Tax Rates

Tax Rates

2012 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 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 $22,332.50 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% of the taxable amount
$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: Used $125,000
Business Equipment Expense Deduction: New $2,000,000
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
Estate tax exemption $5,120,000
Annual Exclusion for Gifts $13,000