Tax Rates for 2002
Social security (FICA) maximum earnings:
$84,900
Tax free gift: $11,000
Luxury tax: passenger vehicles over $38,000, excess at 4%
Self employment tax rate: 15.3%
Gift and estate tax unified credit equivalent: $1 million
Auto mileage allowance: 36.5 cents per mile (see below)
Personal or dependent exemption: $3,000
Standard deduction for single: $4,700
Standard deduction for married: $7,850
401(k) employee deductible contribution limit: up to $11,000 for under 50 and
$12,000 for 50 and over
Expenditures for fixed assets can be expensed up to $24,000
Federal withholding
table (as of 6/30/01)
The amounts for the various deductible costs
for use of a car will be effective January 1, 2002, and are as follows:
- The standard mileage rate for the cost of operating a car is 36.5 cents a
mile for all business miles driven.
- The standard mileage rate for the use of a car when giving services to a
charitable organization remains at 14 cents a mile.
- The standard mileage rate for use of your car for medical reasons is 13 cents
a mile.
- The standard mileage rate to use when computing deductible moving expenses is
13 cents a mile.
| Single |
|
|
|
|
|
| $0 |
to |
$6,000 |
= |
10% |
|
| $6,001 |
to |
$27,950 |
= |
15% |
|
| $27,951 |
to |
$67,700 |
= |
27% |
|
| $67,701 |
to |
$141,250 |
= |
30% |
|
| $141,251 |
to |
$307,050 |
= |
35% |
|
| $307,051 |
- |
|
= |
38.6% |
|
| Married |
|
|
|
|
|
| $0 |
to |
$12,000 |
= |
10% |
|
| $12,001 |
to |
$46,700 |
= |
15% |
|
| $46,701 |
to |
$112,850 |
= |
27% |
|
| $112,851 |
to |
$171,950 |
= |
30% |
|
| $171,951 |
to |
$307,050 |
= |
35% |
|
| $307,051 |
- |
|
|
38.6% |
|
| Corporation |
|
|
|
|
|
| $0 |
to |
$50,000 |
= |
15% |
|
| $50,001 |
to |
$75,000 |
= |
25% |
|
| $75,001 |
to |
$100,000 |
= |
34% |
|
| $100,001 |
to |
$335,000 |
= |
39% |
|
| $335,001 |
to |
$10 million |
= |
34% |
|
| $10 million |
to |
$15 million |
= |
35% |
|
| $15 million |
to |
$18.3 million |
= |
38% |
|
| $18.3 million |
- |
|
= |
35% |
|
Tax Rates for 2001
Social security (FICA) maximum earnings:
$80,400
Luxury tax: passenger vehicles over $38,000, excess at 4%
Self employment tax rate: 15.3%
Gift and estate tax unified credit equivalent: $675,000
Auto mileage allowance: 34.5 cents per mile
Personal or dependent exemption: $2,900
Standard deduction for single: $4,550
Standard deduction for married: $7,600
401(k) employee deductible contribution limit: up to $10,500 (2000)
Expenditures for fixed assets can be expensed up to $24,000
Federal withholding
table (as of 6/30/01)
| Single |
|
|
|
|
|
| $0 |
to |
$27,050 |
= |
15% |
|
| $27,051 |
to |
$65,550 |
= |
28% |
|
| $65,551 |
to |
$136,750 |
= |
31% |
|
| $136,751 |
to |
$297,300 |
= |
36% |
|
| $297,301 |
and |
above |
= |
39.6% |
|
| Married |
|
|
|
|
|
| $0 |
to |
$45,200 |
= |
15% |
|
| $45,201 |
to |
$109,250 |
= |
28% |
|
| $109,251 |
to |
$166,450 |
= |
31% |
|
| $166,451 |
to |
$297,300 |
= |
36% |
|
| $297,301 |
and |
above |
= |
39.6% |
|
| Corporation |
|
|
|
|
|
| $0 |
to |
$50,000 |
= |
15% |
|
| $50,001 |
to |
$75,000 |
= |
25% |
|
| $75,001 |
to |
$100,000 |
= |
34% |
|
| $100,001 |
to |
$335,000 |
= |
39% |
|
| $335,001 |
and |
above |
= |
34% |
|
Tax Rates for 2000
Social security (FICA) maximum earnings: $76,200
Self employment tax rate: 15.3%
Gift and estate tax unified credit equivalent: $675,000
Auto mileage allowance: 32.5 cents per mile
Personal or dependent exemption: $2,800
Standard deduction for single: $4,400
Standard deduction for married: $7,350
401 (k) employee deductible contribution limit: up to $10,500
Earnings ceiling for social security: under 65 - $10,080, between 65-69 -
$17,000 and 70 and over - unlimited
Expenditures for fixed assets can be expensed up to $20,000 for year 2000
| Single |
|
|
|
|
|
| $0 |
to |
$26,249 |
= |
15% |
|
| $26,250 |
to |
$63,549 |
= |
28% |
|
| $63,550 |
to |
$132,599 |
= |
31% |
|
| $132,600 |
to |
$288,349 |
= |
36% |
|
| $288,350 |
and |
above |
= |
39.6% |
|
| Married |
|
|
|
|
|
| $0 |
to |
$43,849 |
= |
15% |
|
| $43,850 |
to |
$105,949 |
= |
28% |
|
| $105,950 |
to |
$161,449 |
= |
31% |
|
| $161,450 |
to |
$288,349 |
= |
36% |
|
| $288,350 |
and |
above |
= |
39.6% |
|
| Corporation |
|
|
|
|
|
| $0 |
to |
$50,000 |
= |
15% |
|
| $50,001 |
to |
$75,000 |
= |
25% |
|
| $75,001 |
to |
$100,000 |
= |
34% |
|
| $100,001 |
to |
$335,000 |
= |
39% |
|
| $335,001 |
and |
above |
= |
34% |
|