2012 Tax Rates Schedule X – Single |
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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) |
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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 |
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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 |
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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 |
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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 |