Fast tax facts 2008.

The online version of Fast Tax Facts will be updated for tax law changes. Check it out at www.calcpa.org/fasttaxfacts.

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.

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special thanks to: The CalCPA Committee on Taxation; John DiCarlo, CPA; Ann Ngo, CPA; Rebecca Christiansen; and the FTB for compiling this information.

2008 TAX DATA SCHEDULE 2008 2008 Federal California Standard Deductions Single $5,450 $3,692 Married Filing Jointly, Surviving 10,900 7,384 Spouse Married Filing Separately 5,450 3,692 Head of Household 8,000 7,384 Additional for Age 65 and Older or Blind -Married 1,050 Additional for Age 65 and Older or Blind-Unmarried and not a Surviving Spouse (per individual for each 1,350 situation, age or blind) Additional Real Property Tax Standard Deduction - Married (2008 Only) 1,000 Additional Real Property Tax Standard Deduction - Unmarried (2008 Only) 500 Taxpayer Claimed as a Dependent 900 850 Personal or Dependent Exemption 3,500 (Social Security Number required) California Exemption Credits Single, Married Filing Separately, $99 Head of Household Married Filing Jointly, Surviving 198 Spouse Dependent 309 Blind or Age 65 and Older 99 Senior Head of Household Credit 2% of California taxable income, maximum California AGI of $63,831 with maximum credit of $1,203 Joint Custody Head of Household Credit and Dependent Parent Credit Each is 30% of net lax with maximum $393 credit of Child and Dependent Care Credit Percentage of federal credit for California AGI limits $O--40,000 50% 40,001--70,000 43% 70,001--100.000 34% 100,001 or more 0% California Renter's Credit Married Filing Jointly, Head of Household, Surviving Spouse if AG1 is below $120 $69,872 Single or Married Filing Separately if AGI is below S34,936 60 IRC Section 179 Deduction $250,000 $25,000 Beginning of Personal Exemption Phaseout Range--Based on Federal AGI Single $159,950 $163,187 Married Filingjointly. Surviving 239,950 326,379 Spouse Married Filing Separately 119,975 163,187 Head of Household 199,950 244,785 Beginning of Itemized Deduction Phaseout Range--Based on Federal AGI Single $159,950 $163,187 Married Filingjointly, Surviving 159,950 326,379 Spouse Married Filing Separately 79,975 163,187 Head of Household 159,950 244.785...