2011 Federal Tax Schedules

All numbers are adjusted for inflation.

 

Married individuals filing joint returns and surviving spouses

If taxable income is: Tax is:
$1 - $17,000 10% of taxable income
$17,001 - $69,000 15% of taxable income
$69,001 - $139,350 25% of taxable income
$139,351 - $212,300 28% of taxable income
$212,301 - $379,150 33% of taxable income
Over $379,150 35% of taxable income

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Heads of Households

If taxable income is: Tax is:
$1 - $12,150 10% of taxable income
$12,151 - $46,250 15% of taxable income
$46,251 - $119,400 25% of taxable income
$119,401 - $193,350 28% of taxable income
$193,351 - $379,150 33% of taxable income
Over $379,150 35% of taxable income

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Single individuals (other than surviving spouses and heads of households)

If taxable income is: Tax is:
$1 - $8,500 10% of taxable income
$8,501 - $34,500 15% of taxable income
$34,501 - $83,600 25% of taxable income
$83,601 - $174,400 28% of taxable income
$174,401 - $379,150 33% of taxable income
Over $379,150 35% of taxable income

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Married individuals filing separate returns

If taxable income is: Tax is:
$1 - $8,500 10% of taxable income
$8,501 - $34,500 15% of taxable income
$34,501 - $69,675 25% of taxable income
$69,676 - $106,150 28% of taxable income
$106,151 - $189,575 33% of taxable income
Over $189,575 35% of taxable income

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Standard Deduction

Single $5,800
Married filing Jointly/Surviving spouses $11,600
Married filing separately $5,800
Head of household $8,500
Additional for elderly or blind (married) $1,150
Additional for elderly or blind (head of household) $1,450
Additional for elderly or blind (single) $1,450
Taxpayer dependent of another greater of $950 or $300 plus earned income, not to exceed regular standard deduction

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Maximum/minimum rate for net long-term capital gains

Over 12 month holding period 15%
Exception for 10-15% tax bracket 0%

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Personal exemption

$3,700 (zero for individual who is dependent of another taxpayer)

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FICA & self-employment tax

Taxable wages for social security up to $106,800
Maximum social security - employer $6,622
Maximum social security - employee $4,486
Social Security tax rate - employer 6.2%
Social Security tax rate - employee 4.2%
Social Security tax rate - self-employed 10.4%
Taxable wages for Medicare All
Maximum Medicare tax No limit
Medicare tax rate for both employers and employees 1.45%
Medicare tax rate for self-employed 2.9%
Self-employed health insurance deduction 100%

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Social security earnings limit

Year before Social Security eligibility $14,160
Year after Social Security eligibility No limit

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Retirement plan limitations

IRA Contribution Limit $5,000
     50 & over catch-up $1,000
SIMPLE Deferral Limit $11,500
     50 & over catch-up $2,500
401(k) Deferral Limit $16,500
     50 & over catch-up $5,500

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Retirement plan Cost of Living Adjustments (COLAs)

Category For 2009
Compensation Cap for Plan Purposes $245,000
Compensation for Highly Compensated Definition $110,000
Compensation for HCE Definition and Top Paid 20% $110,000
Key Employee Compensation - Officer $160,000
Key Employee Compensation - 1% Owner $160,000
Deferral Limit for 401(k) & SAR-SEPs $16,500
Deferral Limit for 403(b) Plans $16,500
Deferral Limit for 457(b) Plans $16,500
Deferral Limit for SIMPLE IRA Plans $11,500
Maximum Match for SIMPLE IRA Plans $11,500
Minimum Earnings for SEP Contribution Plans $550
Social Security Wage Base OASDI $106,800
Medicare Wage Base Unlimited

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Bonus Depreciation

A 100% bonus first-year depreciation allowance for property placed in service after September 8, 2010 and before January 1, 2012.
Investment Limitation - $2 million for qualified property placed in service during 2011.

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Section 179 Deduction

$500,000 for property placed in service in calendar year 2011.
Investment Limitation - $2 million for qualified property placed in service during 2011.

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Kiddie tax unearned income maximum

$1,900

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Adoption Tax Credit

Expenses up to $13,360 subject to modified AGI phase-out beginning at $185,210 
to completely phased out at $225,210 per child

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Education Loan Interest Deduction

$2,500

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Education Loan Interest Deduction (for AGI)

$2,500

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Estate Tax Exemption

Federal $5 million per person and $10 million per couple. The Executor of a deceased spouse's estate is allowed to transfer any unused exemption to the surviving spouse.
State of Tennessee $1,000,000

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Top Estate Tax Rate

Federal Estate, Gift, and Generation Skipping Transfer Taxes have a top rate of 35% through 2012.

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Annual Gift Exclusion

$13,000

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Standard mileage allowance

Business 51 cents/mile (Jan - Jun)
55.5 cents/mile (Jul - Dec)
Charitable activities 14 cents/mile
Medical expense 19 cents/mile (Jan - Jun)
23.5 cents/mile (Jul - Dec)
Moving expense 19 cents/mile (Jan - Jun)
23.5 cents/mile (Jul - Dec)

Standard mileage allowance for Business increased from .51 to .555 for July1, 2011 through December 31, 2011.

Medical and Moving both changed from .19 to .235 for the second half of the year as well.

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Phase-out income levels (based on adjusted or modified adjusted gross income)

Personal exemption
Single Income phase out rule repealed for 2011 and 2012.
Joint returns & surviving spouses
Married filing separately
Head of household
Itemized deductions
Single/Joint/Head of Household Income phase out rule repealed for 2011 and 2012.
Married filing separately
College Savings bond interest exclusion
Single/Head of Household $71,100/$86,100
Joint $106,650/$136,650
Married filing separately $0
IRA deductibility (with company pension)
Single/Head of Household $56,000 - 66,000
Joint, when taxpayer has company pension $90,000 - 110,000
Joint, when spouse has company pension $169,000 -179,000
Married filing separately $0-$10,000
Roth IRA eligibility
Single/Head of household $107,000 - 122,000
Joint $169,000 - 179,000
Married filing separately $0 - 10,000
Rollover of regular IRA to Roth IRA No income limit
Child credit
$1,000 per child for 2011 for one or more qualifying children
Single/Head of household starts at $75,000
Joint starts at $110,000
Married filing separately starts at $55,000
Education IRA
Single/Head of household
$95,000 - 110,000
Married filing separately $95,000 - 110,000
Joint $190,000 - 220,000
HOPE Credit
Single/Head of household $80,000 - 90,000
Joint $160,000 - 180,000
Married filing separately $0
Lifetime Learning Credit
Single/Head of household $51,000 - 61,000
Joint $102,000 - 122,000
Married filing separately $0
Education loan interest deduction
Single/Head of Household $60,000 - $75,000
Joint $120,000 - 150,000
Married filing separately $0


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