Fast tax facts 2000.

Special thanks to CalCPA's State Committee on Taxation, especially James C. Counts II, CPA, for compiling this information.

WELCOME TO OUR ANNUAL at-a-glance compilation of federal and state tax information. User-friendly tax-rate schedules, figures and assorted data make this time-saving section a handy companion. Keep it within arm's reach as you enter the upcoming busy season.

2000 TAX DATA SCHEDULE
                                              2000       2000
                                           Federal California
Gross Income Filing Threshold
If Under 65
Single                                      $7,200    $11,291
Married Filing Jointly                      12,950     22,583
Married Filing Separately                    2,800     22,583
Head of Household                            9,250     11,291
Surviving Spouse                            10,150     19,124
California -- if over 65 -- for
surviving spouse add $1,792 all
others add $3,750 for each
spouse over 65.
Federal -- add standard deduction
for over 65 and blind.
Unearned Income
Child Under Age 14                          $1,400
Standard Deductions
Single                                      $4,400     $2,809
Married Filing Jointly/Surviving Spouse      7,350      5,618
Married Filing Separately                   $3,675     $2,809
Head of Household                            6,450      5,618
Additional for 65 and Older or
Blind -- Married                               850
Additional for 65 and Older or
Blind -- Unmarried
(per individual and for each age or blind)   1,100
Taxpayer Claimed as a Dependent                700        700
Personal/Dependent Exemption
(SSN required: $50 penalty)                 $2,800
California Exemption Credits
Single/Separate/Head of Household                         $75
Joint/Surviving Spouse                                    150
Dependent                                                 235
Senior Head-of-Household Credit
2% of California taxable income,
maximum California AGI of
$48,550 and maximum credit of                           $915
Joint Custody Head-of-Household
Credit and Dependent Parent Credit
Are each 30% of net tax, with                           $298
maximum credit of
Child and Dependent Care Credit
Percentage of federal credit
California AGI limits are From -- To
0 - $40,000                                              63%
$40,001 - $70,000                                        53%
$70,001 - $100,000                                       42%
$100,001 or more                                           0
Teachers' Retention Credit
Nonrefundable but can reduce minimum
tax below regular tax.
Based on length of service
At least 4 years, less than 6 years                     $250
At least 6 years, less than 11 years                     500
At least 11 years, less than 20 years                  1,000
20 years or more                                       1,500
California Renter's Credit
Joint/Head-of-Household/Surviving
Spouse if AGI below $53,146                             $120
Single/Married Filing Separately if
AGI below $26,573                                         60
Beginning of Personal Exemption
Phaseout Range --
Based on Federal AGI
Single                                     $128,950 $124,126
Married Filing Jointly                      193,400  248,255
Married Filing Separately                    96,700  124,126
Head of Household                           161,150  186,190
Surviving Spouse                             96,700  248,255
Beginning of Itemized Deduction
Phaseout Range -- Based on AGI
Single                                     $128,950 $124,126
Married Filing Jointly                      128,950  248,255
Married Filing Separately                    64,475  124,126
Surviving Spouse                            128,950  248,255
Head of Household                           128,950  186,190
Rate                                             3%       6%
Schedule A Threshold/Limits
Medical (of AGI)
based on federal threshold                     7.5%     7.5%
Miscellaneous (of AGI)
based on federal threshold                     2.0%     2.0%
Alternative Minimum Tax
(AMT) Rate
AMTI less exemption
up to $175,000                                  26%
AMTI less exemption
over $175,000 ($87,500 if Married
Filing Separately)                              28%
AMTI less exemption                                       7%
AMT Exemption Amounts
Joint or Qualifying Widow(er)               $45,000  $60,864
Single, Head of Household                    33,750   45,648
Married Filing Separately, Estates, Trusts   22,500   30,431
AMT Exemption Phase Out Amounts
Married Filing Jointly/Surviving Spouse             $228,239
Single and Head of Household                         171,179
Married Filing Separately and                        114,119
Estates and Trusts
Self-Employed Health Insurance
Adjustment for AGI:                             60%      60%
Auto Standard Mileage Allowances
Business                                       .325     .325
Charity Work                                    .14      .14
Medical/Moving                                  .10      .10
Maximum Rate SEP-IRA and
Keogh Profit Sharing                       13.0435% 13.0435%
Beginning/Ending of U.S. Savings Bond
Interest Exclusion --
Based on modified AGI
Joint Return                               $81,100/
                                            111,110
Unmarried                                   54,100/
                                             69,100
Married Filing Separately                         0
California SDI
Wages -- Total annual limit                          $46,327
Rate -- prior to April 1, 2000                           .5%
     -- after March 31, 2000                             .7%
Tax -- depending on when wages
earned will determine tax limits                     Various
Taxable                                                          of the
 Income                                    but           Amount
Is Over                               Not Over       Pay     +%    Over
2000 FEDERAL TAX RATE SCHEDULE
Single Individuals
     $0                                $26,250        $0    15%      $0
 26,250                                 63,550  3,937.50    28%  26,250
 63,550                                132,600 14,381.50    31%  63,550
288,350                                288,350 35,787.00    36% 132,600
                                      and more 91,857.00  39.6% 288,350
Head of Household
     $0                                $35,150        $0    15%      $0
 35,150                                 90,800  5,272.50    28%  35,150
 90,800                                147,050 20,854.50    31%  90,800
147,050                                288,350 38,292.00    36% 147,050
288,350                               and more 89,160.00  39.6% 288,350
Married Individuals Filling
Jointly and Surviving Spouses
     $0                                $43,850        $0    15%      $0
 43,850                                105,950  6,577.50    28%  43,850
105,950                                161,450 23,965.50    31% 105,950
161,450                                288,350 41,170.50    36% 161,450
288,350                               and more 86,854.50  39.6% 288,350
Married Individuals Filing Separately
     $0                                $21,925        $0    15%      $0
 21,925                                 52,975  3,288.75    28%  21,925
 52,975                                 80,725 11,982.75    31%  52,975
 80,725                                144,175 20,585.25    36%  80,725
144,175                               and more 43,427.25  39.6% 144,175
Estates and Nongrantor Trusts
     $0                                 $1,750        $0    15%      $0
  1,750                                  4,150    262.50    28%   1,750
  4,150                                  6,300    934.50    31%   4,150
  6,300                                  8,650  1,601.00    36%   6,300
  8,650                               and more  2,447.00  39.6%   8,650
2000 CALIFORNIA TAX RATE SCHEDULE
Single Individuals, Married Filing
Separately, Fiduciary Tax Returns
     $0                                 $5,454        $0   1.0%       0
  5,454                                 12,926     54.54     2%   5,454
 12,926                                 20,401    203.98     4%  12,926
 20,401                                 28,321    502.98     6%  20,401
 28,321                                 35,792    978.18     8%  28,321
 35,792                               and more  1,575.86   9.3%  35,792
Married Filing Jointly, Surviving
Spouses with Dependents
     $0                                $10,908        $0   1.0%      $0
 10,908                                 25,852    109.08   2.0%  10,908
 25,852                                 40,802    407.96   4.0%  25,852
 40,802                                 56,642  1,005.96   6.0%  40,802
 56,642                                 71,584  1,956.36   8.0%  56,642
 71,584                               and more  3,151.72   9.3%  71,584
Unmarried Head of Household
     $0                                $10,910        $0   1.0%      $0
 10,910                                 25,853    109.10   2.0%  10,910
 25,853                                 33,326    407.96   4.0%  25,853
 33,326                                 41,245    706.88   6.0%  33,326
 41,245                                 48,718  1,182.02   8.0%  41,245
 48,718                               and more  1,779.86   9.3%  48,718

LUXURY AUTO LIMIT

Taxpayers leasing "luxury" autos must add back an amount to income to offset the full deduction of these payments. The luxury auto limits have been decreased for 2000 as follows:

Year         1994   1995   1996   1997   1998   1999   2000
1st        $2,960 $3,060 $3,060 $3,160 $3,160 $3,060 $3,060
2nd         4,700  4,900  4,900  5,000  5,000  5,000  4,900
3rd         2,850  2,950  2,950  3,050  2,950  2,950  2,950
Thereafter  1,675  1,775  1,775  1,775  1,775  1,775  1,775
                    PENSION AND FICA LIMITATION AMOUNTS
                                   1996    1997    1998    1999    2000
Pensions
Maximum 401(k)/                  $9,500  $9,500 $10,000 $10,000 $10,500
  403(b) Deferral
Maximum Defined
  Contribution Plan
  Contribution                   30,000  30,000  30,000  30,000  30,000
Maximum Annual
  Benefit for Defined
  Benefit Plans                 120,000 125,000 130,000 130,000 135,000
Annual Compensation
  Limit for Computing
  Plan Benefits                 150,000 160,000 160,000 160,000 160,000
Annual Compensation
  Limit for the
  Definition of Highly
  Compensated Employee                           80,000  80,000  85,000
Compensation Minimum for SEP                        400     400     450
  coverage                                        6,000   6,000   6,000
Compensation Amount for SIMPLES
2000 FICA & SE TAX
                                       1996      1997      1998      1999
Maximum FICA
  Tax Rate
Wage Base                           $61,700   $65,400   $68,400   $72,600
FICA Tax Rate                          6.2%      6.2%      6.2%      6.2%
SE Tax Rate                           12.4%     12.4%     12.4%     12.4%
Maximum Medicare
HI Wage Base                      Unlimited Unlimited Unlimited Unlimited
Medicare HI Rate                      1.45%     1.45%     1.45%     1.45%
Medicare HI Rate
  -- SE                                2.9%      2.9%      2.9%      2.9%
Earned Income Ceilings for Social
Security Benefits
Underage 65
  (or full retirement
  age)                               $8,280    $8,640    $9,120    $9,600
65 (or full retirement
  age) -- 70                         12,500    13,500    14,500    15,500
Age 70 and older                            Unlimited Unlimited Unlimited
If receive disability
  benefits then the per
  month limit is                                                      700
Medicare Part B
Premium                           42.50/mo. 43.80/mo. 43.80/mo. 45.50/mo.
2000 FICA & SE TAX
                                       2000
Maximum FICA
  Tax Rate
Wage Base                           $76,200
FICA Tax Rate                          6.2%
SE Tax Rate                           12.4%
Maximum Medicare
HI Wage Base                      Unlimited
Medicare HI Rate                      1.45%
Medicare HI Rate
  -- SE                                2.9%
Earned Income Ceilings for Social
Security Benefits
Underage 65
  (or full retirement
  age)                              $10,800
65 (or full retirement
  age) -- 70                      Unlimited
Age 70 and older                  Unlimited
If receive disability
  benefits then the per
  month limit is                        700
Medicare Part B
Premium                           45.50/mo.
Fast Tax Facts is designed to provide general guidance to CalCPA members.
CalCPA is not engaged in rendering accounting or other professional advice.
Numbers in Fast Tax Facts are subject to change.