Personal exemption: $3,100
Standard Mileage Rates
· Car used in business: 37.5¢
· Charitable, moving expense and medical: .14¢
Phaseout of personal exemptions starts
· Couple (AGI*): $214,050
· Single (AGI*): $142,700
Phaseout of itemized deductions starts: $142,700
Social Security earnings limit
· Under age 65 and 4 months: $11,640
· Age 65 and 4 months or older: No limit
Federal per-diem travel rates
· High-cost area: $207
(Lodging $161, meals and incidentals $46)
· Low-cost area: $126
(Lodging $90, meals and incidentals $36)
Wage base, Social Security tax: $87,900
Taxable wage base, Medicare: No limit
2004 deferral limits -- 401(k)s, SAR-SEPs: $13,000
Automatic exemption from estate tax: $1.5 million * Adjusted Gross Income