2009 Personal Income Taxation Fast Figures

Standard Deductions

Married Filing Jointly: $11,400
Married Filing Separately: $5,700
Single: $5,700
Head of Household: $8,350
Qualifying Widow/Widower: $11,400
Dependent: $950-$5,700, calculated with IRS worksheet
Additional Amount if Blind or age 65 or older: $1,100 (for married filing jointly , married filing separately, or qualifying widow); $1,400 (for blind single and head of household)

Personal Exemptions

Each taxpayer and dependent: $3,650 to $2,433, subject to phase-out within these income ranges:

Single: $166,800 - $289,300
Head of Household: $208,500 - $331,000
Married Filing Joint: $250,200 - $372,700
Married Filing Separately: $125,100 - $186,350
Qualifying Widow/Widower: $250,200 - $372,700

Filing Thresholds

Single: $9,350 ($10,750 if age 65 and over)
Head of Household: $12,000 ($13,400 if age 65 and over)
Married Filing Jointly: $18,700 ($19,800 if one spouse age 65 and over; $20,900 if both spouses age 65 and over)
Married Filing Separately: $3,650 (any age)
Qualifying Widow/Widower: $18,700 ($19,800 if age 65 and older)

Retirement Plan Limits

Traditional or Roth IRA (or combined traditional and Roth): $5,000 ($6,000 if age 50 or older)
SEP IRA: $49,000. calculated by IRS worksheet
SIMPLE IRA: $11,500 ($14,000 if age 50 or older)
401(k) plan: $16,500 ($22,000 if age 50 or older)
403(b) plan: $16,500 ($22,000 if age 50 or older)
457 plan: $16,500 ($22,000 if age 50 or older)
Defined Contribution Pension: $49,000
Defined Benefit Pension: $195,000

Standard Mileage Rates

Business: 55 cents per mile
Medical and move-related: 24 cents per mile
Charitable-related service: 14 cents per mile

Social Security and Medicare Taxes

The maximum amount of wages subject to the social security tax for 2009 is $106,800. There is no limit on the amount of wages subject to the Medicare tax. The 2010 maximum wage amount will remain unchanged for 2010.