2012 Federal Tax Schedules

All numbers are adjusted for inflation.

 

Married individuals filing joint returns and surviving spouses

If taxable income is: Tax is:
$1 - $17,400 10% of taxable income
$17,401 - $70,700 15% of taxable income
$70,701 - $142,700 25% of taxable income
$142,701 - $217,450 28% of taxable income
$217,451 - $388,350 33% of taxable income
Over $388,350 35% of taxable income

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Heads of Households

If taxable income is: Tax is:
$1 - $12,400 10% of taxable income
$12,401 - $47,350 15% of taxable income
$47,351 - $122,300 25% of taxable income
$122,301 - $198,050 28% of taxable income
$198,051 - $388,350 33% of taxable income
Over $388,350 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 - $8,700 10% of taxable income
$8,701 - $35,350 15% of taxable income
$35,351 - $85,650 25% of taxable income
$85,651 - $178,650 28% of taxable income
$178,651 - $388,350 33% of taxable income
Over $388,350 35% of taxable income

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Married individuals filing separate returns

If taxable income is: Tax is:
$1 - $8,700 10% of taxable income
$8,701 - $35,350 15% of taxable income
$35,351 - $71,350 25% of taxable income
$71,351 - $108,725 28% of taxable income
$108,726 - $194,175 33% of taxable income
Over $194,175 35% of taxable income

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Standard Deduction

Single $5,950
Married filing Jointly/Surviving spouses $11,900
Married filing separately $5,950
Head of household $8700
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

$3,800 (zero for individual who is dependent of another taxpayer)

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FICA & self-employment tax

Taxable wages for social security up to $110,100
Maximum social security - employer $6,826
Maximum social security - employee $4,624
Social Security tax rate - employer 6.2%
Social Security tax rate - employee 4.2% (January - February)
6.2% (March - December)
Social Security tax rate - self-employed 10.4% (January - February
12.4% (March - December)
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 $14,640
Year of Social Security eligibility $38,880
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 $17,000
     50 & over catch-up $5,500

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Retirement plan Cost of Living Adjustments (COLAs)

Category  
Compensation Cap for Plan Purposes $250,000
Compensation for Highly Compensated Definition $115,000
Compensation for HCE Definition and Top Paid 20% $115,000
Key Employee Compensation - Officer $165,000
Key Employee Compensation - 1% Owner $165,000
Deferral Limit for 401(k) & SAR-SEPs $17,000
Deferral Limit for 403(b) Plans $17,000
Deferral Limit for 457(b) Plans $17,000
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 $110,100
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 2012.

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Section 179 Deduction

$139,000 for property placed in service in calendar year 2012.
Investment Limitation - $560,000 for qualified property placed in service during 2012.

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Kiddie tax unearned income maximum

$1,900

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Education Loan Interest Deduction

$2,500

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Education Savings Account Contribution

$2,000

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Estate Tax Exemption

Federal $5,120,000 per person and $10,240,000 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 55.5 cents/mile
Charitable activities 14 cents/mile
Medical expense 23 cents/mile
Moving expense 23 cents/mile

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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 $72,850/$87,850
Joint $109,250/$139,250
Married filing separately $0
IRA deductibility (with company pension)
Single/Head of Household $58,000 - 68,000
Joint, when taxpayer has company pension $92,000 - 112,000
Joint, when spouse has company pension $173,000 -183,000
Married filing separately $0-$10,000
Roth IRA eligibility
Single/Head of household $110,000 - 125,000
Joint $173,000 - 183,000
Married filing separately $0 - 10,000
Rollover of regular IRA to Roth IRA No income limit
Child credit
$1,000 per child for 2012 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 $52,000 - 62,000
Joint $104,000 - 124,000
Married filing separately $0
Education loan interest deduction
Single/Head of Household $60,000 - $75,000
Joint $125,000 - 155,000
Married filing separately $0


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