Archive for the ‘2003 Tax Year’ Category

2003 Information – Minimum Distributions

Wednesday, January 1st, 2003

Table for determining distribution period. The following table, referred to as the Uniform Lifetime Table, is used for determining the distribution period for lifetime distributions to an employee in situations in which the employee’s spouse is either not the sole designated beneficiary or is the sole designated beneficiary but is not more than 10 years […]

2003 Information – Estate and Gift Tax Changes

Wednesday, January 1st, 2003

Year Highest Estate, GST, &Gift Tax Rate Cumulative Estate &GST Transfer Exemption Amount 2001 55% + surtax $675,000 2002 50% 1,000,000 2003 49% 1,000,000 2004 48% 1,500,000 2005 47% 1,500,000 2006 46% 2,000,000 2007 – 2008 45% 2,000,000 2009 45% 3,500,000 2010 Top individual income tax rate(gift tax only) Taxes Repealed

Federal Tax Rate Schedules for 2003 – Unified Transfer Tax Rate Schedule

Wednesday, January 1st, 2003

Taxable Income   Over But Not Over   Tax on   Rate onExcess $ 1,500,000 $2,000,000 555,800 45 2,000,000 …… 780,800 49

Federal Tax Rate Schedules for 2003 – Estates and Nongrantor Trusts

Wednesday, January 1st, 2003

Taxable Income   Over But Not Over   Pay   + % onExcess   of amountover $ 0- $1,900 $ 0 15 % $ 0 1,900- 4,500 285.00 27 1,900 4,500- 6,850 987.00 30 4,500 6,850- 9,350 1,692.00 35 6,850 9,350- …… 2,567.00 38.6 9,350

Federal Tax Rate Schedules for 2003 – Heads of Households

Wednesday, January 1st, 2003

Taxable Income   Over But Not Over   Pay   + % onExcess   of amountover $ 0- $10,000 $ 0 10 % $ 0 10,000- 38,050 1,000.00 15 10,000 38,050- 98,250 5,207.50 27 38,050 98,250- 159,100 21,461.50 30 98,250 159,100- 311,950 39,716.50 35 159,100 311,950- …… 93,214.00 38.6 311,950

Federal Tax Rate Schedules for 2003 – Married Individuals Filing Separately

Wednesday, January 1st, 2003

Taxable Income   Over But Not Over   Pay   + % onExcess   of amountover $ 0- $6,000 $ 0 10 % $ 0 6,000- 23,725 600.00 15 6,000 23,725- 57,325 3,258.75 27 23,725 57,325- 87,350 12,330.75 30 57,325 87,350- 155,975 21,338.25 35 87,350 155,975- …… 45,357.00 38.6 155,975

Federal Tax Rate Schedules for 2003 – Married Filing Jointly and Surviving

Wednesday, January 1st, 2003

Taxable Income   Over But Not Over   Pay   + % onExcess   of amountover $ 0- $12,000 $ 0 10 % $ 0 12,000- 47,450 1,200.00 15 12,000 47,450- 114,650 6,517.50 27 46,450 114,650- 174,700 24,661.50 30 114,650 174,700- 311,950 42,676.50 35 174,700 311,950- …… 90,714.00 38.6 311,950

Federal Tax Rate Schedules for 2003 – Single Individuals

Wednesday, January 1st, 2003

Taxable Income   Over But Not Over   Pay   + % onExcess   of amountover $ 0- $6,000 $ 0 10 % $ 0 6,000- 28,400 600.00 15 6,000 28,400- 68,800 3,960.00 27 28,400 68,800- 143,500 14,868.00 30 68,800 143,500- 311,950 37,278.00 35 143,500 311,950- …… 96,235.50 38.6 311,950