2002 tax data schedule - Fast Tax Facts 2002

California CPA, Nov, 2002

2002 TAX DATA SCHEDULE

                                                       2002        2002
                                                    Federal  California

Standard Deductions
Single                                               $4,700      $3,004
Married Filing Jointly or Surviving Spouse            7,850       6,008
Married Filing Separately                             3,925       3,004
Head of Household                                     6,900       6,008
Additional for 65 and Older or
 Blind--Married                                         900
Additional for 65 and Older
 Blind--Unmarried                                     1,150
(per individual and for
 each situation: age or blind)
Taxpayer Claimed as a Dependent                         750         750

Personal/Dependent Exemption
(SSN required: $50 penalty)                          $3,000

California Exemption Credits
Single/Separate or Head of Household                                $80
Joint/Surviving Spouse                                             $160
Dependent                                                           251
Blind or Over 65                                                     80

Senior Head of Household Credit
 2% of California taxable income,
 maximum California AGI of
 $51,941 and maximum credit of                                     $979

Joint Custody Head of Household
Credit and Dependent Parent Credit
 Each is 30% of net tax,                                           $320
  with maximum credit of

Child and Dependent Care Credit
Percentage of federal credit California
AGI limits are From-To
0-$40,000                                                           63%
$40,0001-$70,000                                                    53%
$70,001--$100,000                                                   42%
$100,0001 or more                                                    0%

Teacher's Retention Credit
This California tax credit has been
 suspended for taxable year 2002.

California Renter's Credit
Joint/Head-of-Household/Surviving Spouse
 if AGI is below $56,858                                           $120
Single/Married Filing Separate if AGI
 is below $28,429                                                    60

Sec. 179 Deduction                                  $24,000     $24,000

Beginning of Personal Exemption Phaseout
Range--Based on Federal AGI
Single                                             $137,300    $132,793
Married Filing Jointly                              206,000     265,589
Married Filing Separately                           103,000     132,793
Head of Household                                   171,650     199,192
Surviving Spouse                                    206,000     265,589

Beginning of Itemized Deduction
Phaseout Range--Based on AGI
Single                                             $137,300    $132,793
Married Filing Jointly/Surviving Spouse             137,300     265,589
Married Filing Separately                            68,650     132,793
Head of Household                                   137,300     199,192
Rate Reduced over federal AGI limits                     3%          6%

Schedule A Threshold/Limits
Medical (of AGI)
 based on federal threshold                            7.5%         75%

Miscellaneous (of AGI)
 based on federal threshold                              2%          2%

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
Married Filing Jointly/Surviving Spouse             $49,000     $65,114
Single, Head of Household                            35,750      48,836
Married Filing Separately, Estates,
 Trusts                                              35,750      32,556

AMT Exemption Phaseout Amounts
Married Filing Jointly/Surviving Spouse            $150,000    $244,176
Single and Head of Household                        112,500     183,132
Married Filing Separately and
 Estates and Trusts                                 112,500     122,087

Self-Employed Health Insurance
Adjustment for AGI:
 Percentage of total qualifying
  payments for health insurance                         70%         70%

Auto Standard Mileage Allowances
Business                                               .365        .365
Charity Work                                            .14         .14
Medical/Moving                                          .13         .13

Maximum Rate SEP-IRA and
Keogh Profit Sharing                                    20%         20%

Beginning/Ending of U.S. Savings
Bond Interest Exclusion-Based on
modified AGI
Joint Return                                $86,400/116,400
Unmarried                                     57,600/72,600
Married Filing Separately                      No Exclusion

California SDI
(deductible as a tax for federal
purposes) *
Wages--Total annual limit                                       $46,327
Rate                                                                .9%
Tax                                                              416.94

* Amounts paid to a voluntary program in lieu of the state programs are
not deductible, but may be creditable on Form 540 with multiple