Tax Rates for 2007...

2007 Tax Rates - Single Taxpayers - Standard Deduction $5,350
2006 Rates 
10%
0 to 7,825
15%
7,826 to 31,850
25%
31,851 to 77,100
28%
77,101 – 160,850
33%
160,851 – 349,700
35%
Over 349,700
2007 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $10,700
10%
0 – 15,650
15%
15,651 – 63,700
25%
63,701 – 128,500
28%
128,501 – 195,850
33%
195,851 – 349,700
35%
Over 349,700
2007 Tax Rates - Married Filing Separately - Standard Deduction $5,350
10%
0 – 7,825
15%
7,826 – 31,850
25%
31,851 – 64,250
28%
64,251 – 97,925
33%
97,926 – 174,850
35%
Over 174,850
2007 Tax Rates - Head of Household - Standard Deduction $7,850
10%
1 – 11,200
15%
11,201 – 42,650
25%
42,651 – 110,100
28%
110,101 – 178,350
33%
178,351 – 349,700
35%
Over 349,700
2007 Tax Rates - Estates & Trusts
15%
1 – 2,150
25%
2,151 – 5,000
28%
5,001 – 7,650
33%
7,651 – 10,450
35%
Over 10,450
 
Miscellaneous 
2007 Tax Rates
Personal Exemption
$3,400
Business equipment expensing deduction
$112,000
Prior-year safe harbor for estimated taxes of higher-income
110% of your 2006 tax liability
Standard mileage rate for business driving
48.5 cents
Standard mileage rate for medical/moving driving
20 cents
Standard mileage rate for charitable driving
14 cents
Child Tax Credit
$1,000
Unearned income maximum for children under 18 before kiddie tax applies
$1,700
Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket
5%
Maximum capital gains tax rate for taxpayers above the 15% bracket
15%
Capital gains tax rate for unrecaptured Sec. 1250 gains
25%
Capital gains tax rate on collectibles
28%
Maximum contribution for Traditional/Roth IRA
$4,000 if under age 50
$5,000 if 50 or older
Maximum employee contribution to SIMPLE IRA
$10,500 if under age 50
$13,000 if 50 or older
Maximum Contribution to SEP IRA
25% of eligible compensation
up to $45,000
401(k) maximum employee contribution limit
$15,500 if under age 50
$20,500 if 50 or older
Self-employed health insurance deduction
100%
Estate tax exemption
$2,000,000
Annual Exclusion for Gifts
$12,000