| 2002 Filing
Requirements |
| Single |
under 65 |
$7,700 |
| 65 or older |
$8,850 |
| Head of
household |
under 65 |
$9,900 |
| 65 or older |
$11,050 |
| Married, filing jointly*** |
under 65 (both spouses) |
$13,850 |
| 65 or older (one spouse) |
$14,750 |
| 65 or older (both spouses) |
$15,650 |
| Married, filing separately |
any age |
$3,000 |
| Qualifying widow(er) with
dependent child |
under 65 |
$10,850 |
| 65 or older |
$11,750 |
|
| |
| 2002 Itemized
Deductions |
| Married, filing separate (Phaseout) |
$68,650 |
| Others (Phaseout) |
$137,300 |
|
| |
| 2002 Standard
Deductions |
| Single |
$4,700 |
| Married filing joint
returns |
$7,850 |
| Head of Household |
$6,900 |
| Married, filing separate return |
$3,925 |
| Dependent standard deduction minimum
|
$750 |
|
| 2002 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 |
$116,400 |
| Single, S.S., or H.H. |
$72,600 |
| Married, filing separate return |
$0 |
|
|
| |
| 2002 Transportation |
| Fringe Benefit: Employer-provided passes
and vehicles |
$100/mo. |
| Fringe Benefit: Qualified
parking limit |
$185/mo. |
| Business Mileage Rate |
36.5¢ |
|
| |
| 2002 Retirement
Pension Plans |
| Maximum Annual Benefit
for Defined Benefit Plan |
$160,00 |
| Maximum Annual Contribution
Defined Contribution Plan |
$40,000 |
| Highly Compensated
Employee Definition ( In general) |
$85,000 |
| Annual Compensation
Limit |
$200,000 |
| 401(k) Maximum Exclusion |
$11,000 |
| SIMPLE Contribution
Limit |
$7,000 |
|
| |
| 2002 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 |
$84,900 |
| FUTA Rate |
6.2% |
| FUTA Wage Base |
$7,000 |
|
| |
| 2002 Adjusted
Gross Income Limits |
| Casualty Loss Threshold
|
10% |
| Medical Deduction Threshold |
7.5% |
| Miscellaneous Itemized Deduction Floor |
2% |
|
| |
| 2002 Special
Tax Rates |
| Personal Income Tax
Rate |
15% - 38.6% |
| Corporate Income Tax Rate (In general) |
15% - 38% |
| Corporate Rate on Capital Gains |
35% |
|
| |
| 2002 Key
Penalty Rates |
| Failure to File Return
|
5% / month (max 25%) |
| Failure to Pay Tax |
1/2 of 1% per month (max 25%) |
| Substantial Understatement |
20%40% (gross misstatement) |
| Failure to Supply Social Security No. |
50$ per occurrence |
|
| |
| 2002
Home Sale Gain Exclusion |
| Joint Filers |
$500,000 |
| Single Filers |
$250,000 |
|
| |
| 2002 Exemptions |
| Personal and Dependent
Amount |
$3,000 |
| Single (Phaseout) |
$137,300 |
| Joint returns or surviving
spouse (Phaseout) |
$206,000 |
| Head of Household (Phaseout) |
$171,650 |
| Married, filing separate return (Phaseout) |
$103,000 |
|
| |
| 2002 Estate
and Gift Taxes |
| Unified Credit Amount |
$345,800 |
| Annual Gift Tax Exclusion Amount (per
donee) |
$11,000 |
| State Death Tax Threshold
Amount |
$90,000 |
| Estate/Gift Tax Rate (before phaseout) |
50% |
|
Resource
Center
