2006 At a Glance

2006 Personal Exemption $3,300

2006 Standard Deduction

Under Age 65
Married,Filing Jointly $10,300
Head of Household $7,550
Unmarried Individual $5,150
Married Filing Separately $5,150

One indivdual 65 or over and/or blind
Married,Filing Jointly $11,300
Head of Household $8,800
Unmarried Individual $6,400
Married Filing Separately $6,150

If both taxpayers over 65 add another $1,000.

Blind taxpayers get an extra $1,000 if married, $1,250 if single.

Standard deduction for an individual claimed as a dependent by another cannot exceed the greater of $800 or the dependent's earned income +$250, up to the normal standard deduction. If one spouse filing separately itemizes, the other gets no standard deduction.

2006 Standard mileage rates-

mileage rates

2006

2007

business

44.5 cents

48.5 cents

charitable

14 cents

14 cents

moving & medical

18 cents

20 cents

(higher rates related to Katrina)

2005 Social Security earnings limit
under age 65 $12,000
age 65 or older no limit

only first $12,500 of sick pay is taxed

2006 Wage base
Social Security tax $94,200
Medicare no limit
                                                                                                                                                     

This website should not be used as a substitute for professional advice.  If legal advice or other expert assistance is required, the services of a competent tax advisor should be sought.