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Parrish
and Peterson Accountancy Corporation
1155 Meridian Ave, San Jose, CA, 95125
408.265.1020 (fax) 408.265.6795
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| Quick
Tax Facts |
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Standard
Deductions
|
2000
|
1999
|
1998
|
|
Joint
or Qualifying Widow(er)
|
7,350
|
7,200
|
7,100
|
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Single
|
4,400
|
4,300
|
4,250
|
|
Head
of Household
|
6,450
|
6,350
|
6,250
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Married
Filing separately
|
3,675
|
3,600
|
3,550
|
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Additional
for Elderly/Blind - Married
|
850
|
850
|
850
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Additional
for Elderly/Blind - Unmarried
|
1,100
|
1,050
|
1,050
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Taxpayer
Claimed as Dependent
|
700
|
700
|
700
|
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Personal/Dependent
Exemption
|
2,800
|
2,750
|
2,700
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Unearned
Income Without Kiddie Tax
|
1,400
|
1,400
|
1,400
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Beginning
of 28% Bracket
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Joint
or Qualifying Widower
|
43,850
|
43,050
|
42,350
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Single
|
26,250
|
25,750
|
25,350
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Head
of Household
|
35,150
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34,550
|
33,950
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Married
Filing separately
|
21,925
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21,525
|
21,175
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Beginning
of 31% Bracket
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Joint
or Qualifying Widow(er)
|
105,950
|
104,050
|
102,300
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Single
|
63,550
|
62,450
|
61,400
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Head
of Household
|
90,800
|
89,150
|
87,700
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Married
Filing separately
|
52,975
|
52,025
|
51,150
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Beginning
of 36% Bracket
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Joint
or Qualifying Widower
|
161,450
|
158,550
|
155,950
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Single
|
132,600
|
130,250
|
128,100
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Head
of Household
|
147,050
|
144,400
|
142,000
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Married
Filing separately
|
80,725
|
79,275
|
77,975
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Beginning
of 39.6% Bracket
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Joint
or Qualifying Widow(er)
|
288,350
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283,150
|
278,450
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Married
Filing separately
|
144,175
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141,575
|
139,225
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FICA/SE
Tax Information
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FICA/SE
Tax Max Earnings
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76,200
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72,600
|
68,400
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FICA
(OASDI and HI) Tax Rate (Employee)
|
7.65%
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7.65%
|
7.65%
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SE
Tax Rate
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15.30%
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15.30%
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15.30%
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Auto
Standard Mileage Allowances
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Business
|
.325
|
.325
(to 3/31)
.31 (from 4/1)
|
.325
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Charity
Work
|
.140
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.140
|
.140
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Medical/Moving
|
.100
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.100
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.100
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Luxury
Auto Depreciation Limits (non-electric)
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First
Year
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3,060
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3,060
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3,160
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Second
Year
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4,900
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5,000
|
5,000
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Third
Year
|
2,950
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2,950
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2,950
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Fourth
Year and Thereafter
|
1,775
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1,775
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1,775
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Max
Deductible 401(k) and 403(b)
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Employee
Contribution
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10,500
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10,000
|
10,000
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Self
Employed Health Insurance Deduction
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60%
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60%
|
45%
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Section
179 Deduction
|
20,000
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19,000
|
18,500
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Taxable
Social Security Income Thresholds
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Joint
- Less than 32,000
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0%*
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0%
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0%
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- Between 32,000 and 44,000
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50%*
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50%
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50%
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- Over 44,000
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85%
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85%
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85%
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Single
- Less than 25,000
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0%*
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0%
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0%
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- Between 25,000 and 34,000
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50%*
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50%
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50%
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- Over 34,000
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85%*
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85%
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85%
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Earnings
Ceiling for Social Security
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Under
Age 65
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10,080
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9,600
|
9,120
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Age
65-69
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Unlimited
|
15,500
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14,500
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Age
70 and Above
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Unlimited
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Unlimited
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Unlimited
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Long
Term Care Premiums Maximum Deductible Amount
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Age
40 and under (at year end)
|
210*
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210
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210
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Age
41-50 (at year end)
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380*
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380
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380
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Age
51-60 (at year end)
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770*
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770
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770
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Age
61-70 (at year end)
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2050*
|
2,050
|
2,050
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Over
age 70 (at year end)
|
2570*
|
2,570
|
2,570
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*
Information Estimated
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