| 2004 Tax Rates - Single Taxpayers - Standard Deduction $4,850 | |
| 10% | 0 –7,150 |
| 15% | 7,151– 29,050 |
| 25% | 29,051 – 70,350 |
| 28% | 70,351 – 146,750 |
| 33% | 146,751 – 319,100 |
| 35% | Over 319,100 | 2004 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $9,700 |
| 10% | 0 – 14,300 |
| 15% | 14,301 – 58,100 |
| 25% | 58,101 – 117,250 |
| 28% | 117,251 – 178,650 |
| 33% | 178,651 – 319,100 |
| 35% | Over 319,100 | 2004 Tax Rates - Married Filing Separately - Standard Deduction $4,850 |
| 10% | 0 – 7,150 |
| 15% | 7,151 – 29,050 |
| 25% | 29,051 – 58,625 |
| 28% | 58,626 – 89,325 |
| 33% | 89,326 – 159,550 |
| 35% | Over 159,550 |
| 2004 Tax Rates - Head of Household - Standard Deduction $7,150 | |
| 10% | 1 – 10,200 |
| 15% | 10,200 – 38,900 |
| 25% | 38,901 – 100,500 |
| 28% | 100,501 – 162,700 |
| 33% | 162,701 – 319,100 |
| 35% | Over 319,100 |
| 2004 Tax Rates - Estates & Trusts | |
| 15% | 1 – 1,950 |
| 25% | 1,951 – 4,600 |
| 28% | 4,601 – 7,000 |
| 33% | 7,001 – 9,550 |
| 35% | Over 9,550 |
| Miscellaneous | 2004 Tax Rates |
| Personal Exemption | $3,100 |
| Business equipment expensing deduction | $102,000 |
| Prior-year safe harbor for estimated taxes of higher-income | 110% of your 2004 tax liability |
| Standard mileage rate for business driving | 37.5 cents |
| Unearned income maximum for children before kiddie tax applies | $800 |
| Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket | 5% |
| Maximum capital gains tax rate for taxpayers above the 15% bracket | 15% |
| Capital gains tax rate for unrecaptured Sec. 1250 gains | 25% |
| Capital gains tax rate on collectibles | 28% |
| Maximum employee contribution to SIMPLE retirement plans | $10,000 if under
age 50 $12,000 if 50 or older |
| 401(k) maximum employee contribution limit | $13,000 if under
age 50 $18,000 if 50 or older |
| Self-employed health insurance deduction | 100% |
| Estate tax exemption | $1,140,000 |
| Annual Exclusion for Gifts | $11,000 |