2012 Tax Rates

2013 Tax Rates

2012 Tax Rates

2011 Tax Rates

2010 Tax Rates

2012 Tax Rates Schedule X – Single

If taxable income is over

But not over

The tax is

$0

$8,700

10% of the taxable amount

$8,700

$35,350

$870 plus 15% of the amount over $8,700

$35,350

$86,650

$4,867.50 plus 25% of the amount over $35,350

$86,650

$178,650

$17,442.50 plus 28% of the amount over $86,650

$178,650

$388,350

$43,482.50 plus 33% of the amount over $178,650

$388,350

no limit

$112,683.50 plus 35% of the amount over $388,350

2012 Tax Rates Schedule Y-1 – Married Filing Jointly or Qualifying Widow(er)

If taxable income is over

But not over

The tax is

$0

$17,400

10% of the taxable amount

$17,400

$70,700

$1,740 plus 15% of the amount over $17,400

$70,700

$142,700

$9,735 plus 25% of the amount over $70,700

$142,700

$217,450

$27,735 plus 28% of the amount over $142,700

$217,450

$388,350

$48,665.50 plus 33% of the amount over $217,450

$388,350

no limit

$105,062 plus 35% of the amount over $388,350

2012 Tax Rates Schedule Y-2 – Married Filing Separately

If taxable income is over

But not over

The tax is

$0

$8,700

10% of the taxable amount

$8,700

$35,350

$870 plus 15% of the amount over $8,700

$35,350

$71,350

$4,867.50 plus 25% of the amount over $35,350

$71,350

$108,725

$13,867.50 plus 28% of the amount over $71,350

$108,725

$194,175

$24,332.50 plus 33% of the amount over $108,725

$194,175

no limit

$52,531 plus 35% of the amount over $194,175

2012 Tax Rates Schedule Z – Head of Household

If taxable income is over

But not over

The tax is

$0

$12,400

10% of the taxable amount

$12,400

$47,350

$1,240 plus 15% of the amount over $12,400

$47,350

$122,300

$6,482.50 plus 25% of the amount over $47,350

$122,300

$198,050

$25,220 plus 28% of the amount over $122,300

$198,050

$388,350

$46,430 plus 33% of the amount over $198,050

$388,350

no limit

$109,229 plus 35% of the amount over $388,350

2012 Tax Rates Estates & Trusts

If taxable income is over

But not over

The tax is

$0

$2,400

15%

$2,400

$5,600

$360 plus 25% of the amount over $2,400

$5,600

$8,500

$1,160 plus 28% of the amount over $5,600

$8,500

$11,650

$1,972 plus 33% of the amount over $8,500

$11,650

no limit

$3,011.50 plus 35% of the amount over $11,650

Social Security 2012 Tax Rates

Base Salary

$110,100

Social Security Tax Rate

4.2%

Maximum Social Security Tax

$4,624.20

Medicare Base Salary

Unlimited

Medicare Tax Rate

1.45%

Education 2012 Tax Rates

American Opportunity Tax Credit

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Miscellaneous 2012 Tax Rates

Personal Exemption

$3,800

Business Equipment Expense Deduction

$500,000

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2011 tax liability

Standard mileage rate for business driving

55.5 cents

Standard mileage rate for medical/moving driving

23 cents

Standard mileage rate for charitable driving

14 cents

Child Tax Credit

$1,000

Unearned income maximum for children before kiddie tax applies

$950

Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket

0%

Maximum capital gains tax rate for taxpayers above the 15% bracket

15%

Capital gains tax rate for unrecaptured Sec. 1250 gains

25%

Capital gains tax rate on collectibles

28%

Maximum contribution for Traditional/Roth IRA

$5,000 if under age 50
$6,000 if 50 or older

Maximum employee contribution to SIMPLE IRA

$11,500 if under age 50
$14,000 if 50 or older

Maximum Contribution to SEP IRA

25% of compensation up to $50,000

401(k) maximum employee contribution limit

$17,000 if under age 50
$22,500 if 50 or older

Self-employed health insurance deduction

100%

Estate tax exemption

$5,120,000

Annual Exclusion for Gifts

$13,000