Countdown to April 16, 2012
Tax
Information Tax Rates Guide |
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2011 |
2010 |
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|
% | % | ||
| Single Rates | 10 | 1 - 8,500 |
10 | 1 - 8,375 |
| Taxable Income | 15 | 8,500 - 34,500 |
15 | 8,375 - 34,000 |
| 25 | 34,500 - 83,600 |
25 | 34,000 - 82,400 |
|
| 28 | 83,600 - 174,400 |
28 | 82,400 - 171,850 |
|
| 33 | 174,400 - 379,150 |
33 | 171,850 - 373,650 |
|
| 35 | Over 379,150 |
35 | over 373,650 |
|
| % | % | |||
| Married Joint Rates | 10 | 1 - 17,000 |
10 | 1 - 16,750 |
| Taxable Income | 15 | 17,000 - 69,000 |
15 | 16,750 - 68,000 |
| 25 | 69,000 - 139,350 |
25 | 68,000 - 137,300 |
|
| 28 | 139,350 - 212,300 |
28 |
137,300
-
209,250
|
|
| 33 | 212,300 - 379,150 |
33 |
209,250
- 373,650 |
|
| 35 | Over 379,150 |
35 | over
373,650 |
|
| % | % | |||
| Married Separate Rates | 10 | 1-8,500 |
10 | 1 - 8,375 |
| Taxable Income | 15 | 8,500 - 34,500 |
15 | 8,375 - 34,000 |
| 25 | 34,500 - 69,675 |
25 | 34,000 - 68,650 |
|
| 28 | 69,675 - 106,150 |
28 | 68,650
- 104,625 |
|
| 33 | 106,150 - 189,575 |
33 |
104,625
- 186,825 |
|
| 35 | Over 189,575 |
35 | over
186,825 |
|
|
|
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| % | % | |||
| Head of Household | 10 | 1 - 12,150 |
10 | 1 - 11,950 |
| Taxable Income | 15 | 12,150 - 46,250 |
15 | 11,950 - 45,550 |
| 25 | 46,250 - 119,400 |
25 |
45,550 - 117,650 |
|
| 28 | 119,400 - 193,350 |
28 | 117,650 - 190,550 |
|
| 33 | 193,350 - 379,150 |
33 | 190,550 - 373,650 |
|
| 35 | Over 379,150 |
35 | over
373,650 |
|
|
|
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| 12 Month Capital Gains Rate | 15% / 0% |
15% / 0% |
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| 5 Year Capital Gains Rate | N/A |
N/A |
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|
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| Standard Deduction | ||||
| Single | 5,800 |
5,700 |
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| Joint Returns & Surviving Spouses | 11,600 |
11,400 |
||
| Married filing separately | 5,800 |
5,700 |
||
| Head of Household | 8,500 |
8,400 |
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| Additional for elderly or blind(married) | 1,150 |
1,100 |
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| Additional for elderly or blind(single) | 1,450 |
1,400 |
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| Taxpayer dependent or another (3) | 950 |
950 |
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|
|
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| Personal Exemption (4) | 3,700 |
3,650 |
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|
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| FICA & Self-Employment Tax | ||||
| Taxable wages for social security/ Medicare | up to 106,800 / All |
up to 106,800 / All |
||
| Maximum social security / Medicare Tax | 4,485 / No Limit |
6,622 / No Limit |
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| Social Security / Medicare tax rate (employers and employees) | 4.2% / 1.45% |
6.20% / 1.45% |
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| Social Security / Medicare tax rate (self-emloyed) | 10.4% / 2.9% |
12.4% / 2.9% |
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| Social Security Earnings Limit | ||||
| Under age 65 | 14,160 |
13,560 |
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| Age 65 and over | No Limit |
No Limit |
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|
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| IRA Contribution Limit | 5,000 |
5,000 |
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| 50 & over catch-up | 1,000 |
1,000 |
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|
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| Simple Deferral Limit | 11,500 |
11,500 |
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| 50 & over catch-up | 2,500 |
2,500 |
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|
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| 401(k) Deferral Limit | 16,500 |
16,500 |
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| 50 & over catch-up | 5,500 |
5,000 |
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| Self-Employment Health Insurance Deduction | 100% |
100% |
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|
|
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| Section 179 Deduction /Purchase Limit | 500,000 / 2,000,000 |
500,000 / 2,000,000 |
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(SUV Limit - $25,000 |
(SUV Limit - $25,000 |
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|
|
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| Kiddie Tax Unearned Income Maximum | 1,900 |
1,900 |
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| Nanny Tax Threshold | 1,700 |
1,700 |
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| Education Loan Interest Deduction | 2,500 |
2,500 |
||
| Higher Education Deduction | 4,000 / 2,500 |
4,000 / 2,000 |
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| Education Savings Account Contribution | 2,000 |
2,000 |
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| Estate Tax Exemption | 5,000,000 |
5,000,000 |
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| Top Estate Tax Rate | 35% |
45% |
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| Annual Gift Exclusion | 13,000 |
13,000 |
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| Standard Mileage Rate Business / Depreciation component |
51c / 21c |
55c / 21c |
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| Charitable Activities | 14c |
14c |
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| Medical / Moving Expense | 19c |
16.5c |
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| Phase-Out Income(5) Levels for Personal Exemption | ||||
| Single | Starts at 166,800 |
Pending |
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| Joint Returns & Surviving Spouse | Starts at 250,200 |
Pending |
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| Married filing separately | Starts at 125,100 |
Pending |
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| Head of Household | Starts at 208,500 |
Pending |
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| Itemized Deductions | ||||
| Single /Joint / Head of Household | 166,800 |
Pending |
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| Married filing separately | 83,400 |
Pending |
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|
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| Child Credit | 500 per child |
1,000 per child |
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| Single / Head of Household | starts at 75,000 |
starts at 75,000 |
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| Joint | starts at 110,000 |
starts at 110,000 |
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| Married filing separately | starts at 55,000 |
starts at 55,000 |
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| IRA Deductibility (with company pension) | ||||
| Single / Head of Household (6) | 55,000 - 66,000 |
56,000 - 66,000 |
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| Joint |
90,000 - 110,000
|
89,000 - 109,000
|
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| Married filing separately | 0 - 10,000 |
0 - 10,000 |
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| Roth IRA Eligibility | ||||
| Single / Head of Household | 107,000 - 122,000 |
105,000 - 120,000 |
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| Joint | 169,000 - 179,000 |
167,000 - 177,000 |
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| Married filing separately | 0 - 10,000 |
0 - 10,000 |
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| Rollover of regular IRA to Both IRA(7) | No Limit |
No Limit |
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| College Bond Interest Exclusion | ||||
| Single / Head of Household | 71,100 - 86,100 |
70,100 - 85,100 |
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| Joint | 106,650 - 136,650 |
105,100 - 135,100 |
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| Married filing separately | 0 |
0 |
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| Education Savings Account (ed. IRA) | ||||
| Single / Head of Household / Married filing separately | 95,000 - 110,000 |
95,000 - 110,000 |
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| Joint | 190,000 - 220,000 |
190,000 - 220,000 |
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| Hope / Lifetime Learning Credits | ||||
| Single /Head of Household | 80,000 - 90,000 |
80,000 - 90,000 |
||
| Joint | 160,000 - 180,000 |
160,000 - 180,000 |
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| Married filing separately | 0 |
0 |
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| Education Loan Interest Deduction | ||||
| Single/ Head of Household | 60,000 - 75,000 |
60,000 - 75,000 |
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| Joint | 120,000 - 150,000 |
120,000 - 150,000 |
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| Married filing separately | 0 |
0 |
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| Higher Education Deduction | ||||
| Single | 65,000 / 80,000 |
Pending |
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| Joint | 130,000 / 160,000 |
Pending |
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| Married filing separately | 0 |
0 |
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(3) Greater of $800, or $250 plus earned income, not
to exceed regular standard deduction |
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