2007-2008 TAX FACTS
2007 Personal Exemption Standard Deduction Single Married Filing Joint Married Filing Separate Head of Household FICA Taxable Wage Base Standard Mileage Rates Business Charity Medical & Moving Section 179 Depreciation Investment Limitation SUV Limitation Annual Gift Tax Exclusion Student Loan Interest Deduction IRAs Contribution Limit Age 50+ Catch-Up 401(k) Contribution Limit Age 50+ Catch-Up SEP Contribution Limit $ $ $ 15,500 5,000 45,000 $ $ $ $ $ 4,000 1,000 $ $ $ 3,400 $
2008 3,500
$ $ $ $ $
5,350 10,700 5,350 7,850 97,500
$ $ $ $
5,450 10,900 5,450 8,000
$ 102,000
48.5¢/mi 14¢/mi 20¢/mi
50.5¢/mi 14¢/mi 19¢/mi
$ 112,000 $ 450,000 $ 25,000 $ $ 12,000 2,500
$ 128,000 $ 510,000 $ 25,000 $ $ 12,000 2,500
5,000 1,000
15,500 5,000 46,000