Resources - Key Federal Tax Figures

Standard Deductions 2002 2003 2004 2005 2006     Joint or Qualifying Widow(er) 7,850 9,500 9,700 10,000 10,300     Single 4,700 4,750 4,850 5,000 5,150     Head of Household 6,900 7,000 7,150 7,300 7,550     Married Filing Separately 3,925 4,750 4,850 5,000 5,150     Additional for Elderly/Blind-Married 900 950 950 1,050 1,000     Additional for Elderly/Blind-Unmarried 1,150 1,150 1,200 1,250 1,250     Taxpayer Claimed as Dependent 750 750 800 800 850     Personal/Dependent Exemption 3,000 3,050 3,100 3,200 3,300     Unearned Income w/o Kiddie Tax 1,500 1,500 1,600 1,600 ††1,600     Social Security Maximum Earning 84,900 87,000 87,900 90,000 94,200     Medicare Maximum Earnings Unlimited Unlimited Unlimited Unlimited Unlimited Earnings Ceiling for Social Security               Below Age 65 yrs in 2002, 65 yrs 2 mo. in 2003,      65 yrs 4 mo. for 2004 11,280 11,520 11,640 12,000 12,480     Above Age 65 yrs in 2002, 65 yrs 2 mo. in 2003,      65 yrs 4 mo. for 2004 Unlimited Unlimited Unlimited Unlimited Unlimited Auto Standard Mileage Allowances               Business 36.5 .36 .375 †††.405 .445     Charitable Work .14 .14 .14 .14 .14     Medical/Moving Expenses .13 .12 .14 .15 .18 Section 179 Deduction 24,000 †100,000 102,000 105,000 108,000 Self-Employed Health Insurance Deduction 70% 100% 100% 100% 100% Qualified Retirement Plans Salary Limit 200,000 200,000 205,000 210,000 220,000 Qualified Retirement Plans - Contributions Limit               401(k)/403(b)(employees) 11,000 12,000 13,000 14,000 15,000       Additional Catch-Up Contribution (Age 50 by 12/31) 1,000 2,000 3,000 4,000 5,000     Keogh 40,000 40,000 41,000 42,000 44,000       Additional Catch-Up Contribution (Age 50 by 12/31) 1,000 2,000 3,000 4,000 5,000     SIMPLE 7,000 8,000 9,000 10,000 10,000       Additional Catch-Up Contribution (Age 50 by 12/31) 500 1,000 1,500 2,000 2,500 †This number was changed from 25K to 100K retroactively. ††Adjustment for inflation to be determined later. †††From 9/1/05-12/31/05 = .485