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Tax Rates

2012 Tax Rates - Single Taxpayers - Standard Deduction $5,950

2011 Rates

10%

0 to $8,700

15%

$8,700 to $35,350

25%

$35,350 to $85,650

28%

$85,650 to $178,650

33%

$178,650 to $388,350

35%

Over $388,350

2012 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $11,900

10%

0 to $17,400

15%

$17,000 to $70,700

25%

$70,700 to $142,700

28%

$142,700 to $217,450

33%

$217,450 to $388,350

35%

Over $388,350

2012 Tax Rates - Married Filing Separately - Standard Deduction $5,950

10%

0 to $8,700

15%

$8,700 to $35,350

25%

$35,350 to $71,350

28%

$71,350 to $108,725

33%

$108,725 to $194,175

35%

Over $194,175

2012 Tax Rates - Head of Household - Standard Deduction $8,700

10%

0 to $12,400

15%

$12,400 to $47,350

25%

$47,350 to $122,300

28%

$122,300 to $198,050

33%

$198,050 to $388,350

35%

Over $388,350

2012 Tax Rates - Estates & Trusts

15%

0 to $2,400

25%

$2,400 to $5,600

28%

$5,600 to $8,500

33%

$8,500 to $11,650

35%

Over $11,650

Social Security

2012 Tax Rates

Social Security Tax Rate: Employers

6.2%

Social Security Tax Rate: Employees

4.2%

Social Security Tax Rate: Self-Employed

10.4%

Maximum Taxable Earnings

$110,100

Medicare Base Salary

Unlimited

Medicare Tax Rate

1.45%

Miscellaneous

2012 Tax Rates

Personal Exemption $3,800

Business expensing limit: Equipment

$560,000

Business expensing limit: New and Used Equipment and Software

$139,000

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

110% of your 2012 tax liability

Standard mileage rate for business driving 1/1/2012 to 12/31/2012

55.5 cents

Standard mileage rate for medical/moving driving 1/1/2012 to 12/31/2012

23 cents

Standard mileage rate for charitable driving

14 cents

Child Tax Credit

$1,000

Unearned income maximum for children under 19 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 eligible 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

Education

2012 Tax Rates

American Opportunity Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Standard Meal Rates for Family Child Care Providers for 2012 income tax returns

Continental U.S.

2012 Tax Rates

For each breakfast

$1.24

For each lunch or supper

$2.32

For each snack (up to 3 per day for each child)

$0.69

Alaska

2012 Tax Rates

For each breakfast

$1.97

For each lunch or supper

$3.76

For each snack (up to 3 per day for each child)

$1.12

Hawaii

2012 Tax Rates

For each breakfast

$1.44

For each lunch or supper

$2.71

For each snack (up to 3 per day for each child)

$0.81