Sunday, January 6, 2008

2007 federal exemption & deductions

Personal exemption
$3,400
Personal exemption phase-outs
$234,600 - $357,100 Joint return
$195,500 - $318,000 Head of household
$156,400 - $278,900 Single
$117,300 - $178,550 Married couple filing separately
Standard Deductions

$10,700 Married filling jointly or qualifying widow(er)
$7,850 Heads of households
$5,350 Singles
$5,350 Married filling separately

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