• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/60

Click to flip

60 Cards in this Set

  • Front
  • Back
What is the top federal marginal tax rate for ordinary income?
35%

Applicable for taxable income over $373,650 in 2010; tax brackets of 10%, 15%, 25%, 28% and 33% apply to lower amounts).
What is the federal tax rate for long-term capital gains?
15%
What is the federal tax rate on the portion of long-term gain from real estate that represents depreciation recapture (so-called “Section 1250 gain”)?
25%
What is the Federal tax rate on long-term gain from collectibles (art, antiques, precious metals, gems, stamps, coins, etc.)?
28%
What is the Federal tax rate on long-term gain on small business stock eligible for the 50% exclusion?
28%
What is the Federal tax rate on qualifying dividend income?
15%
What is the Federal tax rate for long-term capital gains (and qualified dividends) for individuals in the 10% and 15% tax brackets (taxable income of up to $67,900 joint and $32,950 single in 2009 and 2010)?
0%
The personal exemption amount.
$3,650
Standard deduction married filing jointly
$11,400
Standard deduction head of household
$8,450
Standard deduction single or married filing separate returns
$5,700
Additional amount for aged or blind- Married filing jointly
$1,100

Total $12,500
Additional amount for aged or blind- Single
$1,400

Total $7,100
Net unearned income of children under age 19 and dependent fulltime students under 24 that escapes the “kiddie” tax (child taxed at parent’s marginal rate).
$1,900
“Kiddie” standard deduction.
$950
Amount of 2009 taxable income at which the $3,650 personal exemption “phases out.” The phaseout of exemptions is being gradually eliminated between 2006 and 2010. For 2009, only 1/3 of the phaseout will apply. After 2009, no phaseout will apply.
Applicable amount of adjusted gross income (AGI) after which itemized deductions are reduced (by 3% of the AGI over this applicable amount). This reduction is being gradually eliminated between 2006 and 2010. For 2009, the amount of the reduction is 1/3 of the full reduction that was required on 2005 returns (thus, 1%). After 2009, no reduction will apply.
NA -- gross income limit removed for 2010
Taxable wage base for Social Security and self-employment income.
$106,800
Maximum alternative minimum tax (AMT) rate (on AMT income over $175,000; below this amount, the AMT rate is 26%).
28%
Social Security COLA (cost of living adjustment).
0%
Maximum traditional and Roth IRA contributions.
$5,000
Additional “catch-up” traditional and Roth IRA contributions for individuals 50 or older.
$1,000
Maximum elective deferrals for 401(k) plans, 403(b) plans, 457 plans, and SARSEPs.
$16,500
Additional catch-up contributions for 401(k) plans, 403(b) plans, 457 plans, and SARSEPs for those 50 or older.
$5,500
The maximum deferral for SIMPLE plans.
$11,500
Additional catch-up contributions for SIMPLE plans for those 50 or older.
$2,500
Maximum deferral for 457 plans – tax-exempt organizations and state and local governments.
$16,500
Maximum compensation limit for defined contribution retirement plan purposes.
$245,000
Maximum contribution limit for defined contribution plans.
$49,000
Defined benefit plan benefit limit.
$195,000
Income phaseout threshold for contributions to a Roth IRA.
Single - $105,000
Joint - $167,000
Income limit (modified AGI) ceiling for converting a traditional IRA to a Roth IRA.
NA -- No limit for 2010
Maximum foreign earned income exclusion.
$91,500
Business mileage rate (per mile).
$0.50
Charitable mileage rate (per mile).
$0.14
Medical and moving mileage rate (per mile).
$0.17
Estimated tax payments and withholding required to avoid penalties as percentage of prior year tax liability
AGI is less than $150,000 then, 100%
AGI is greater than $150,000 then, 110%
Estimated tax payments and withholding required to avoid penalties as percentage of current year tax liability
90%
“General” IRS interest rate on overpayments and underpayments.
1st Q – 4%
Amount of compensation that triggers withholding and FICA responsibility for domestic employees ("nanny tax").
$1,700
Maximum amount of business equipment that can be immediately expensed (rather than capitalized and depreciated).
$134,000
Medicare Part B monthly premium – premiums will be based on modified adjusted gross income less than or equal to $85,000 (single) or $170,000 (joint) – monthly premium
$110.50 
Medicare Part B monthly premium – premiums will be based on modified adjusted gross income $85,001-$107,000 (single) or $170,001-$214,000 (joint) – monthly premium
 $154.70
Medicare Part B monthly premium – premiums will be based on modified adjusted gross income $107,001-$160,000 (single) or $214,001-$320,000 (joint) – monthly premium
$221.00
Medicare Part B monthly premium – premiums will be based on modified adjusted gross income $160,001-$214,000 (single) or $320,001-$428,000 (joint) – monthly premium
$287.30
Medicare Part B monthly premium – premiums will be based on modified adjusted gross income more than $214,000 (single) or greater than $428,000 (joint) – monthly premium
$353.60
Top estate and gift tax rate.
45% (proposed)
Annual gift tax exclusion per donee.
$13,000
Applicable lifetime gift tax exemption.
$1,000,000
Applicable estate tax exemption (larger than the gift tax exemption).
$3,500,000 (proposed)
Spousal transfers during life or at death (U.S. citizens).
Unlimited
Annual gift tax exclusion for transfer to non-citizen spouse.
$133,000
Applicable generation skipping tax (GST) exemption.
$3,500,000 (proposed)
Reporting threshold for gifts received from foreign corporations and partnerships.
$14,165
Reporting threshold for gifts received from non-resident aliens and foreign estates.
$100,000
Employer and Employee Social Security tax rate
6.2%
Self-employed Social Security tax rate.
12.4%
Self-employed Medicare tax rate.
2.9%
Employer and Employee Medicare tax rate
1.45%