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Jeffrey A Campbell CPA

Tax Data                

 
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Tax Data

Standard Deduction

Personal/Dependent Exemption

Unearned Income Without Kiddie Tax

Beginning/Ending of Personal Exemption Phase-out range

Beginning of Itemized Deduction Phase-out range

AMT Exemption

Gift and Estate Tax

FICA/SE Tax Maximum Earnings

Auto Standard Mileage Allowances

Maximum 401(k) and 403(b) deferrals

 

 

 

Standard Deductions 2005 2004 2003
Joint or Qualifying Widow(er) $   10,000 $   9,700 $   9,500
Single     5,000      4,850     4,750
Head of Household     7,300     7,150     7,000
Married Filing Separate     5,000     4,850     4,750
Additional for Elderly/Blind - Married       1,000        950        950
Additional for Elderly/Blind - Unmarried     1,250      1,250      1,150
Taxpayer claimed as Dependent (If the individual who can be claimed as a dependant on another's return has earned income, the standard deduction is the greater of $800/750 or $250 plus the earned income (but no more than the standard deduction)       800       800        750

 

 

 

 

 

 

 

  2005 2004 2003
Personal/Dependent Exemption $   3,200 $   3,100 $   3,050
Child Tax Credit      1,000      1,000        1,000
Unearned Income without Kiddie Tax     1,600    1,600    1,500

 

Personal Exemption Phase-out range (Based on AGI) 2005 2004 2003
Joint or Qualifying Widow(er) $218,950/341,450 $214,050/336,550 $209,250/331,750    
Single 145,950/268,450 142,700/265,200 139,500/262,000    
Head of Household 182,450/304,950 178,350/300,850 174,400/296,900    
Married Filing Separate 109,475/170,725 107,025/168,275 104,625/165,875    

 

 

 

 

 

 

Beginning of Itemized Deduction Phase-Out (Based on AGI) 2005 2004 2003
Joint, Single, Head of Household $ 145,950 $ 142,700 $  139,500
Married filing Separate      72,975    71,350      69,750

 

Gift and Estate Tax 2005 2004 2003
Applicable Credit Amount (Estate Tax) $ 1,500,000 $1,500,000 $1,000,000
Gift Tax Exemption $ 1,000,000 $ 1,000,000 $1,000,000
Gift Tax annual Exclusion 11,000 11,000 11,000

 

FICA/SE Tax Maximum Earnings 2005 2003 2002
Unified Credit Equivalent $  90,000 $  87,900 $  87,000

 

Auto Standard Mileage Allowances 2005 2004 2003
Business (1/1/2005 - 8/31/2005) .405 .375 .36
Business (9/1/2005 - 12/31/2005) .485    
Charity Work .14 .14 .14
Charity (Katrina Related 8/25/2005 - 8/31/2005) .29    
Charit7 (Katrina Related 9/1/2005 - 12/31/2005) .34    
Medical/Moving (1/1/2005 - 8/31/2005) .15    
Medical/Moving (9/1/2005 - 12/31/2005) .22 .14 .12

 

  2005 2004 2003
Maximum 401(k) and 403(b) Deferral $14,000/18,000 $13,000/16,000 $12,000/14,000
(Limit will be different for certain employees because of discrimination rules, % of salary limitations, etc.  The higher of the two limits applies only to those 50 or older.
 

 
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