The IRS yesterday released the 2006 inflation-adjusted amounts to be published in Rev. Proc. 2005-70, I.R.B. 2005-47 (Nov. 21, 2005). Among the three dozen inflation-adjusments for 2006 are:
- Personal Exemption: $3,300
- Standard Deduction: $10,300 (married), $5,150 (single)
- Annual Gift Tax Exemption: $12,000
- Tax Rate Tables:
Married Couple Filing Jointly
Taxable Income
Tax
Not over $15,100
10%
$15,101 – $61,300
$1,510 + 15% of excess over $15,100
$61,301 – $123,700
$8,440 + 25% of excess over $61.300
$123,701 – $188,450
$24,040 + 28% of excess over $123,700
$188,451 – $336,550
$42,170 + 33% of excess over $188,450
Over $336,550
$91,043 + 35% of excess over $336,550
Unmarried Individuals
Taxable Income
Tax
Not over $7,550
10%
$7,501 – $30,650
$755 + 15% of excess over $7,500
$30,651 – $74,200
$4,220 + 25% of excess over $30.650
$74,201 – $154,800
$15,107.50 + 28% of excess over $74,200
$154,800 – $336,550
$37,675.50 + 33% of excess over $94,225
Over $336,550
$97,653 + 35% of excess over $336,550
- Unearned Income of Minor Children Subject to "Kiddie Tax": $850
- Adoption Credit: $10,960
- Child Tax Credit: $11,300



