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Contact Us
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3112 Woodhaven Drive
Cinnaminson,
NJ
08077
omalleycpa@comcast.net
856-829-9100
Fax: 856-829-4422
HOURS:
9:00 a.m. - 6:00 p.m. Evening and weekends available by appointment
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Tax Info
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The following tables may be useful to you or your business.
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Individual Tax Rates For 2009
Individual Tax Rates For 2009
(AGI less itemized or standard deductions and allowed exemptions)
| Tax Rate |
Single Income |
Married/Joint Income |
|
10% |
Up |
to |
$8,350 |
Up |
to |
$16,700 |
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15% |
$8,350 |
to |
$33,950 |
$16,700 |
to |
$67,900 |
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25% |
$33,950 |
to |
$82,250 |
$67,900 |
to |
$137,050 |
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28% |
$82,250 |
to |
$171,550 |
$137,050 |
to |
$208,850 |
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33% |
$171,550 |
to |
$372,950 |
$208,850 |
to |
$372,950 |
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35% |
Over $372,950 |
Over $372,950 |
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Individual Tax Rates for 2010
Individual Tax Rates For 2010
(AGI less itemized or standard deductions and allowed exemptions)
| Tax Rate |
Single Income |
Married/Joint Income |
|
10% |
Up |
to |
$8,375 |
Up |
to |
$16,750 |
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15% |
$8,375 |
to |
$34,000 |
$16,750 |
to |
$68,000 |
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25% |
$34,000 |
to |
$82,400 |
$68,000 |
to |
$137,300 |
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28% |
$82,400 |
to |
$171,850 |
$137,300 |
to |
$209,250 |
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33% |
$171,850 |
to |
$373,650 |
$209,250 |
to |
$373,650 |
| 35% |
Over $373,650 |
Over $373,650 |
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Annual Tax Reference Guide
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2008 |
2009 |
2010 |
| Personal Exemptions |
3,500 |
3,650 |
3,650 |
| AGI Phase-out starts at |
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| Single |
159,950 |
166,800 |
None |
| Married/Joint |
239,950 |
250,200 |
None |
| Standard Deductions |
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| Single |
5,450 |
5,700 |
5,700 |
| Married/Joint |
10,900 |
11,400 |
11,400 |
| AGI Limit for 3% reduction |
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| Single |
159,950 |
166,800 |
None |
| Married/Joint |
159,950 |
166,800 |
None |
| Alternative Minimum Tax |
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| Exempt Income |
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| Single |
46,200 |
46,700 |
33,750 * |
| Married/Joint |
69,950 |
70,950 |
45,000 * |
| Tax Rates |
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| AMT Income up to $175,000 |
26% |
26% |
26% |
| AMT Income over $175,000 |
28% |
28% |
28% |
| Social Security |
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| Taxable Wage Limits |
102,000 |
106,800 |
106,800 |
| Employee |
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| Tax Rate |
6.2% |
6.2% |
6.2% |
| Maximum Tax |
6,324 |
6,622 |
6,622 |
| Self-employed |
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| Tax Rate |
12.4% |
12.4% |
12.4% |
| Maximum Tax |
12,648 |
13,243 |
13,243 |
| Medicare Tax |
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| Taxable Wage Limits |
No Limits |
No Limits |
No Limits |
| Tax Rate |
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| Employee |
1.45% |
1.45% |
1.45% |
| Self-employed |
2.9% |
2.9% |
2.9% |
| Earnings Limits if Collecting |
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| Prior to full retirement age |
13,560 |
14,160 |
14,160 |
| Full retirement age |
36,120 |
37,680 |
37,680 |
| Beyond full retirement age |
No Limit |
No Limit |
No Limit |
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Benefits are taxable at up to
50% if total income exceeds: |
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| Single |
25,000 |
25,000 |
25,000 |
| Married/Joint |
32,000 |
32,000 |
32,000 |
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Benefits are taxable at up to
85% if total income exceeds: |
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| Single |
34,000 |
34,000 |
34,000 |
| Married/Joint |
44,000 |
44,000 |
44,000 |
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2008 |
2009 |
2010 |
| Maximum Contributions to Retirement Plans |
3,500 |
3,650 |
3,650 |
| IRA's - Traditional and Roth |
5,000 |
5,000 |
5,000 |
| IRA's - Non-working spouse |
5,000 |
5,000 |
5,000 |
| Age 50+ additional contribution |
1,000 |
1,000 |
1,000 |
| 401K, 403B, 457, and SARSEP |
15,500 |
16,500 |
16,500 |
| Age 50+ additional contribution |
5,000 |
5,500 |
5,500 |
| Simple IRA plans |
10,500 |
11,500 |
11,500 |
| Age 50+ additional contribution |
2,500 |
2,500 |
2,500 |
| Married/Joint |
159,950 |
166,800 |
None |
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Defined contribution plans(profit sharing,
Keogh & money purchase) |
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| Maximum compensation |
230,000 |
245,000 |
245,000 |
| Maximum contributions |
25% up to 46,000 |
25% up to 49,000 |
25% up to 49,000 |
| Health Savings Accounts |
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| Contribution, plan deduction not to exceed: |
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| Single |
2,900 |
2,900 |
2,900 |
| Married/Joint |
5,850 |
5,950 |
6,150 |
| Age 55+ additional contribution |
900 |
1,000 |
1,000 |
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Federal estate tax exemption |
2,000,000 |
3,500,000 |
* |
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Federal gift tax exemption |
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| Annual per person |
12,000 |
13,000 |
13,000 |
| Lifetime exclusion (for estate planning) |
1,000,000 |
1,000,000 |
1,000,000 |
* Pending 2010 Congressional action
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