All numbers are adjusted for inflation.
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
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
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
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
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
Over 12 month holding period 15% Exception for 10-15% tax bracket 0%
$3,800 (zero for individual who is dependent of another taxpayer)
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%
Year before Social Security eligibility $14,640 Year of Social Security eligibility $38,880 Year after Social Security eligibility No limit
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
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
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.
$139,000 for property placed in service in calendar year 2012. Investment Limitation - $560,000 for qualified property placed in service during 2012.
$1,900
$2,500
$2,000
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
Federal Estate, Gift, and Generation Skipping Transfer Taxes have a top rate of 35% through 2012.
$13,000
Business 55.5 cents/mile Charitable activities 14 cents/mile Medical expense 23 cents/mile Moving expense 23 cents/mile
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 childrenSingle/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