FORM for ESTIMATING 2010 INCOME TAX LIABILITY (Does Not Consider AMT Or Averaging)

FORM FOR ESTIMATING 2010 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

Long-term capital gains (LTCG) and losses ……………………………………….$______

10.Short-term capital gains and depreciation recapture………………………………….$______

11.Non-farm income (includes wages, interest, rent income, etc.)……………………….$______

12.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) & 9% Domestic Prod Act Ded$______

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($11,400 for married filing joint, $8,400 head of household, $5,700 single, $5,700 married filing separate.)

20.Exemptions (Number x $3,650 per exemption) 1...... $______

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)...... $______

Capital gains tax2 (15% or 0%)...... $________
Credits………………………………... ………………………………...... $______

26.Federal income tax due (Lines 23 + 24 - 25)...... $______

27.Social Security tax: 15.3% [of the lesser of (Line 8 x .9235)

or $106,800] + [2.9% of (line 8 x .9235) over $106,800]...... $______

28.TOTAL FEDERAL TAX OBLIGATION (Line 26+27)…………………………………….$______

Federal Tax percentage (line 28 divided by line 18 ) x 100 ______

1If a married taxpayer and/or spouse is age 65 or over, or is blind, add $1,100 to the standard deduction for each spouse 65 or over and/or $1,050 additional if blind. The addition is $1,400 if the taxpayer is single or head of household, and age 65 or over and $1,400 additional if blind.

2If tax rate for calculating line 23 is in the 10 or 15% bracket, then rate is 0% for the amount between taxable ordinary income and the top of the 15% bracket ($34,000 for single and $68,000 for married filing joint). For bracket amounts 25% or greater, the capital gain rate is 15%.

Sep 2010

2010 Tax Rates, Single Individual

Taxable IncomeTax Payable

$0-8,37510% of TI

$8,375-34,000$ 837.50+15.0%of (TI - 8,375)

$34,000-82,400$ 4,681.25+25.0%of (TI - 34,000)

$82,400-171,850$ 16,781.25 +28.0%of (TI - 82,400)

$171,850-373,650$ 41,827.25+33.0%of (TI –171,850)

Over $373,650$ 108,421.25+35.0%of (TI –373,650)

2010 Tax Rates, Married Filing Jointly

Taxable IncomeTax Payable

$0-16,75010% of TI

$16,750-68,000$ 1,675.00+15.0%of (TI - 16,750)

$68,000-137,300$ 9,362.50+25.0%of (TI - 68,000)

$137,300-209,250$ 26,687.50+28.0%of (TI –137,300)

$209,250-373,650$ 46,833.50+33.0%of (TI –209,250)

Over $373,650$ 101,085.50+35.0%of (TI –373,650)

2010 Tax Rates, Heads of Households

Taxable IncomeTax Payable

$0-11,95010% of TI

$11,950-45,550$ 1,195.00+15.0%of (TI - 11,950)

$45,550-117,650$ 6,235.00+25.0%of (TI - 45,550)

$117,650-190,550$ 24,260.00+28.0%of (TI –117,650)

$ 190,550 - 373,650$ 44,672.00+33.0%of (TI –190,550)

Over $373,650$ 105,095.00 +35.0%of (TI –373,650)

2010 Married Filing Separately

Taxable IncomeTax Payable

$0- 8,37510% of TI

$ 8,375-34,000$ 837.50+15.0%of (TI - 8,375)

$34,000-68,650$ 4,681.25+25.0%of (TI - 34,000)

$68,650-104,625$ 13,343.75+28.0%of (TI - 68,650)

$104,625-186,825$ 23,416.75+33.0%of (TI - 104,625)

Over $186,825$ 50,542.75+35.0%of (TI –186,825)

2010 Estates and Trusts

Taxable IncomeTax Payable

$0-2,30015% of TI

$2,300-5,350$ 345.00+25.0%of (TI - 2,300)

$5,350-8,200$ 1,107.50+28.0%of (TI - 5,350)

$8,200-11,200$1,905.50+33.0%of (TI - 8,200)

Over $11,200$ 2,895.00+35.0%of (TI - 11,200)

Corporations

Taxable IncomeTax Payable

$0-50,00015% of TI

$50,000-75,000$7,500+25%of(TI - 50,000)

$75,000-100,000$13,750+34%of(TI - 75,000)

$100,000-335,000$22,250+39%of(TI - 100,000)

$335,000- 10,000,000$113,900+34%of(TI - 335,000)

$10,000,000- 15,000,000$3,400,000+35%of(TI - 10,000,000)

$15,000,000- 18,333,333$5,150,000+38%of(TI - 15,000,000)

Over $18,333,33335%of(TI - 0)

Sep 2010