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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NOTE This information is out of date.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
RateJointSingle
10%0-$16,7000-$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 EstateEstate TaxMarginal Rate
or Excess
$100,000$23,0000.30
$150,000$38,8000.32
$250,000$70,8000.34
$500,000$155,8000.37
$750,000$248,3000.39
$1,000,000$345,8000.41
$1,250,000$448,3000.43
$1,500,000$555,8000.45
$2,000,000$780,8000.45
$3,500,000$1,455,8000.45
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