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Who Must File

Exemptions & Standard Deduction

Tax Rate Schedules

Phaseouts

Mileage Rates

Maximum Contribution Limits to IRA, SEP and 401K

Social Security

State Forms

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Who Must File

Single	Under 65 65 or older	$9,350 $10,750
Joint	Both under 65 One 65 or older Both 65 or older	$18,700 $19,800 $20,900
Head of Household	Under 65 65 or older	$12,000 $13,400
Married filing Separate	Any age	$3,650
Qualifying Widow(er) with dependent Child	Under 65 65 or Older	$15,050 $16,150

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2009 Exemptions & Standard Deduction

Exemptions	$3,650
But remember the Phaseout rules

Standard deduction

Single	5,700
Blind (+1,400)	$7,100
Over 65 (+1,400)	$7,100
Blind and over 65 (+2,800)	$8,500
Head of Household	$8,350
Blind (+1,400)	$9,750
Over 65 (+1,400)	$9,750
Blind and over 65 (+2,800)	$11,150
Joint	$11,400
Blind (+1,100)	$12,500
Over 65 (+1,100)	$12,500
Blind and over 65 (+2,200)	$13,600
Separate	$5,700
Blind (+1,100)	$6,800
Over 65 (+1,100)	$6,800
Blind and over 65 (+2,200)	$7,900
Qualifying Widow(er) with dependent child	$11,400
Blind (+1,100)	$12,500
Over 65 (+1,100)	$12,500
Blind and over 65 (+2,200)	$13,600
Dependent (no earned income)	$950
Blind (+1,400)	$2,350
Over 65 (+1,400)	$2,350
Blind and over 65 (+2,800)	$3,750

Dependent with Earned Income (Wages)	Amount of earned income plus $300 up to standard deduction for filing status
Blind (+1,400)	$1,400 Plus: amount of earned income plus $300-- up to standard deduction for filing status
Over 65 (+1,400)	$1,400 Plus: amount of earned income plus $300-- up to standard deduction for filing status
Blind and over 65 (+2,800)	$2,800 Plus: amount of earned income plus $300-- up to standard deduction for filing status

California Standard deduction

Single/ Married/ Separate	$3,637
Joint/ Head of Household/ Qualifying Widow(er)	$7,274

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2009 Tax Rate Schedules

SINGLE

Taxable income is over		But not over		The tax is		Plus		Of the amount over
0		8,350		0		10%		0
8,350		33,950		835.00		15%		8,350
33,950		82,250		4,675		25%		33,950
82,250		171,550		16,750		28%		82,250
171,550		372,950		41,754		33%		171,550
372,950		and over		108,216		35%		372,950

MARRIED FILING JOINTLY or QUALIFYING WIDOW(ER)

Taxable income is over		But not over		The tax is		Plus		Of the amount over
0		16,700		0		10%		0
16,700		67,900		1,670		15%		16,700
67,900		137,050		9,350		25%		67,900
137,050		208,850		26,637.50		28%		137,050
208,850		372,950		46,741.50		33%		208,850
372,950		and over		100,894.50		35%		372,950

HEAD OF HOUSEHOLD

Taxable income is over		But not over		The tax is		Plus		Of the amount over
0		11,950		0		10%		0
11,950		45,550		1,195		15%		11,950
45,550		117,450		6,227.50		25%		45,550
117,450		190,200		24,215		28%		117,450
190,200		372,950		44,585		33%		190,200
372,950		and over		104,892.50		35%		372,950

MARRIED FILING SEPARATELY

Taxable income is over		But not over		The tax is		Plus		Of the amount over
0		8,350		0		10%		0
8,350		33,950		835		15%		8,350
33,950		68,525		4,675		25%		33,950
68,525		104,425		13,318.75		28%		68,525
104,425		186,475		23,370.75		33%		104,425
186,475		and over		50,447.25		35%		186,475

ESTATES AND TRUSTS (Form 1041)

Taxable income is over		But not over		The tax is		Plus		Of the amount over
0		2,300		0		15%		0
2,300		5,350		345		25%		2,300
5,350		8,200		1,007.50		28%		5,350
8,200		11,150		1,905.50		33%		8,200
11,150		------------		2,879		35%		11,150

CORPORATIONS (Form 1120)

Taxable income is over		But not over		The tax is		Plus		Of the amount over
0		50,000		0		15%		0
50,000		75,000		7,500		25%		50,000
75,000		100,000		13,750		34%		75,000
100,000		335,000		22,250		39%		100,000
335,000		10,000,000		113,900		34%		335,000
10,000,000		15,000,000		3,400,000		35%		10,000,000
15,000,000		18,333,333		5,150,000		38%		15,000,000
18,333,333		------------		------------		35%		0

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2009 Phaseouts

Many of the Tax Benefits you receive are limited or even completely phased out depending on the amount of your Adjusted Gross Income (AGI). This is a partial list for 2009.

This is one of the examples of Congress's extremely short sighted but very heavy handed way of sticking it to a very large segment of middle class taxpayers. It is an indication of the philosophy of Congress, which in its basest terms, is divide & conquer.

Here are some examples:
S = Single
HH = Head of Household
J = Joint
QW = Qualifying Widow(er) with dependent child

ITEM	STATUS	BEGINS	ENDS
Exemptions	Single	166,800	289,300
	HH	208,500	331,000
	Joint/QW	250,200	372,700
	Separate	125,100	186,350
Itemized Deductions	S/HH/J	166,800	(Complicated; See worksheet in Schedule A Instructions.)
	Separate	83,400	(See worksheet in instructions.)
Student Loan Interest	S/HH	60,000	75,000
(Max 2,500)	Joint	120,000	150,000
Tuition (Credit) 4,000	S/HH Joint	Under Under	65,000 130,000
Tuition (Adjustment) 2,000	S/HH Joint	65,000  130,000	80,000  160,000
Tuition (Credit) None	S/HH Joint	Over Over	80,000  130,000
*Expanded for 2009 (See "what's new" on Home page)
Hope Ed Credit    (Max $2,500 per CHILD for four years of college)	S/HH	80,000	90,000
	Joint	160,000	180,000
Lifetime Ed Credit    (Max $2,000 per RETURN)	S/ HH	50,000	60,000
	Joint	100,000	120,000
Adoption Credit    (Max $12,150)	S/HH/J	182,180	222,180
Passive Rental Losses    (Max $25,000)	S/HH/J	100,000	150,000
ROTH IRA Eligibility    (No Tax benefit)	S/HH	105,000	120,000
	Joint	166,000	176,000

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2009 Mileage Rates

For deducting or reimbursing 2009 business mileage on a personally owned vehicle.

Charity and Medical standard rates are for purposes of deductions on Schedule A (Itemized Deductions).

Business rate	55 cents per mile
Charity rate	14 cents per mile
Medical & Moving rate	24 cents per mile

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2009 Maximum Contribution

IRA
All IRA's (Deductible, non deductible, Roth)	$5,000
Over 50	$6,000

IRA SIMPLE
Employee - Any % of Wages to a Maximum contrubution of Over 50 (plus 2,500)	$11,500
Employer - Matching Contributions up to 3% of Wages	$14,000

401(K), 403(b) &, 457
Employee	$16,500
Over 50 (plus 5,000)	$21,500
Employer - Up to 20% of Wage to a Maximum wage of	$245,000
Maximum Dollar Amt (Employer + Employee)	$49,000

KEOGH/SEP (Self Employed)
Depending on type of plan: Up to Either 12.+% of net Profit or 20% of Net Profit ( Talk to Plan Distributor) - Maximum contribution is	$49,000

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Social Security

Limits on Earnings if under 65

Earnings required for Coverage

Social Security Historical Rates

Social Security is a sound system[?] Here is how Social Security rates have risen from its inception in 1937 to the present. An eye opener.

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State Forms

Note there are 9 states that do not have a State Income Tax.

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