Tax Reference Amounts - Peter C. Brankman and Company, P.C.

Tax Reference Amounts

Standard Deductions **		2007	Anticipated 2008
Single		$5,350	$5,450
Married Filing Single		$5,350	$5,450
Married Filing Joint		$10,700	$10,900
Qualified Widows and Widowers		$10,700	$10,900
Head of Household		$7,850	$8,000
Additional for 65 Years of Age and/or Blind
Unmarried		$1,300
Married or surviving spouse		$1,050

** The Standard Deduction is limited to $850 or the sum of $300 plus earned income for individuals who can be claimed as dependentby another taxpayer.


Personal Exemption		2007	Anticipated 2008
Exemption amount		$3,400	$3,500
Reduction of Exemption-The exemption amount is reduced by 1.33% for each $2,500 or fraction ($1,250 or fraction for marrieds filing separately) by which taxpayers adjusted gross income exceeds:
	Single Taxpayer	$156,400
	Married filing Separately	$117,300
	Married filing Joint	$234,600
	Head of Household	$195,500

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