2013 Federal Tax Schedules

All numbers are adjusted for inflation.

 

Married individuals filing joint returns and surviving spouses

If taxable income is: Tax is:
$1 - $17,850 10% of taxable income
$17,851 - $72,500 15% of taxable income
$72,501 - $146,400 25% of taxable income
$146,401 - $223,050 28% of taxable income
$223,051 - $398,350 33% of taxable income
$398,351 - $450,000 35% of taxable Income
Over $450,000 39.6% of taxable income

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Heads of Households

If taxable income is: Tax is:
$1 - $12,750 10% of taxable income
$12,751 - $48,600 15% of taxable income
$48,601 - $125,450 25% of taxable income
$125,451 - $203,150 28% of taxable income
$203,151 - $398,350 33% of taxable income
$398,351 - $425,000 35% of taxable income
Over $125,000 39.6% of taxable income

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

If taxable income is: Tax is:
$1 - $8,925 10% of taxable income
$8,926 - $36,250 15% of taxable income
$36,251 - $87,850 25% of taxable income
$87,851 - $183,250 28% of taxable income
$183,251 - $398,350 33% of taxable income
$398,351 - $400,000 35% of taxable income
Over $400,000 39.6% of taxable income

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Married individuals filing separate returns

If taxable income is: Tax is:
$1 - $8,925 10% of taxable income
$8,926 - $36,250 15% of taxable income
$36,251 - $73,200 25% of taxable income
$73,201 - $111,525 28% of taxable income
$111,526 - $199,575 33% of taxable income
$199,176 - $225,000 35% of taxable income
Over $225,000 39.6% of taxable income

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U.S. Taxpayers Working Abroad

Taxable Income Exclusion $97,600

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Standard Deduction

Single $6,100
Married filing Jointly/Surviving spouses $12,200
Married filing separately $6,100
Head of household $8,950
Additional for elderly or blind (married) $1,200
Additional for elderly or blind (head of household) $1,500
Additional for elderly or blind (single) $1,500
Taxpayer dependent of another greater of $1000 or $350 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 0%-15% tax bracket 0%
Taxpayers in the new 39.6% tax bracket 20%

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Personal exemption

$3,900 (zero for individual who is dependent of another taxpayer)

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FICA & self-employment tax

Taxable wages for social security up to $113,700
Maximum social security - employer $7,049
Maximum social security - employee $7,049
Social Security tax rate - employer 6.2%
Social Security tax rate - employee 6.2%
Social Security tax rate - self-employed 12.4%
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 $15,120
Year of Social Security eligibility $40,080
Year after Social Security eligibility No limit

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Retirement plan limitations

IRA Contribution Limit $5,500
     50 & over catch-up $1,000
SIMPLE Deferral Limit $12,000
     50 & over catch-up $2,500
401(k) Deferral Limit $17,500
     50 & over catch-up $5,500

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Retirement plan Cost of Living Adjustments (COLAs)

Category  
Compensation Cap for Plan Purposes $255,000
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 $17,500
Deferral Limit for 403(b) Plans $17,500
Deferral Limit for 457(b) Plans $17,500
Deferral Limit for SIMPLE IRA Plans $12,000
Maximum Match for SIMPLE IRA Plans $12,000
Minimum Earnings for SEP Contribution Plans $550
Social Security Wage Base OASDI $113,700
Medicare Wage Base Unlimited

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Bonus Depreciation

50% bonus depreciation for new assets placed in use in 2013 that have useful lives of 20 years or less.
Investment Limitation - $2 million for qualified property placed in service during 2013.

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Section 179 Deduction

$500,000 for property placed in service in calendar year 2013 (and retroactively for 2012)
Investment Limitation - $2 million for qualified property placed in service during 2013.

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Kiddie tax unearned income maximum

$2,000

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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 $5,250,000 per person and $10,500,000 per couple. The Executor of a deceased spouse's estate is allowed to transfer any unused exemption to the surviving spouse.
State of Tennessee $1,250,000 (2013)
$2,000,000 (2014)
$5,000,000 (2015)
Repealed (2016)

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Top Estate Tax Rate

Federal Estate, Gift, and Generation Skipping Transfer Taxes have a top rate of 40% in 2013.

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Annual Gift Exclusion

$14,000

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Standard mileage allowance

Business 56.5 cents/mile
Charitable activities 14 cents/mile
Medical expense 24 cents/mile
Moving expense 24 cents/mile

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

Personal exemption and Itemized Deductions
Single $250,000
Joint returns & surviving spouses $300,000
Married filing separately $150,000
Head of household $275,000
College Savings bond interest exclusion
Single/Head of Household $74,700/$89,700
Joint $112,050/$142,050
Married filing separately $0
IRA deductibility (with company pension)
Single/Head of Household $59,000 - 69,000
Joint, when taxpayer has company pension $95,000 - 115,000
Joint, when spouse has company pension $178,000 -188,000
Married filing separately $0-$10,000
Roth IRA eligibility
Single/Head of household $112,000 - 127,000
Joint $178,000 - 188,000
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 $53,000 - 63,000
Joint $107,000 - 127,000
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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