What were the tax brackets in 2008?
Ordinary taxable income brackets for use in filing 2008 tax returns due April 15, 2009.
| Tax rate | Single filers | Married filing jointly or qualifying widow/widower |
|---|---|---|
| 10% | Up to $8,025 | Up to $16,050 |
| 15% | $8,026 – $32,250 | $16,051 – $65,100 |
| 25% | $32,551 – $78,850 | $65,101 – $131,450 |
| 28% | $78,851 – $164,550 | $131,451 – $200,300 |
What was the standard deduction in 2008?
$10,900
Standard Deduction Amounts
| Year | Married filing jointly and surviving spouses | Single filers |
|---|---|---|
| 2008 | $10,900 | $5,450 |
| 2009 | $11,400 | $5,700 |
| 2010 | $11,400 | $5,700 |
| 2011 | $11,600 | $5,800 |
Are taxes changing in 2021?
The income taxes assessed in 2021 are no different. Income tax brackets, eligibility for certain tax deductions and credits, and the standard deduction will all adjust to reflect inflation. For most married couples filing jointly their standard deduction will rise to $25,100, up $300 from the prior year.
How are income tax rates calculated in South Africa?
Single persons’ rates were calculated by using the married persons’ tax table for income up to R28 000, deducting the applicable rebates, and adding a 20% surcharge. Taxable income over R28 000 was taxed at a flat 50%.
What are the tax rates for small business in South Africa?
A small business scale with a reduced rate of 15% for taxable incomes of up to R150 000 was in force. Turnover and shareholding conditions applied. A personal service company, as defined, was taxed at 35%.
How are capital gains taxed in South Africa?
For instance, on a gain of R116,000 and a marginal rate of 40% (therefore the person has other income in excess of R490,000), the capital gains tax will be R116,000 less Exclusion (R16,000) of which 25% (R25,000) is included as taxable. With a marginal tax rate of 40% the effective tax is R25,000 times 40% and therefore R10,000.
What is the tax deduction limit in South Africa?
The deduction is limited to 10% of an individual’s taxable income to a public benefit organisation. Such an organisation must be specifically approved by the South African Revenue Service and they must issue with their receipt confirming your contribution. See Donations Tax below. See Employee Tax Structuring for the more detailed rules.
