 |
|
|
|
|
 |
|
|
|
|
|
| |
2012 |
2011 |
2010 |
2009 |
| Standard Deduction |
|
|
|
|
| Joint or Qualifying Widow(er) |
11,900 |
11,600 |
11,400 |
11,400 |
| Single |
5,950 |
5,800 |
5,700 |
5,700 |
| Head of Household |
8,700 |
8,500 |
8,400 |
8,350 |
| Married Filing Separately |
5,950 |
5,800 |
5,700 |
5,700 |
| Additional for Elderly/Blind |
|
|
|
|
| Married or
Qualifying Widow(er) |
1,150 |
1,150 |
1,100 |
1,100 |
| Unmarried |
1,450 |
1,450 |
1,400 |
1,400 |
| Taxpayer Claimed as Dependent
(a) |
950 |
950 |
950 |
950 |
| Personal/Dependent Exemption |
3,800 |
3,700 |
3,650 |
3,650 |
| Unearned Income w/o Kiddie
Tax |
1,900 |
1,900 |
1,900 |
1,900 |
| Beginning of Personal |
|
|
|
|
| Exemption Phase-out Begins (AGI) |
|
|
|
|
| Joint or
Qualifying Widow(er) |
repealed |
repealed |
repealed |
250,200 |
| Single |
repealed |
repealed |
repealed |
166,800 |
| Head of Household |
repealed |
repealed |
repealed |
208,500 |
| Married Filing
Separately |
repealed |
repealed |
repealed |
125,100 |
| Beginning of Itemized |
|
|
|
|
| Deduction Phase-out Begins (AGI) |
|
|
|
|
| Joint, Single,
HOH |
repealed |
repealed |
repealed |
166,800 |
| Married Filing
Separately |
repealed |
repealed |
repealed |
83,400 |
| Max.Tax Rate on Net Capital
Gain (b) |
15% |
15% |
15% |
15% |
| Alternative Minimum Tax Rate |
|
|
|
|
| First $175,000 of AMTI |
26% |
26% |
26% |
26% |
| AMTI over $175,000 |
28% |
28% |
28% |
28% |
| Alternative Minimum Tax Exemption |
|
|
|
|
| Joint |
|
74,450 |
72,450 |
70,950 |
| Single & HOH |
|
48,450 |
47,450 |
46,700 |
| Married Filing Separately |
|
37,225 |
36,225 |
35,475 |
| 401(k) Elective Deferral
Limit |
17,000 |
16,500 |
16,500 |
16,500 |
| Catch Up Contribution > age 50 |
5,500 |
5,500 |
5,500 |
5,500 |
| SIMPLE IRA Limit |
11,500 |
11,500 |
11,500 |
11,500 |
| Catch Up Contribution > age 50 |
2,500 |
2,500 |
2,500 |
2,500 |
| Deductible IRA Contribution (c) |
|
|
|
|
| IRA & Roth Contributions |
5,000 |
5,000 |
5,000 |
5,000 |
| Catch Up Contribution > age 50 |
1,000 |
1,000 |
1,000 |
1,000 |
| Phase-out Begins (AGI) |
|
|
|
|
| Joint |
90,000 |
90,000 |
89,000 |
89,000 |
| Joint (non-participating spouse) |
169,000 |
169,000 |
167,000 |
166,000 |
| Single, HOH |
56,000 |
56,000 |
56,000 |
55,000 |
| Married Filing
Separately |
0 |
0 |
0 |
0 |
| Eligible for ROTH IRA |
|
|
|
|
| Joint |
173,000 |
169,000 |
167,000 |
166,000 |
| Single and Head of Household |
110,000 |
107,000 |
105,000 |
105,000 |
| Married Filing Separately |
0 |
0 |
0 |
0 |
| FICA/SE Tax Information |
|
|
|
|
| Social Security Component |
|
|
|
|
| Maximum Earnings |
110,100 |
106,800 |
106,800 |
106,800 |
| FICA Tax Rate
(Employee) |
4.2% |
4.2% |
6.2% |
6.2% |
| SE Tax Rate |
10.4% |
10.4% |
12.4% |
12.4% |
| Medicare Component |
|
|
|
|
| Maximum Earnings |
Unlimited |
Unlimited |
Unlimited |
Unlimited |
| FICA Tax Rate
(Employee) |
1.45% |
1.45% |
1.45% |
1.45% |
| SE Tax Rate |
2.9% |
2.9% |
2.9% |
2.9% |
| Auto Standard Mileage
Allowances |
|
|
|
|
| Business |
.555 |
.51 |
.50 |
.55 |
| Charity Work |
.14 |
.14 |
.14 |
.14 |
| Medical/Moving |
.23 |
.19 |
.165 |
.24 |
| Luxury Auto Depreciation
Limits |
|
|
|
|
| First Year |
|
3,060 |
3,060 |
2,960 |
| Second Year |
|
4,900 |
4,900 |
4,800 |
| Third Year |
|
2,950 |
2,950 |
2,850 |
| Fourth Year and Thereafter |
|
1,775 |
1,775 |
1,775 |
| Self-Employed Health |
|
|
|
|
| Insurance Deduction |
100% |
100% |
100% |
100% |
| Section 179 Deduction |
139,000 |
500,000 |
500,000 |
250,000 |
| Section 179 Deduction SUV Limit |
25,000 |
25,000 |
25,000 |
25,000 |
| Earnings Ceiling for Social
Security |
|
|
|
|
| Below Full Retirement Age (FRA) |
14,160 |
14,160 |
14,160 |
14,160 |
| Year FRA Reached, Reduce Benefits |
38,880 |
37,680 |
37,680 |
37,680 |
| Full Retirement Age to 69 |
Unlimited |
Unlimited |
Unlimited |
Unlimited |
| Age 70 and
Above |
Unlimited |
Unlimited |
Unlimited |
Unlimited |
| Estate Tax Unified |
|
|
|
|
| Credit Equivalent |
5,000,000 |
5,000,000 |
repealed |
3,500,000 |
| Gift Tax Applicable Exclusion Amount |
5,000,000 |
5,000,000 |
1,000,000 |
1,000,000 |
| Gift Tax Annual Exclusion |
13,000 |
13,000 |
13,000 |
13,000 |
|
|
|
|
|
|
|
|
|
|
Based on Taxable Income |
Single |
Joint |
HOH |
MFS |
|
15% begins |
8,500 |
17,000 |
12,150 |
8,500 |
|
25% begins |
34,500 |
69,000 |
46,250 |
34,500 |
|
28% begins |
86,600 |
139,350 |
119,400 |
69,675 |
|
33% begins |
174,400 |
212,300 |
193,350 |
106,150 |
|
35% begins |
379,150 |
379,150 |
379,150 |
189,575 |
|
|
|
|
|
|
Notes:
(a) The allowable standard deduction for a dependent with earned income is increased to the dependent's earned income plus $300, if greater, but cannot exceed the standard deduction for a single taxpayer.
(b) 5% (0% in 2008 through 2011) for taxpayers with marginal tax rate on ordinary income below 25% but only to the extent the gain would be taxed at ordinary rates below 25% if it were ordinary income.
- A 28% maximum rate applies to capital gains from collectibles and certain qualified small business stock.
- A 25% maximum rate applies to unrecaptured Section 1250 gains.
(c) Phase-out applies only when taxpayer is an active participant in an employer-sponsored retirement plan. For years after 1997, when one spouse participates but the other does not and a joint return is filed, the phaseout for the nonparticipating spouse begin when AGI exceeds $169,000 for 2011.
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