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Federal Tax Summary Info

 

Federal Tax Summary

Federal Tax Links

State Tax Links

Accounting

Finance

Tax Exempt

Investment / Markets

Business Travel

 

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The following represents our "quick reference" section for those rates and amounts you need on specific occasions.  Please remember that tax laws (and these amounts) are continually changing and this listing is only to be used as a starting reference point.   If you need professional advice or further elaboration on a number listed below, please call our office.

If you do not find the information you need in the list below, you can find an even larger database of tax reference information at smbiz.com - an excellent resource for small businesses.

 

 

 

Individual Deductions and Credits

 

 

2002

2003

Standard Deduction, Joint Return And Surviving Spouse (revised May, 2003) $7,850 $9,500
Standard Deduction, Head of Household $6,900 $7,000
Standard Deduction, Single $4,700 $4,750
Standard Deduction, Married Filing Separate (revised May, 2003) $3,925 $4,750
Personal exemption $3,000 $3,050
Taxpayer Claimed As A Dependent $750  $750
Additional Standard Deduction For Blindness or Age, Single $1,150 $1,150
Additional Standard Deduction For Blindness or Age, Married  $900 $950
Itemized Deduction Income Threshold (deductions reduced by 3% of amount your adjusted gross income exceeds threshold) $137,300 $139,500
Maximum IRA Deduction $3,000 $3,000
Additional IRA Deduction For Age 50 and Over $500 $500
Hope Scholarship Credit Per Eligible Student (100% of first $1,000 in eligible expenses and 50% of next $1,000)  $1,500 $1,500
Lifetime Learning Credit (20% of first $5,000 in expenses) $1,000 $1,000
Maximum Contribution To Education Savings Account (previously Education IRA) $2,000 $2,000
Maximum Child Tax Credit (revised May, 2003)

 

$600

 

$1,000

 

Business Deductions

 

 

2002

2003

Section 179 Deduction (revised May, 2003) $24,000 $100,000
Self-Employed Deduction For SE Tax 50% 50%
Self-Employed Deduction For Health Insurance

 

70%

 

100%

 

Auto And Transportation Allowances

 

 

2002 2003
Business Mileage Rate .365 .36
Medical/Moving Mileage Rate .13 .12
Charity Mileage Rate .14 .14
Vehicle/Transit Pass Limit $100 $100
Qualified Parking Limit $185 $190
Inclusion Amount For Leased Autos (smbiz.com)

 

Federal Income Tax Schedules

 

IRS Individual Tax Table

2002 Individual Tax Rate Schedule
2003 Individual Tax Rate Schedule
1998-2002 Corporate Tax Rates
2002 Estates and Trusts Tax Rates

 

Social Security and Self-Employment Tax

 

 

2002  2003
FICA Taxable Maximum Earnings $84,900 $87,000
FICA Tax Rate On Employee 6.2% 6.2%
Tax on Self-Employment Earnings 12.4% 12.4%
Medicare Taxable Maximum Earnings No Limit No Limit
Medicare Tax Rate on Employee 1.45% 1.45%
Medicare Tax on Self-Employment Earnings 2.9% 2.9%
Social Security Earnings Cap - Recipients Under 65  $11,280 $11,520
Social Security Earnings Cap - Recipients 65-69 * No Limit No Limit
Social Security Earnings Cap - Recipients Over 70  No Limit No Limit
Income Limit Before 50% Benefits Taxed, Single $25,000 $25,000
Income Limit Before 50% Benefits Taxed, Joint $32,000 $32,000
Income Limit Before 85% Benefits Taxed, Single $34,000 $34,000
Income Limit Before 85% Benefits Taxed, Joint $44,000 $44,000
For More Social Security Limits : SSA.gov
* While the earnings cap was dropped for persons over 65 as of January 1, 2000, there remains an earnings cap of ($30,000 in 2002 and $30,720 in 2003) during the retiree's 65th year for those months prior to the actual birthday.

 

Retirement Plan Amounts

 

 

2002 2003
Limit on 401(k) Elective Deferrals $11,000 $12,000
Allowable Catch-Up Contribution For Employees 50 and Over $1,000 $2,000
Compensation Limit Under 401(a)(17), 404(I) and 408(k)(3)(C) $200,000 $200,000
Deferral Limit Under A SIMPLE Plan $7,000 $8,000
SIMPLE Plan Deferral Limit - Age 50 $7,500 $8,500
Limit on Annual Benefit From A Defined Benefit Plan $160,000 $160,000
Earnings Definition of Highly Compensated Employee $85,000 $90,000
Limit on Deductible Contributions to Defined Contribution Plans $40,000 $40,000
Compensation Limit To Trigger a SEP

 

$450

 

$450

 

Estate And Gift Amounts

 

 

2002

2003

Annual Gift Exclusion $11,000 $11,000
Lifetime Exclusion

$1 million

$1 million