Individual Deductions

2006

2007

Standard Deduction, Joint Return And Surviving Spouse

$10,300

$10,700

Standard Deduction, Head of Household

$7,550

$7,850

Standard Deduction, Single

$5,150

$5,350

Standard Deduction, Married Filing Separate

$5,150

$5,350

Additional Standard Deduction For Blindness or Age, Single

$1,250

$1,300

Additional Standard Deduction For Blindness or Age, Married

$1,000

$1,050

Exemptions

2006

2007

Personal and Dependent Amount

$3,300

$3,400

Earned Income Credit

2006

2007

Credit for two qualifying children

$4,400

$4,536

Maximum AGI:  Single, HOH,      Widow/Widower

$35,263

$37,783

Maximum AGI:  Married Filing Joint

$37,263

$39,783

Credit for one qualifying child

$2,662

$2,747

Credit for taxpayers with no children

$399

$412

Maximum AGI:  Single, HOH,      Widow/Widower

$11,750

$12,590

Maximum AGI:  Married Filing Joint

$13,750

$14,590

Investment income Maximum

$2,700

$2,900

Business Deductions

2006

2007

Section 179 Deduction

$108,000

$112,000

  Phase-out Amount

$430,000

$450,000

Self-Employed Deduction For SE Tax

50%

50%

Auto And Transportation Allowances

2006

2007

Business Mileage Rate

.445

.485

Medical/Moving Mileage Rate

.18

.20

Charity Mileage Rate

.14

.14

Social Security and Self-Employment Tax

2006

2007

FICA Taxable Maximum Earnings

$94,200

$97,500

Maximum FICA Tax amount

$5,840.40

$6,045

FICA Tax Rate On Employee

6.2%

6.2%

Tax on Self-Employment Earnings

12.4%

12.4%

Medicare Taxable Maximum Earnings

No Limit

No Limit

Medicare Tax Rate on Employee

1.45%

1.45%

Medicare Tax on Self-Employment Earnings

2.9%

2.9%