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Taxes

Tax Rates for 2009

NOTE This information is out of date. See a listing of recent tax-related articles for more current information about taxes and their fundraising implications.

Personal Income Tax Rates for 2009
Rate Joint Single
10% 0-$16,700 0-$8,350
15% $16,701-67,900 $8,351-33,950
25% $67,901-137,050 $33,951-82,250
28% $137,051-208,850 $82,251-171,550
33% $208,851-372,950 $171,551-372,950
35% $372,951 + $372,951 +
Notes: $3,650 is the annual personal exemption. The standard deductable for couples is $11,400 and for an individual is $5,700.
Estate Tax Rates for 2009
Taxable Estate Estate Tax Marginal Rate
or Excess
$100,000 $23,000 0.30
$150,000 $38,800 0.32
$250,000 $70,800 0.34
$500,000 $155,800 0.37
$750,000 $248,300 0.39
$1,000,000 $345,800 0.41
$1,250,000 $448,300 0.43
$1,500,000 $555,800 0.45
$2,000,000 $780,800 0.45
$3,500,000 $1,455,800 0.45
Notes: The annual gift tax exclusion is $13,000 per donor per recipient, and the lifetime gift tax exclusion is $1,000,000 per person. There is a generation-skipping transfer tax of 45 percent and a $3,500,000 exemption per person.

While there are many variables in estate issues, here’s a simple example calculation:

Tax
Gross Estate $3,500,000
Closest Tax Value $3,500,000 $1,455,800
Tentative Tax $1,455,800
Unified Credit $1,455,800
Estate Tax $0