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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 |
|
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 |
|
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| Married Filing Separate |
109,475/170,725 |
107,025/168,275 |
104,625/165,875 |
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| 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 |
| 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 |
|
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| Charity Work |
.14 |
.14 |
.14 |
| Charity (Katrina Related 8/25/2005 - 8/31/2005) |
.29 |
|
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| Charit7 (Katrina Related 9/1/2005 - 12/31/2005) |
.34 |
|
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| Medical/Moving (1/1/2005 - 8/31/2005) |
.15 |
|
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| Medical/Moving (9/1/2005 - 12/31/2005) |
.22 |
.14 |
.12 |
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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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