| IRS
e-file 2002 Refund Cycle Chart |
[ Download ] |
| |
| 2001 Capital
Gains Rates |
| (Maximum For Non-Corporate Taxpayers) |
| Adjusted net capital gain (assets held
more than 12 months) |
20% |
| For those in 15% bracket |
10% |
| For recaptured gain on real estate |
25% |
| For most collectibles |
28% |
|
| |
| 2001 Itemized
Deductions |
| Married, filing separate (Phaseout) |
$66,475 |
| Others (Phaseout) |
$132,950 |
|
| |
| 2001 Standard
Deductions |
| Married filing joint returns |
$7,600 |
| Surviving spouse |
$7,600 |
| Head of Household |
$6,650 |
| Unmarried (not S.S.
or H.H.) |
$4,550 |
| Married, filing separate return |
$3,800 |
| Dependent standard deduction minimum
|
$750 |
| Additional amount for blindness and/
or age |
$900 |
| Additional amount as above if unmarried
& not a surviving spouse |
$1,100 |
|
| 2001 Education
Provisions |
| Hope Scholarship Credit |
$1,500 |
| Lifetime Learning Credit |
$1,000 |
| Student Loan Interest Deduction |
$2,500 |
U.S. Savings Bond Interest
Exclusion (Phaseout)
| Married filing
joint return |
$83,650 |
| Single, S.S., or H.H. |
$55,750 |
| Married, filing separate return |
$0 |
|
|
| |
| 2001 Transportation |
| Fringe Benefit: Employer-provided passes
and vehicles |
$65/mo. |
| Fringe Benefit: Qualified
parking limit |
$180/mo. |
| Luxury Auto Excise Tax Base Amount |
$38,000 |
| Business Mileage Rate |
34.5¢ |
| Charitable Mileage Rate |
14¢ |
| Medical and Moving Mileage Rates |
12¢ |
| Depreciation Component of Standard Mileage
Rate |
15¢ |
| High Cost Per Diem Travel Rate |
$201 |
| Low Cost Per Diem Travel Rate |
$124 |
|
| |
| 2001 Retirement
Pension Plans |
| Maximum Annual Benefit
for Defined Benefit Plan |
$140,000 |
| Maximum Annual Contribution
Defined Contribution Plan |
$35,000 |
| Highly Compensated
Employee Definition ( In general) |
$85,000 |
| Annual Compensation
Limit |
$170,000 |
| SEP De minimis Compensation Amount |
$450 |
| SEP Nondiscrimination
Compensation Amount |
$170,000 |
| 401(k) Maximum Compensation Amount |
$170,000 |
| 401(k) Maximum Exclusion |
401(k) Maximum Exclusion |
| IRA Deduction Limit (In general) |
$2,000 |
| SIMPLE Contribution
Limit |
$6,500 |
|
| |
| 2001 Payroll
Taxes |
| Soc. Sec. (Self-employed)
Combined Rate (OASDI+Medicare) |
15.3% |
| Soc. Sec. (Employer or Employee) Rate
(OASDI+Medicare) |
7.65% |
| OASDI Maximum Base |
$80,400 |
| FUTA Rate |
6.2% |
| FUTA Wage Base |
$7,000 |
|
| |
| 2001 Adjusted
Gross Income Limits |
| Casualty Loss Threshold
|
10% |
| Medical Deduction Threshold |
7.5% |
| Miscellaneous Itemized Deduction Floor |
2% |
|
| |
| 2001 Special
Tax Rates |
| Personal Income Tax
Rate |
15% - 39.6% |
| Corporate Income Tax Rate (In general) |
15% - 35% |
| Corporate Rate on Capital Gains |
35% |
|
| |
| 2001 Key
Penalty Rates |
| Failure to File Return
|
5% / month (max 25%) |
| Failure to Pay Tax |
1/2 of 1% per month |
| Substantial Understatement |
20% |
| Failure to Supply Social Security No. |
$50 per occurrence |
|
| |
| 2001
Home Sale Gain Exclusion |
| Joint Filers |
$500,000 |
| Single Filers |
$250,000 |
|
| |
| 2001 Exemptions |
| Personal and Dependent
Amount |
$2,900 |
| Estate Amount |
$ 600 |
| Simple Trust Amount |
$ 300 |
| Complex Trust Amount |
$ 100 |
| Joint returns or surviving spouse (Phaseout) |
$199,450 |
| Head of Household (Phaseout) |
$166,200 |
| Unmarried ( not S.S. or H.H.) (Phaseout)
|
$132,950 |
| Married, filing separate return (Phaseout) |
$99,725 |
|
| |
| 2001 Estate
and Gift Taxes |
| Unified Credit Shelter
Amount |
$675,000 |
| Annual Gift Tax Exclusion Amount (per
donee) |
$10,000 |
| State Death Tax Threshold
Amount |
$60,000 |
| Estate/Gift Tax Rate (before phaseout) |
55% |
|
Resource
Center
