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Pepperdine University School of Law

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Saturday, October 29, 2005

IRS Releases 2006 Inflation Adjustments

Irs_logo_145 The IRS yesterday released the 2006 inflation-adjusted amounts to be published in Rev. Proc. 2005-70, I.R.B. 2005-47 (Nov. 21, 2005).  Among the three dozen inflation-adjusments for 2006 are:

      • Personal Exemption: $3,300
      • Standard Deduction: $10,300 (married), $5,150 (single)
      • Annual Gift Tax Exemption: $12,000
      • Tax Rate Tables:

Married Couple Filing Jointly

Taxable Income

Tax

Not over $15,100

10%

$15,101 - $61,300

$1,510 + 15% of excess over $15,100

$61,301 - $123,700

$8,440 + 25% of excess over $61.300

$123,701 - $188,450

$24,040 + 28% of excess over $123,700

$188,451 - $336,550

$42,170 + 33% of excess over $188,450

Over $336,550

$91,043 + 35% of excess over $336,550

Unmarried Individuals

Taxable Income

Tax

Not over $7,550

10%

$7,501 - $30,650

$755 + 15% of excess over $7,500

$30,651 - $74,200

$4,220 + 25% of excess over $30.650

$74,201 - $154,800

$15,107.50 + 28% of excess over $74,200

$154,800 - $336,550

$37,675.50 + 33% of excess over $94,225

Over $336,550

$97,653 + 35% of excess over $336,550

      • Unearned Income of Minor Children Subject to "Kiddie Tax":  $850
      • Adoption Credit:  $10,960
      • Child Tax Credit:  $11,300

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