By JLP | January 9, 2009
Here’s a quick look at the 2009 Federal Income Tax Brackets along with a comparison to 2008. Not a lot of changes.
The standard deduction will increase to $11,400 from $10,900 for joint filers ($5,700 from $5,450 for single filers). The personal exemption for 2009 is $3,650* but is phased out at higher income levels.
The Social Security wage base moved up to $106,800 from $102,000meaning, any income over $106,800 is not taxed for Social Security. It also means that the maximum a person will pay into Social Security is now $6,622.
*According to the PricewaterhouseCoopers 2009 Guide to Tax and Financial Planning