Personal Exemptions:  $3,500

Basic Standard Deductions:

Married Filing Jointly = $10,900

Single = $5,450

Income Tax Rates applied to Taxable Income

Married Filing Jointly

10% on first $16,050

15% on the next $49,050

25% on the next $66,350

28% on the next $68,850

33% on the next $157,400

35% on all additional income

Single

10% on first $8,025

15% on the next $24,525

25% on the next $46,300

28% on the next $85,700

33% on the next $193,150

35% on all additional income

Social Security Highlights:

Maximum Earnings Subject to:

Social Security Tax = $102,000

Medicare Tax = No limit

Rate of Tax:

Employee:

Social Security = 6.20%

Medicare Tax = 1.45%

Self Employed:

Social Security = 12.40%

Medicare Tax = 2.90%

2008 Mileage Rates:

Business = $0.505 before 7/1/08 and $0.585 after

Medical = $0.19 before 7/1/08 and $0.27 after

Moving = $0.19 before 7/1/08 and $0.27 after

Charitable = $0.14 before 7/1/08 and $0.14 after