fast tax facts 2001.

• Position: Statistical Data Included

fast tax facts 2001 Special thanks to CalCPA's Committee on Taxation, especially James C. Counts II, CPA, for compiling this information. 2001 TAX DATA SCHEDULE 2001 2001 Federal California Gross Income Filing Threshold if Under 65 Single $7,450 $11,901 Married Filing Jointly 13,400 23,803 Married Filing Separately 2,900 23,803 Head of Household 9,550 11,901 Surviving Spouse 10,500 20,134 California--If over 65, add $3,750 for each spouse over 65. For each dependent, add $1,866. Federal--Add standard deduction for over 65 and blind. Unearned Income Child Under Age 14 1,500 Standard Deductions Single 4,550 2,960 Married Filing Jointly or 7,600 5,920 Surviving Spouse Married Filing Separately $3,800 $2,960 Head of Household 6,650 5,920 Additional for 65 and Older or Blind--Married 900 Additional for 65 and Older Blind--Unmarried 1,100 (per individual and for each situation: age or blind) Taxpayer Claimed as a Dependent 750 750 Personal/Dependent Exemption (SSN required: $50 penalty) $2,900 California Exemption Credits Single/Separate or Head $79 of Household Joint/Surviving Spouse 158 Dependent 247 Blind or Over 65 79 Senior Head of Household Credit 2% of California taxable income, maximum California AGI of $51,173 and maximum credit of $964 Joint Custody Head of Household Credit and Dependent Parent Credit Each is 30% of net tax, with maximum credit of $315 Child and Dependent Care Credit Prcentage 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 Nonrefundable but can reduce minimum tax below regular tax based on length of service At least 4 years, less than 6 years $250 At least 6 years, less than 11 years 500 At least 11 years, less than 20 years 1,000 20 years or more 1,500 California Renter's Credit Joint/Head-of-Household/Surviving Spouse if AGI is below $56,018 $120 Single/Married Filing Separate if AGI is below $28,009 60 Sec. 179 Deduction $24,000 $24,000 Beginning of Personal Exemption Phaseout Range--Based on Federal AGI Single $132,950 $130,831 Married Filing Jointly 199,450 261,664 Married Filing Separately 99,725 130,831 Head of Household 166,200 196,248 Surviving Spouse 199,450 261,664 Beginning of Itemized Deduction Phaseout Range--Based on AGI Single $132,950 $130,831 Married Filing Jointly/ Surviving Spouse 132,950 261,664 Married Filing Separately 66,475 130,831 Head of Household 132,950 196,248 Rate Reduced over...