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Tax Tables |
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401(K) Contribution Limits
Amount of Estate Assets Exempt from Federal Estate Tax
Tax Treatment of Investment Income for Children Under Age 18
IRS-Approved Auto Mileage Rates
Long-Term Capital Gains Tax Rates (Assets Held More Than One Year)
Amount of Equipment Purchases Eligible for Expensing (Section 179) in First Year
| 401(k) Contribution Limits | ||
|
Year
|
Employee
Contribution Limit |
Additional "Catch-Up" Contribution
for
Employees Age 50 & Over |
| 2001 | $10,500 | Not Available |
| 2002 | $11,000 | $1,000 |
| 2003 | $12,000 | $2,000 |
| 2004 | $13,000 | $3,000 |
| 2005 | $14,000 | $4,000 |
| 2006 | $15,000 | $5,000 |
| 2007 | $15,500 | $5,000 |
| 2008 | $15,500 | $5,000 |
| 2009 | $16,500 | $5,000 |
|
Notes: The law doesn't require employees to contribute any minimum amount, but the 401(k) plan itself may require a minimum contribution of a certain percentage of salary. The law also imposes an overall limit on the combined amount that can be contributed to an employee's 401(k) plan annually by employee and employer. Most employees need not be concerned with this limit. |
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| Amount of Estate Assets
Exempt from Federal Estate Tax |
|
| Year | Exempt Amount |
| 2001 | $675,000 |
| 2002 | $1 million |
| 2003 | $1 million |
| 2004 | $1.5 million |
| 2005 | $1.5 million |
| 2006 | $2 million |
| 2007 | $2 million |
| 2008 | $2 million |
| 2009 | $3.5 million |
| 2010 | Estate Tax Repealed |
| Annual Gift Tax Exclusion | |
| Tax Year | Exclusion |
| 2001 | $10,000 |
| 2002 | $11,000 |
| 2003 | $11,000 |
| 2004 | $11,000 |
| 2005 | $11,000 |
| 2006 | $12,000 |
| 2007 | $12,000 |
| 2008 | $12,000 |
| 2009 | $13,000 |
| Note: The amount of the annual gift tax exclusion is indexed yearly for inflation. However, the law says the amount of the exclusion can only be increased in $1,000 increments. Thus, the exclusion amount will not increase until such time as inflation increases sufficiently for the exclusion amount to go from $13,000 to $14,000. | |
| Tax Treatment of Investment Income for Children Under Age 18 | |||
| Tax Year | Tax-Free | Taxed At Child's Tax Rate |
Taxed At Parents' Tax Rate |
| 2001 | First $750 | Next $750 | Over $1,500 |
| 2002 | First $750 | Next $750 | Over $1,500 |
| 2003 | First $800 | Next $800 | Over $1,600 |
| 2004 | First $800 | Next $800 | Over $1,600 |
| 2005 | First $800 | Next $800 | Over $1,600 |
| 2006 | First $850 | Next $850 | Over $1,700 |
| 2007 | First $850 | Next $850 | Over $1,700 |
| 2008 | First $900 | Next $900 | Over $1,800 |
| 2009 | First $950 | Next $950 | Over $1,900 |
| IRS-Approved Auto Mileage Rates | ||||
| Tax Year | Business Use | Volunteer Charity | Job-Related Move | Medical Care |
| 2001 | 34.5 cents | 14 cents | 12 cents | 12 cents |
| 2002 | 36.5 cents | 14 cents | 13 cents | 13 cents |
| 2003 | 36.0 cents | 14 cents | 12 cents | 12 cents |
| 2004 | 37.5 cents | 14 cents | 14 cents | 14 cents |
| Jan 1 - Aug 31, 2005 | 40.5 cents | 14 cents | 15 cents | 15 cents |
| Sep 1 - Dec 31, 2005 | 48.5 cents | 14 cents | 22 cents | 22 cents |
| 2006 | 44.5 cents | 14 cents | 18 cents | 18 cents |
| 2007 | 48.5 cents | 14 cents | 20 cents | 20 cents |
| Jan - Jun 2008 | 50.5 cents | 14 cents | 19 cents | 19 cents |
| Jul - Dec 2008 | 58.5 cents | 14 cents | 27 cents | 27 cents |
| Note: The mileage allowances are adjusted periodically for changes in diriving costs. | ||||
| Maximum
Long-Term Capital Gains Tax Rates (Assets Held More Than One Year) |
|
| Type of Asset/Holding Period | Maximum Income Tax Rate |
| Most Types of Investments, Held More Than One Year | Sales between Jan.
1—May 5, 2003 20% (10% for taxpayers
below 25% bracket) Sales between May 6, 2003—Dec. 31, 2007 15% (5% for taxpayers below 25% bracket) Sales in 2008 15% (0% for taxpayers below 25% bracket) Sales after 2008 20% (10% for taxpayers below 25% bracket) |
| Most Types of Investments, Held More Than Five Years | Sales between Jan.
1-May 5, 2003 (8% if taxpayer is below 25% bracket) Sales between May 6, 2003-Dec. 31, 2008 (Same rules as for most assets held more than one year) Sales after 2008 18% if asset acquired after 2000 (8% for taxpayers below 25% bracket) |
| Collectibles, Held More Than One Year | 28% |
| Depreciable Real Estate, Held More Than One Year | 25% to extent of depreciation deductions previously claimed |
| Note: Capital losses used to offset the taxpayer's capital gains, plus up to $3,000 of other income, such as salary. (Any excess losses can be carried over to a future year.) | |
| Dollar
Amount of Purchased Equipment Eligible for Expensing (Section 179) |
|
| Tax Year | Limit |
| 2001 | $24,000 |
| 2002 | $24,000 |
| 2003 | $100,000 |
| 2004 | $102,000 |
| 2005 | $105,000 |
| 2006 | $108,000 |
| 2007 | $125,000 |
| 2008 | $250,000 |