Tax Rates

2009 Rates2010 Rates 2011 Rates
2012 Tax Rates

2012 Tax Rates Schedule X - Single
If taxable income is over --
But Not Over --
The Tax is:
$0$8,70010% 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
$388,350no 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)
If taxable income is over --
But Not Over --
The Tax is:
$0$17,40010% 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 plus 33% of the amount over $217,450
$388,350no limit$105,062 plus 35% of the amount over $388,350

2012 Tax Rates Schedule Y-2 - Married Filing Separately
If taxable income is over --
But Not Over --
The Tax is:
$0$8,70010% 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$22,332.50 plus 33% of the amount over $108,725
$194,175no limit$52,531 plus 35% of the amount over $194,175

2012 Tax Rates Schedule Z - Head of Household
If taxable income is over --
But Not Over --
The Tax is:
$0$12,40010% 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
$388,350no limit$109,229 plus 35% of the amount over $388,350

2012 Tax Rates Estates & Trusts
If taxable income is over --
But Not Over --
The Tax is:
$0$2,40015% of the taxable amount
$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
$11,650no limit$3,011.50 plus 35% of the amount over $11,650

Social Security 2012 Tax Rates
Base Salary$110,100
Social Security Tax Rate4.2%
Maximum Social Security Tax$4,624.20
Medicare Base SalaryUnlimited
Medicare Tax Rate1.45%

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: Used$125,000
Business Equipment Expense Deduction: New$2,000,000
Prior-year safe harbor for estimated taxes of higher-income110% of your 2011 tax liability
Standard mileage rate for business driving55.5 cents
Standard mileage rate for medical/moving driving23 cents
Standard mileage rate for charitable driving14 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% bracket0%
Maximum capital gains tax rate for taxpayers above the 15% bracket15%
Capital gains tax rate for unrecaptured Sec. 1250 gains25%
Capital gains tax rate on collectibles28%
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 IRA25% of 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
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