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CCH can assist you with stories, including interviews with CCH subject experts.
Also, the 2008
CCH Whole Ball of Tax is available in print. Please
contact:
Leslie Bonacum
(847) 267-7153
mediahelp@cch.com
Neil Allen
(847) 267-2179
neil.allen@wolterskluwer.com
Link to special CCH Tax Briefings on key topics from 2007:
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2008 CCH Whole Ball of Tax
2007 - 2008 Tax Brackets
Married Filing Jointly (& Surviving Spouse)
2008 Taxable Income |
Tax Rate |
2007 Taxable Income |
Tax Rate |
$0-$16,050 |
10% |
$0-$15,650 |
10% |
$16,050-$65,100 |
15% |
$15,650-$63,700 |
15% |
$65,100-$131,450 |
25% |
$63,700-$128,500 |
25% |
$131,450-$200,300 |
28% |
$128,500-$195,850 |
28% |
$200,300-$357,700 |
33% |
$195,850-$349,700 |
33% |
$357,700 + |
35% |
$349,700 + |
35% |
Married Filing Separately
2008 Taxable Income |
Tax Rate |
2007 Taxable Income |
Tax Rate |
$0-$8,025 |
10% |
$0-$7,825 |
10% |
$8,025-$32,550 |
15% |
$7,825-$31,850 |
15% |
$32,550-$65,725 |
25% |
$31,850-$64,250 |
25% |
$65,725-$100,150 |
28% |
$64,250-$97,925 |
28% |
$100,150-$178,850 |
33% |
$97,925-$174,850 |
33% |
$178,850 + |
35% |
$174,850 + |
35% |
Single Filers
2008 Taxable Income |
Tax Rate |
2007 Taxable Income |
Tax Rate |
$0-$8,025 |
10% |
$0-$7,825 |
10% |
$8,025-$32,550 |
15% |
$7,825-$31,850 |
15% |
$32,550-$78,850 |
25% |
$31,850-$77,100 |
25% |
$78,850-$164,550 |
28% |
$77,100-$160,850 |
28% |
$164,550-$357,700 |
33% |
$160,850-$349,700 |
33% |
$357,700 + |
35% |
$349,700 + |
35% |
Head of Household
2008 Taxable Income |
Tax Rate |
2007 Taxable Income |
Tax Rate |
$0-$11,450 |
10% |
$0-$11,200 |
10% |
$11,450-$43,650 |
15% |
$11,200-$42,650 |
15% |
$43,650-$112,650 |
25% |
$42,650-$110,100 |
25% |
$112,650-$182,400 |
28% |
$110,100-$178,350 |
28% |
$182,400-$357,700 |
33% |
$178,350-$349,700 |
33% |
$357,700 + |
35% |
$349,700 + |
35% |
Standard Deduction Amounts
Filing Status |
2008 |
2007 |
Increase |
Married Filing Jointly
(& Surviving Spouse) |
$10,900 |
$10,700 |
$200 |
Married Filing Separately |
$5,450 |
$5,350 |
$100 |
Single |
$5,450 |
$5,350 |
$100 |
Head of Household |
$8,000 |
$7,850 |
$150 |
Standard Deduction for Dependents (“Kiddie” Standard Deduction)
2008 |
2007 |
Increase |
$900 |
$850 |
$50 |
Income Level at Which 3-Percent Itemized Deduction Limitation Takes Effect (Adjusted Gross Income)
Filing Status |
2008 |
2007 |
Increase |
Married Filing Jointly
(& Surviving Spouse) |
$159,950 |
$156,400 |
$3,550 |
Married Filing Separately |
$79,975 |
$78,200 |
$1,775 |
Single |
$159,950 |
$156,400 |
$3,550 |
Head of Household |
$159,950 |
$156,400 |
$3,550 |
Personal Exemption Amounts
2008 |
2007 |
Increase |
$3,500 |
$3,400 |
$100 |
Threshold for Personal Exemption Phaseout
Filing Status |
2008 |
2007 |
Increase |
Married Filing Jointly
(& Surviving Spouse) |
$239,950 |
$234,600 |
$5,350 |
Married Filing Separately |
$119,975 |
$117,300 |
$2,675 |
Single |
$159,950 |
$156,400 |
$3,550 |
Head of Household |
$199,950 |
$195,500 |
$4,450 |
Gift Tax Exemption
2008 |
2007 |
Increase |
$12,000 |
$12,000 |
$0 |
Income Limit for Full Roth IRA Contribution
Filing Status |
2008 |
2007 |
Increase |
Married Filing Jointly |
$159,000 |
$156,000 |
$3,000 |
Single |
$101,000 |
$ 99,000 |
$2,000 |
Source: CCH, 2008
Permission for use granted.
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nb-08-24
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