, when spouse has company pension $150,000 -160,000 Married filing separately $0-$10,000 Roth IRA eligibility Single/Head of household $95,000 - 110,000 Joint $150,000 - 160,000 Married filing separately $0 - 10,000 Rollover of regular IRA to Roth IRA $100,000 (not allowed for married filing separately) 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 $43,000 - 53,000 Joint $87,000 - 107,000 Married filing separately $0 Education loan interest deduction Single/Head of Household $50,000 - $65,000 Joint $105,000 - 135,000 Married filing separately $0 Child credit
• $1,000 per child for 2005 for one or more qualifying childrenSingle/Head of household starts at $75,000 Joint starts at $110,000 Married filing separately starts at $55,000 Higher Education Deduction Single $65,000/$80,000 Joint $130,000/$160,000 Married filing separately $0