FORM FOR ESTIMATING 2004 INCOME TAX LIABILITY (does not consider AMT or averaging)
FARM INCOME
1.
Total farm receipts to date......................................................................................... $_________
2.
Estimated farm receipts to end of year ...................................................................... $_________
3.
TOTAL 1040F SALES (Line 1+2) ........................................................................................... $_________
EXPENSES AND DEPRECIATION
4.
Cash expenses to date ............................................................................................... $_________
5.
Estimated cash expenses to end of year .................................................................... $_________
6.
Depreciation for the year ........................................................................................... $_________
7.
TOTAL EXPENSES AND DEPRECIATION (Line 4+5+6) ............................................... $________
8.
1040F NET FARM PROFIT (Line 3-7) ................................................................................. $________
ADDITIONAL INCOME
9.
Long-term capital gains (LTCG) and losses ……………………………………….$__________
10.
Short-term capital gains and depreciation recapture………………………………….$__________
11.
12.
Nonfarm income (includes wages, interest, rent income, etc.)……………………….$__________
TOTAL ADDITIONAL INCOME (Line 9+10+11 ............................................................... $________
13.
TOTAL INCOME (Line 8+12) ............................................................................................... $________
14.
Self-employment retirement deduction (Keogh and/or IRA, or SEP) ....................... $________
15.
100% of medical insurance premium for self-employed ........................................... $________
16.
One-half (1/2) self-employment tax (1/2 of line 27) ................................................. $________
17.
TOTAL ADJUSTMENTS TO INCOME (Line 14+15+16) ................................................. $________
18.
ADJUSTED GROSS INCOME (Line 13-17) ........................................................................ $________
19.
Greater of itemized deductions or standard deduction1 ............................................. $________
1($9,700
for married filing joint, $7,150 head of household, $4,850 single, $4,850 married filing separate.)
(Up to 80% of itemized deductions are phased out at the rate of 3% for AGI in excess of $142,700.)
20.
Exemptions (Number
x $3,100 per exemption)1 ............................................ $________
(Caution--a phase-out of exemptions [2% for every $2,500 of AGI] begins at AGI of $214,050 for a couple,
$142,700 for single, $178,350 for head of household, and $107,025 for married filing separate.)
21.
TOTAL EXEMPTIONS AND DEDUCTIONS (Line 19+20) .............................................. $________
22.
Taxable income after exemptions and deductions (Line 18-21).......................................................... $________
23.
REGULAR FEDERAL INCOME TAX (subtract LTCG before using tables)................. $________
24.
Capital gains tax2 (15% or 5%) ........................................................................................................... $________
25.
Credits………………………………. ………………………………. ……………………………… $________
26.
Federal income tax due (Lines 23 + 24 - 25) ...................................................................................... $________
27.
Social Security tax due: 15.3% [of the lesser of (Line 8 x .9235)
or $87,900] + [2.9% of (line 8 x .9235) over $87,900] ....................................................................... $________
28.
TOTAL FEDERAL TAX OBLIGATION (Line 26+27)……………………………………. $________
1
If a married taxpayer and/or spouse is age 65 or over, or is blind, add $950 to the standard deduction for each spouse 65 or over and/or $950 additional
if blind. The addition is $1,200 if the taxpayer is single or head of household, and age 65 or over and $1,200 additional if blind.
2 If tax rate for calculating line 23 is in the 10 or 15% bracket, then rate is 5% for the amount equal to the difference between taxable income and the top
of the 15% bracket ($29,050 for single and $58,100 for married filing joint). For bracket amounts 25% or greater, the capital gain rate is 15%.
5
September 2004
2004 Tax Rates, Single Individual
Taxable Income
Tax Payable
$
0 7,150
$ 7,150 - 29,050
$ 29,050 - 70,350
$ 70,350 - 146,750
$ 146,750 - 319,100
Over $319,100
$
715.00
$ 4,000.00
$ 14,325.00
$ 35,717.00
$ 92,592.50
10% of TI
+ 15.0%
+ 25.0%
+ 28.0%
+ 33.0%
+ 35.0%
of
of
of
of
of
(TI - 7,150)
(TI - 29,050)
(TI - 70,350)
(TI - 146,750)
(TI - 319,100)
2004 Tax Rates, Married Filing Jointly
Taxable Income
$
$
$
$
$
Tax Payable
0 - 14,300
14,300 - 58,100
58,100 - 117,250
117,250 - 178,650
178,650 - 319,100
Over $319,100
$ 1,430.00
$ 8,000.00
$ 22,787.50
$ 39,979.50
$ 86,328.00
10% of TI
+ 15.0%
+ 25.0%
+ 28.0%
+ 33.0%
+ 35.0%
of
of
of
of
of
(TI - 14,300)
(TI - 58,100)
(TI - 117,250)
(TI - 178,650)
(TI - 319,100)
2004 Tax Rates, Heads of Households
Taxable Income
Tax Payable
$
0 - 10,200
$ 10,200 - 38,900
$ 38,900 - 100,500
$ 100,500 - 162,700
$ 162,700 - 319,100
Over $319,100
$ 1,020.00
$ 5,325.00
$ 20,725.00
$ 38,141.00
$ 89,753.00
10% of TI
+ 15.0%
+ 25.0%
+ 28.0%
+ 33.0%
+ 35.0%
of
of
of
of
of
(TI - 10,200)
(TI - 38,900)
(TI - 100,500)
(TI - 162,700)
(TI - 319,100)
2004 Married Filing Separately
Taxable Income
Tax Payable
$
0 7,150
$ 7,150 - 29,050
$ 29,050 - 58,625
$ 58,625 - 89,325
$ 89,325 - 159,550
Over $159,550
$
715.00
$ 4,000.00
$ 11,393.75
$ 19,989.75
$ 43,164.00
10% of TI
+ 15.0%
+ 25.0%
+ 28.0%
+ 33.0%
+ 35.0%
of
of
of
of
of
(TI - 7,150)
(TI - 29,050)
(TI - 58,625)
(TI - 89,325)
(TI - 159,550)
2004 Estates and Trusts
Taxable Income
$
$
$
$
0 1,950 4,600 7,000 Over $9,550
Tax Payable
1,950
4,600
7,000
9,550
$ 292.50
$ 955.00
$ 1,627.00
$ 2,486.50
15% of TI
+ 25.0%
+ 28.0%
+ 33.0%
+ 35.0%
of
of
of
of
(TI (TI (TI (TI -
1,950)
4,600)
7,000)
9,550)
Corporations with a Tax Year that Begins on or After January 1, 1994
(Unofficial Table)
Taxable Income
Tax Payable
$
050,000
$
50,000 75,000
$
75,000 100,000
$
100,000 335,000
$
335,000 10,000,000
$ 10,000,000 15,000,000
$ 15,000,000 18,333,333
Over $18,333,333
$
7,500
$
13,750
$
22,250
$
113,900
$ 3,400,000
$ 5,150,000
6
15% of TI
+ 25% of
+ 34% of
+ 39% of
+ 34% of
+ 35% of
+ 38% of
35% of
(TI - 50,000)
(TI - 75,000)
(TI - 100,000)
(TI - 335,000)
(TI - 10,000,000)
(TI - 15,000,000)
(TI - 0)
September 2004