| 2003 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 |
|
| |
| 2003 Itemized
Deductions |
| Married Filing Joint (Phaseout) |
$137,300 |
| Married Filing Single
(Phaseout) |
$68,650 |
|
| |
| 2003 Standard
Deductions |
| |
| 2003 Education
Provisions |
| Hope Scholarship Credit |
$1500 |
| Lifetime Learning Credit |
$2000 |
| Student Loan Interest Deduction |
$2000 |
U.S. Savings Bond Interest
Exclusion (Phaseout)
| Single or Head
of Household return |
$58,500 to $73,500 |
| Married Filing Joint or Qualifying
Widow |
$87,750 to $117,750 |
|
Education Expense Deduction
| Single with AGI
less than $65,000: |
$3000 |
| Married Filing Joint with AGI less
than $130,000: |
$3000 |
|
Education Credit (Phaseout)
| Single, Head
of Household, etc: |
$41-$51,000 (phaseout) |
| Married Filing Joint: |
$83-$103,000(phaseout) |
| Single, Head of Household, etc: |
over $51,000 = NO CREDIT |
| Married Filing Joint: |
over $103,000 = NO CREDIT |
|
|
| |
| 2003 Transportation |
| Standard Mileage Rate |
36¢ |
| Charitable Mileage
Rate |
14¢ |
| Medical Mileage Rates |
12¢ |
|
| |
| 2003 Retirement
Pension Plans |
| Maximum Annual Benefit
for Defined Benefit Plan |
$160,000 |
| 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 |
$12,000 |
| SIMPLE Contribution
Limit |
$8,000 |
|
| |
| 2003 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 |
|
| |
| 2003 Adjusted
Gross Income Limits |
| Casualty Loss Threshold |
10% |
| Medical Deduction Threshold |
7.5% |
| Miscellaneous Itemized Deduction Floor |
2% |
|
| |
| 2003 Special
Tax Rates |
| Personal Income Tax
Rate |
10% - 35% |
| Corporate Income Tax Rate (In general) |
15% - 38% |
| Corporate Rate on Capital Gains |
35% |
|
| |
| 2003 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 understatement) |
| Failure to Supply Social Security No. |
504 per occurance |
|
| |
| 2003
Home Sale Gain Exclusion |
| Joint Filers |
$500,000 |
| Single Filers |
$250,000 |
|
| |
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