U.S. Master Tax Guide® - Quick Tax Facts 2002

Key figures for the 2002 tax year
 STANDARD DEDUCTIONS
Married, Filing Joint Return $ 7,850
Surviving Spouse $ 7,850
Head of Household $ 6,900
Unmarried (not S.S. or H.H.) $ 4,700
Married, Filing Separate Return $ 3,925
Dependent Standard Deduction (Minimum) $ 750
Additional Amount for Blindness or Age $ 900
Additional Amount as Above if Unmarried and not S.S. $ 1,150
 EXEMPTIONS
Personal and Dependent Amount  $ 3,000
Estate Amount  $ 600
Simple Trust Amount  $ 300
Complex Trust Amount  $ 100
Joint Returns or Surviving Spouse (Phaseout starts)  $ 206,000
Head of Household (Phaseout starts) $ 171,650
Unmarried (not S.S. or H.H.) (Phaseout starts) $ 137,300
Married, Filing Separate Return (Phaseout starts) $ 103,000
 ITEMIZED DEDUCTIONS
Married, Filing Separate Return (Phaseout starts) $ 68,650
Others (Phaseout starts) $ 137,300
Casualty Loss (AGI Threshold) 10%
Medical Deduction (AGI Threshold) 7.5%
Miscellaneous Itemized (AGI Deduction Floor) 2%
 RETIREMENT/PENSION PLANS
Maximum Annual Benefit for Defined Benefit Plan $ 160,000
Maximum Annual Contribution for Defined Contribution Plan $ 40,000
Highly Compensated Employee Definition (In general) $ 90,000
SEP De minimis Compensation Amount $ 450
SEP Nondiscrimination Compensation Amount $ 200,000
401(k) Maximum Compensation Amount $ 200,000
401(k) Maximum Exclusion (In general) $ 11,000
IRA Deduction Limit (In general) $ 3,000
Saver's Tax Credit (Maximum) $ 1,000
Catch-up Contributions (Extra amount for taxpayers over age 49)
    IRAs and SIMPLEs $ 500
    401(k), 403(b) and 457 Plans $ 1,000
SIMPLE Contribution Limit $ 7,000
Employer's Start-up Tax Credit (For establishing retirement plan) $ 500
 CAPITAL GAIN RATES (MAXIMUM FOR NONCORPORATE TAXPAYERS)
Adjusted Net Capital Gain (Assets held more than 12 months) 20%
    For those in 15% bracket 10%
  For those in 15% bracket (Assets held more than 5 years) 8%
For Recaptured Gain on Real Estate 25%
For Most Collectibles 28%
 ESTATE AND GIFT TAXES
Unified Credit Shelter Amount  $ 1,000,000
Annual Gift Tax Exclusion Amount (Per donee)  $ 11,000
State Death Tax Threshold Amount  $ 60,000
Estate/Gift Tax Rate (Before phaseout) 50%
 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
Nanny Tax Threshold  $ 1,300
 EDUCATION PROVISIONS
Hope Scholarship Credit  $ 1,500
Lifetime Learning Credit  $ 1,000
Education Savings Account  $ 2,000
Higher Education Deduction  $ 3,000
Student Loan Interest Deduction  $ 2,500
U.S. Savings Bond Interest Exclusion (Phaseout starts)
    Married, filing joint return $ 86,400
    Single, S.S. or H.H. $ 57,600
    Married, filing separate return $ 0
 TRANSPORTATION
Fringe Benefit: Employer-provided passes and vehicles  $ 100/mo.
Fringe Benefit: Qualified parking limit $ 185/mo.
Luxury Auto Excise Tax Base Amount $ 40,000
Business Mileage Rate 36.5¢
Charitable Mileage Rate 14¢
Medical and Moving Mileage Rate 13¢
Depreciation Component of Standard Mileage Rate 15¢
High Cost Per Diem Travel Rate (10/1/01–9/30/02) $ 204
Low Cost Per Diem Travel Rate (10/1/01–9/30/02) $ 125
 LONG-TERM CARE INSURANCE
Premium Limits
Age 40 or less $ 240
More than 40, but not more than 50 $ 450
More than 50, but not more than 60 $ 900
More than 60, but not more than 70 $ 2,390
More than 70 $ 2,990

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