2010 Tax Rates Note: IRS Tax Tables must be used for taxable income less than $100,000.           IF YOUR FILING STATUS IS SINGLE Taxable Income Tax Computation Over But not over Marginal Rate The tax is $0 $8,375 10% 10% of taxable income $8,375 $34,000 15% $838 + 15% of  excess over $8,375 $34,000 $82,400 25% $4,681 + 25% of excess over $34,000 $82,400 $171,850 28% $16,781 + 28% of excess over $82,400 $171,850 $373,650 33% $41,827 + 33% of excess over $171,850 $373,650 and over 35% $108,421 + 35% of excess over $373,650   IF YOUR FILING STATUS IS MARRIED FILING JOINTLY Taxable Income Tax Computation Over But not over Marginal Rate The tax is $0 $16,750 10% 10% of taxable income $16,750 $68,000 15% $1,675 + 15% of excess over $16,750 $68,000 $137,300 25% $9,363 + 25% of excess over $68,000 $137,300 $209,250 28% $26,688 + 28% of excess over $137,650 $209,250 $373,650 33% $46,834 + 33% of excess over $209,250 $373,650 and over 35% $101,086 + 35% of excess over $373,650     IF YOUR FILING STATUS IS HEAD OF HOUSEHOLD Taxable Income Tax Computation Over But not over Marginal Rate The tax is $0 $11,950 10% 10% of taxable income $11,950 $45,550 15% $1,195 + 15% of excess over $11,950 $45,550 $117,650 25% $6,235 + 25% of excess over $45,550 $117,650 $190,550 28% $24,260 + 28% of excess over $117,650 $190,550 $373,650 33% $44,672 + 33% of excess over $190,550 $373,650 and over 35% $105,095 + 35% of excess over $373,650   IF YOUR FILING STATUS IS MARRIED FILING SEPARATELY Taxable Income Tax Computation Over But not over Marginal Rate The Tax is $0 $8,375 10% 10% of taxable income $8,375 $34,000 15% $838 + 15% of excess over $8,375 $34,000 $68,650 25% $4,681 +25% of excess over $34,000 $68,650 $104,625 28% $13,344 + 28% of excess over $68,650 $104,625 $186,825 33% $23,417 + 33% of excess over $104,625 $186,825 and over 35% $50,543 + 35% of excess over $186,825 2009 Tax Rates Note: IRS Tax Tables must be used for taxable income less than $100,000. IF YOUR FILING STATUS IS SINGLE Taxable Income Tax Computation Over But not over Marginal Rate The tax is $0 $8,350 10% 10% of taxable income $8,350 $33,950 15% $835 + 15% of excess over $8,350 $33,950 $82,250 25% $4,675 + 25% of excess over $33,950 $82,250 $171,550 28% $16,750 + 28% of excess over $82,250 $171,550 $372,950 33% $41,754 + 33% of excess over $171,500 $372,950 and over 35% $108,216 + 35% of excess over $372,950   IF YOUR FILING STATUS IS MARRIED FILING JOINTLY Taxable Income Tax Computation Over But not over Marginal Rate The tax is $0 $16,700 10% 10% of taxable income $16,700 $67,900 15% $1,670 + 15% of excess over $16,700 $67,900 $137,050 25% $9,350 + 25% of excess over $67,900 $137,050 $208,850 28% $26,638 + 25% of excess over $137,050 $208,850 $372,950 33% $46,742 + 33% of excess over $208,850 $372,950 and over 35% $100,895 + 35% of excess over $372,950   IF YOUR FILING STATUS IS HEAD OF HOUSEHOLD Taxable Income Tax Computation Over But not over Marginal Rate The tax is $0 $11,950 10% 10% of taxable income $11,950 $45,500 15% $1,195 + 15% of excess over $11,950 $45,500 $117,450 25% $6,228 + 25% of excess over $45,500 $117,450 $190,200 28% $24,215 + 28% of excess over $117,450 $190,220 $372,950 33% $44,585 + 33% of excess over $190,200 $372,950 and over 35% $104,893 + 35% of excess over $372,950 IF YOUR FILING STATUS IS MARRIED FILING SEPARATELY Taxable Income Tax Coomputation Over But not over Marginal Rate The tax is $0 $8,350 10% 10% of taxable income $8,350 $33,950 15% $835 + 15% of excess over $8,350 $33,950 $68,525 25% $4,675 + 25% of excess over $33,950 $68,525 $104,425 28% $13,319 + 28% of excess over $68,525 $104,425 $186,475 33% $23,371 + 33% of excess over $104,425 $186,475 and over 35% $50,447 + 35% of excess over $186,475   Individual Deductions 2010 Standard Deductions Filing Status Standard Deduction Age 65 and Over (Each)  Married Filing Jointly $11,400 $ 1,000   Single $5,700 $ 1,400 Head of Household $8,400 $ 1,400   Married Filing Separately $5,700 $ 1,100    Legally Blind Additional $ 1,100   In addition, up to $1,000 paid in property taxes can be added to the standard deduction for Married Filing Jointly and up to $500 for other filers. Dependent Children-The standard deduction may not exceed the greater of $950 or the amount of the child's earned income plus $300 (not to exceed $5,700).   2009 Standard Deductions Filing Status Standard Deduction Age 65 and Over or Blind (Each) Married Filing Jointly $11,400 $ 1,100   Single $5,700 $ 1,350   Head of Household $8,350 $ 1,400   Married Filing Separately $5,700 $ 1,100   In addition, up to $1,000 paid in property taxes can be added to the standard deduction for Married Filing Jointly, and up to $500 for other filers. Dependent Children-The standard deduction may not exceed the greater of $950 or the amount of the child's earned income plus $300 (not to exceed $5,700). Personal Exemption   2010 2009     $3,650 $3,650       Mileage Rates    Purpose 2010 2009     Business 50.0¢ per mile 55.0¢ per mile     Medical   16.5¢ per mile 24¢ per mile      Charitable   14¢ per mile 14¢ per mile      Moving  16.5¢ per mile 24¢ per mile       Social Security Information Maximum Earnings 2010 2009 Subject to: Social Security Tax $106,800  $106,800 Medicare Tax No Limit No Limit Rate Of Tax 2010 2009 Employee:     Social Security Tax 6.20% 6.20% Medicare Tax 1.45% 1.45% Self Employed: Social Security Tax 12.40% 12.40% Medicare Tax 2.90% 2.90% Maximum Tax Paid By 2010 2009 Employee:     Social Security $6,621.00 $6,621.60 Medicare No Limit No Limit Self Employed: Social Security $13,243.20  $13,243.20 Medicare No Limit No Limit Maximum Amount of Earnings to Still Receive Full Benefits 2010 2009 Full Retirement Age (FRA) No Limit No Limit Year FRA reached $37,680 $37,680 Under FRA $14,160  $14,160   McClure, Inserra & Company, Chartered 1650 N. Arlington Heights Road, Arlington Heights, IL  60004  847-870-0380