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