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Income Tax Planning
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2006 Tax Brackets
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2007 Tax Brackets
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Top of the bracket
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Top of the bracket
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Rate
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Single
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Joint
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HOH
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Rate
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Single
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Joint
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HOH
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10%
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7,550
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15,100
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10,750
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10%
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7,825
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15,650
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11,200
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15%
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30,650
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61,300
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41,050
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15%
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31,850
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63,700
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42,650
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25%
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74,200
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123,700
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106,000
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25%
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77,100
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128,500
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110,100
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28%
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154,800
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188,450
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171,650
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28%
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160,850
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195,850
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178,350
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33%
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336,550
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336,550
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336,550
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33%
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349,700
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349,700
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349,700
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35%
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All income over $336,550
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35%
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All income over $349,700
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Tax rate on capital gains and dividends
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Income subject to FICA
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Taxpayers with marginal rate > 15%
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15%
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2006
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94,200
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Taxpayers with marginal rate 15% or less
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5%
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2007
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97,500
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Personal exemption
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Standard mileage rates
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2006
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2007
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2006
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3,300
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Business
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$0.445
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$0.485
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2007
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3,400
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Medical
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$0.180
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$0.200
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Moving
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$0.180
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$0.200
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Standard Deduction
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2006
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2007
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Section 179 Deduction
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Single
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5,150
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5,350
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2006
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2007
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Married, joint return
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10,300
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10,700
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Maximum deduction
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108,000
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112,000
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Married, separate return
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5,150
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5,350
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Deduction reduced
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Head of household
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7,550
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7,850
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