Mark E. Gunnison, CPA | Neil K. Johannes, LTP

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Frequently Asked for Amounts

I have placed frequently asked for amounts in the following table. This table should not be relied on as a complete source of information. The following amounts do not always apply to all taxpayers.

20082007 2006 2005 2004 2003 2002 2001 2000
Standard Deduction:
  Single 5,450 5,350 5,150 5,000 4,850 4,750 4,700 4,550 4,400
  Married Filing Jointly 10,900 10,700 10,300 10,000 9,700 9,500 7,850 7,600 7,350
  Head of Household 8,000 7,850 7,550 7,300 7,150 7,000 6,900 6,650 6,450
  Married Filing Separately 5,450 5,350 5,150 5,000 4,850 4,750 3,925 3,800 3,675
  Additional Elderly/Blind-Married 1,050 1,050 1,000 1,000 950 950 900 900 850
  Additional Elderly/Blind-Single 1,350 1,300 1,250 1,250 1,200 1,150 1,150 1,100 1,100
  Taxpayer Claimed as a Dependent 900 850 850 800 800 750 750 750 750
 
Personal Exemption 3,500 3,400 3,300 3,200 3,100 3,050 3,000 2,900 2,800
 
Child Tax Credit 1,000 1,000 1,000 1,000 1,000 1,000 600 600
 
Standard Mileage Rate:
  Business .505 .485 .445 .405/.485 .37 .36 .365 .345 .325
  Charity .14 .14 .14 .14 .14 .14 .14 .14 .14
  Medical/Moving .19 .20 .18 .15/.22 .14 .12 .13 .12 .10
 
FICA Limit 102,000 97,500 94,200 90,000 87,900 87,000 84,900 80,400 76,200
 
Section 179 Deduction 128,000 125,000 108,000 105,000 102,000 100,000 24,000 24,000 20,000
 
Health Savings Accounts (HSAs):
  Max Self-coverage contribution 2,900 2,850 2,700
  Max Family-coverage contribution 5,800 5,650 5,450
Self Employed Health Insurance 100% 100% 100% 100% 100% 100% 70% 60% 60%
 
Profit Sharing Plans:
  Max 401(k)Deferral 15,500 15,500 15,000 14,000 13,000 12,000 11,000 10,500 10,500
  - 50 and over additional 5,000 5,000 5,000 4,000 3,000 2,000 1,000
  SIMPLE Plan Max Deferral 10,500 10,500 10,000 10,000 9,000 8,000 7,000 6,500 6,000
  - 50 and over additional 2,500 2,500 2,500 2,000 1,500 1,000 500
  IRA 5,000 4,000 4,000 4,000 3,000 3,000 3,000 2,000 2,000
  - 50 and over additional 1,000 1,000 1,000 500 500 500 500
 
Max Earnings for Soc. Sec-Under 65 13,560 12,960 12,480 12,000 11,640 11,520 11,280 10,680 10,080
 
Gift and Estate Tax:
  Aprplicable Exclusion Amount 2,000,0002,000,0002,000,0001,500,0001,500,0001,000,0001,000,000675,000 675,000
  Oregon Exclusion Amount 1,000,0001,000,0001,000,000 950,000 850,000 700,000 675,000 675,000 675,000
  Gift Tax Annual Exclusion 12,000 12,000 12,000 11,000 11,000 10,000 10,000 10,000 10,000
 

Return

Last modified 1/26/08



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