Fast Tax Facts 2005: as of Oct. 19, 2005.

• Position: Brief Article

Welcome to our annual at-a-glance compilation of federal and state tax information. User-friendly tax rate schedules, facts, figures and assorted data make this time-saving section a handy companion. Keep it within arm's reach as you enter the upcoming busy season.

special thanks to: the CalCPA Committee on Taxation, especially Chair John DiCarlo, CPA; Jeremy Needelman; Lisa Edeling, CPA; and the FTB for compiling this information.

want it to go? Log on to www.calcpa.org/fasttaxfacts and download a PDF.

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2005 TAX DATA SCHEDULE 2005 2005 Federal California Standard Deductions Single $5,000 3,254 Married Filing Jointly or Surviving Spouse 10,000 6,508 Married Filing Separately 5,000 3,254 Head of Household 7,300 6,508 Additional for 65 and Older or Blind--Married 1,000 Additional for 65 and Older Blind--Unmarried 1,250 (per individual and for each situation: age or blind) Taxpayer Claimed as a Dependent 800 800 Personal/Dependent Exemption 3,200 (SSN required: $50 penalty) California Exemption Credits Single/Separate or Head of Household $87 Teacher's Retention Credit This California tax credit has been suspended for taxable years 2004 and 2005. California Renter's Credit Joint/Head-of-Household/Surviving Spouse if AGI is below $50,000 $120 Single/Married Filing Separate if AGI is below $25,000 60 Sec. 179 Deduction $105,000 $25,000 Beginning of Personal Exemption Phaseout Range--Based on Federal AGI Single $145,950 143,839 Married Filing Jointly/Surviving Spouse 218,950 287,682 Married Filing Separately 109,475 143,839 Head of Household 182,450 215,762 Beginning of Itemized Deduction Phaseout Range--Based on Federal AGI Single $145,950 $143,839 Married Filing Jointly/Surviving Spouse 145,950 287,682 Married Filing Separately 72,975 143,839 Head of Household 145,950 215,762 Rate Reduced over federal AGI limits 3% 6% Schedule A Threshold/Limits Medical (of AGI) based on federal threshold 7.5% 7.5% 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 $58,000 $70,531 Single, Head of Household 40,250 52,898 Married Filing Separately 29,000 35,263 Estates or...