2004 Tax Rate - Single Taxpayers - Standard Deduction $4,850

10%

15%

7,151 – 29,050

25%

29,051 – 70,350

28%

70,351 – 146,750

33%

146,751 – 319,100

35%

Over 319,100

2004 Tax Rate - Married Jointly & Surviving Spouses - Standard Deduction $9,700

10%

0 – 14,300

15%

14,301 – 58,100

25%

58,101 – 117,250

28%

117,251 – 178,650

33%

178,651 – 319,100

35%

Over 319,100

2004 Tax Rate - Married Filing Separately - Standard Deduction $4,850

10%

0 – 7,150

15%

7,151 – 29,050

25%

29,051 – 58,625

28%

58,626 – 89,325

33%

89,326 – 159,550

35%

Over 159,550

2004 Tax Rate - Head of Household - Standard Deduction $7,150

10%

1 – 10,200

15%

10,201 – 38,900

25%

38,901 – 100,500

28%

100,501 – 162,700

33%

162,701 – 319,100

35%

Over 319,100

2004 Tax Rate - Estates & Trusts

15%

1 – 1,950

25%

1,951 – 4,600

28%

4,601 – 7,000

33%

7,001 – 9,550

35%

Over 9,550

Miscellaneous

2004 Tax Rates

Business equipment expensing deduction

$102,000

Maximum deduction for interest on higher education loans

$2,500

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2003 tax liability

Standard mileage rate for business driving

37.5 cents

Unearned income maximum for children before kiddie tax applies

$800

Luxury excise tax on new cars costing more than $40,000

Tax Eliminated

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%

Maximum employee contribution to SIMPLE retirement plans

$9,000 if under age 50
$10,500 if 50 or older

401(k) maximum employee contribution limit

$13,000 if under age 50
$16,000 if 50 or older

Self-employed health insurance deduction

100%

Annual Exclusion for Gifts

$11,000