Hans Kasper, MS-CPA, PSQuick Tax
Facts for 2002
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Standard Deductions |
| Married, filing joint return | $7,850 |
| Surviving spouse | $7,850 |
| Head of Household | $6,900 |
| Unmarried (not S.S. or H.H.) | $4,700 |
| Married, filing separate return | $3,925 |
| Dependent standard deduction (minimum) | $750 |
| Additional amount for blindness or age 65 or older | $900 |
| Additional amount for blindness or age 65 or older if unmarried and not S.S. | $1,150 |
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Exemptions |
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Personal and dependent amount |
$3,000 |
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Estate amount |
$600 |
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Simple trust amount |
$300 |
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Complex trust amount |
$100 |
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Joint returns or surviving spouse phaseout starts at |
$206,000 |
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Head of household phaseout starts at |
$171,650 |
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Unmarried (not S.S. or H.H.) phaseout starts at |
$137,300 |
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Married, filing separate return phaseout starts at |
$103,000 |
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Itemized Deductions |
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Married, filing separate return |
$68,650 |
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All others phaseout starts at |
$137,300 |
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Casualty loss (AGI threshold) |
10% |
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Medical deductions (AGI threshold) |
7.5% |
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Itemized deductions (AGI deduction floor) |
2% |
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Maximum annual benefit for defined benefit plan for retirement plan withdrawals |
$160,000 |
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Maximum annual contribution for defined contribution plan |
$40,000 |
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Highly compensated employee definition (in general) |
$90,000 |
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SEP de minimis compensation amount |
$450 |
| SEP nondiscrimination compensation amount | $200,000 |
| 401(k) maximum compensation amount | $200,000 |
| IRA deduction limit (in general) | $3,000 |
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Catch-up contributions (extra amount for
taxpayers over age 49): IRAs and SIMPLEs 401(k), 403(b), and 457 plans |
$500 $1,000 |
| SIMPLE contribution limit | $7,000 |
| Saver's tax credit (maximum) | $1,000 |
| Employer's start-up tax credit (for establishing retirement plan) | $500 |
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Capital Gain Rates for Noncorporate Taxpayers |
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Adjusted net capital gain |
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For recaptured gain on real estate |
25% |
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For most collectables |
28% |
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Estate and Gift Taxes |
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Unified credit shelter amount |
$1,000,000 |
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Annual gift tax exclusion amount (per donee) |
$11,000 |
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State death tax threshold amount |
$60,000 |
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Estate/gift tax rate before phaseout |
50% |
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Payroll Taxes |
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Social security (self-employed) combined rate (OASDI + Medicare) |
15.3% |
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Social security (employer or employee) rate (OASDI + Medicare) |
7.65% |
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Medicare rate |
2.9% |
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FUTA rate |
6.2% |
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FUTA wage base |
$7,000 |
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Nanny tax threshold |
$1,300 |
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Education Provisions |
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Hope scholarship credit |
$1,500 |
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Lifetime learning credit |
$1,000 |
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Education savings account credit |
$2,000 |
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Higher education deduction |
$3,000 |
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Student loan interest deduction |
$2,500 |
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Teacher's classroom expense deduction |
$250 |
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Transportation |
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Fringe benefit: employer provided passes and vehicles |
$100/month |
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Fringe benefit: qualified parking limit |
$185/month |
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Luxury auto excise tax base amount |
$40,000 |
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Business mileage rate |
$0.365 |
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Charitable mileage rate |
$0.14 |
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Medical and moving mileage rate |
$0.13 |
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Depreciation component of standard mileage rate |
$0.15 |
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High cost per diem travel rate (10/01/02 to 9/30/03) includes meals and entertainment |
$204 |
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Low cost per diem travel rate (10/01/02 to 9/30/03) includes meals and entertainment |
$125 |
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Long-Term Care Insurance |
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Premium limits: |
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Age 40 or less |
$240 |
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>40 and <51 |
$450 |
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>50 and <61 |
$900 |
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>60 and <71 |
$2,390 |
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>70 |
$2,990 |
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