Tax Updates

Schedule X - Single

If taxable income is over--	But not over--	The tax is:
$0	$7,825	10% of the amount over $0
$7,825	$31,850	$782.50 plus 15% of the amount over 7,825
$31,850	$77,100	$4,386.25 plus 25% of the amount over 31,850
$77,100	$160,850	$15,698.75 plus 28% of the amount over 77,100
$160,850	$349,700	$39,148.75 plus 33% of the amount over 160,850
$349,700	no limit	$101,469.25 plus 35% of the amount over 349,700

Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)

If taxable income is over--	But not over--	The tax is:
$0	$15,650	10% of the amount over $0
$15,650	$63,700	$1,565.00 plus 15% of the amount over 15,650
$63,700	$128,500	$8,772.50 plus 25% of the amount over 63,700
$128,500	$195,850	$24,972.50 plus 28% of the amount over 128,500
$195,850	$349,700	$43,830.50 plus 33% of the amount over 195,850
$349,700	no limit	$94,601.00 plus 35% of the amount over 349,700

Schedule Y-2 - Married Filing Separately

If taxable income is over--	But not over--	The tax is:
$0	$7,825	10% of the amount over $0
$7,825	$31,850	$782.50 plus 15% of the amount over 7,825
$31,850	$64,250	$4,386.25 plus 25% of the amount over 31,850
$64,250	$97,925	$12,486.25 plus 28% of the amount over 64,250
$97,925	$174,850	$21,915.25 plus 33% of the amount over 97,925
$174,850	no limit	$47,300.50 plus 35% of the amount over 174,850

Schedule Z - Head of Household

If taxable income is over--	But not over--	The tax is:
$0	$11,200	10% of the amount over $0
$11,200	$42,650	$1,120.00 plus 15% of the amount over 11,200
$42,650	$110,100	$5,837.50 plus 25% of the amount over 42,650
$110,100	$178,350	$22,700.00 plus 28% of the amount over 110,100
$178,350	$349,700	$41,810.00 plus 33% of the amount over 178,350
$349,700	no limit	$98,355.50 plus 35% of the amount over 349,700

Social Security Changes
	2007	2008
Taxable Wage Base	$97,500	$102,000
Earnings Limits (only retirees)	$12,950	$13,560

AGI for Eligibility for Roth IRA
SINGLE	JOINT
$101,000—$116,000	$159,000—$169,000

AGI for Eligibility for deductible IRA (if covered under a retirement plan)
SINGLE	JOINT	SPOUSAL IRA*
$53,000—$63,000	$85,000—$105,000	$159,000—$169,000
*When one is covered under a retirement plan, spouse is not.

AGI for Low Income Saver’s Credit
CREDIT	SINGLE	HEAD OF HOUSHOLD	JOINT
50%	$0—$16,000	$0—$24,000	$0—$32,000
20%	$16,000—$17,250	$24,000—$25,875	$32,000—$34,500
10%	$17,250—$26,500	$25,875—$39,750	$34,500—$53,000

Deduction Sheets For:

Police (pdf file)	Teachers (pdf file)	Fire fighters (pdf file)	Airline (pdf file)

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