2007 inflation adjustments.

2007 Inflation Adjustments

2007 income tax rates:

Rate (%)   MFJ                 Single              HOH

10         0-$15,650           0-$7,825            0-$11,200
15         $15,650-$63,700     $7,825-$31,850      $11,200-$42,650
25         $63,700-$128,500    $31,850-$77,100     $42,650-$110,100
28         $128,500-$195,850   $77,100-$160,850    $110,100-$178,350
33         $195,850-$349,700   $160,850-$349,100   $178,350-$349,700
35         Over $349,700       Over $349,700       Over $349,700

Rate (%)   MFS                 Estates/Trusts

10         0-$7,825            N/A
15         $7,825-$31,850      0-$2,150
25         $31,850-$64,250     $2,150-$5,000
28         $64,250-$97,925     $5,000-$7,650
33         $97,925-$174,850    $7,650-$10,450
35         Over $174,850       Over $10,450

2007 standard deduction:

Filing status                            Amount

Single                                    $5,350
MFJ or qualifying spouse
   with dependent child                  $10,700
MFS                                       $5,350
HOH                                       $7,850

2006 personal exemption is $3,400, phaseouts:

                                                                 No
                                                          exemption
                                       Phaseout              if AGI
Filing status                         threshold             exceeds

Single                                  $156,400            $278,900
MFJ or surviving spouse                 $234,600            $357,100
MFS                                     $117,300            $178,550
HOH                                     $195,500            $318,000

2007 annual gift tax exemption is $12,000

Source: Rev. Proc. 2006-53