ExactCPA.com Simple & Clear 2012 Tax Rates

2012 Tax Rates

2012 Tax Rates Schedule X - Single
If taxable income is over --	But Not Over --	The Tax is:
$0	$8,350	10% of the taxable amount
$8,350	$33,950	$835 plus 15% of the amount over $8,350
$33,950	$82,250	$4,675 plus 25% of the amount over $33,950
$82,250	$171,550	$16,750 plus 28% of the amount over $82,250
$171,550	$372,950	$41,754 plus 33% of the amount over $171,550
$372,950	no limit	$108,216 plus 35% of the amount over $372,950

2012 Tax Rates Schedule Y-1 - Married Filling Jointly or Qualifying Widow(er)
If taxable income is over --	But Not Over --	The Tax is:
$0	$16,700	10% of the taxable amount
$16,700	$67,900	$1,670 plus 15% of the amount over $16,700
$67,900	$137,050	$9,350 plus 25% of the amount over $67,900
$137,050	$208,850	$26,637.50 plus 28% of the amount over $137,050
$208,850	$372,950	$46,741.50 plus 33% of the amount over $208,850
$372,950	no limit	$100,894.50 plus 35% of the amount over $372,950

2012 Tax Rates Schedule Y-2 - Married Filing Separately
If taxable income is over --	But Not Over --	The Tax is:
$0	$8,350	10% of the taxable amount
$8,350	$33,950	$835 plus 15% of the amount over $8,350
$33,950	$68,525	$4,675 plus 25% of the amount over $33,950
$68,525	$104,425	$13,318.75 plus 28% of the amount over $68,525
$104,425	$186,475	$23,370.75 plus 33% of the amount over $104,425
$186,475	no limit	$50,447.25 plus 35% of the amount over $186,475

2012 Tax Rates Schedule Z - Head of Household
If taxable income is over --	But Not Over --	The Tax is:
$0	$11,950	10% of the taxable amount
$11,950	$45,500	$1,195.00 plus 15% of the amount over $11,950
$45,500	$117,450	$6,227.50 plus 25% of the amount over $45,500
$117,450	$190,200	$24,215 plus 28% of the amount over $117,450
$190,200	$372,950	$44,585 plus 33% of the amount over $190,200
$372,950	no limit	$104,892 plus 35% of the amount over $372,950

 

Miscellaneous 2012 Tax Rates
Personal Exemption	$3,650
Business Equipment Expense Deduction	$250,000
Prior-year safe harbor for estimated taxes of higher-income	110% of your 2008 tax liability
Standard mileage rate for business driving	55 cents
Standard mileage rate for medical/moving driving	24 cents
Standard mileage rate for charitable driving	14 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% bracket	0%
Maximum capital gains tax rate for taxpayers above the 15% bracket	15%
Capital gains tax rate for unrecaptured Sec. 1250 gains	25%
Capital gains tax rate on collectibles	28%
Maximum contribution for Traditional/Roth IRA	$5,000 if under age 50 $6,000 if 50 or older
Maximum employee contribution to SIMPLE IRA	$10,500 if under age 50 $14,000 if 50 or older
Maximum Contribution to SEP IRA	25% of compensation up to $49,000
401(k) maximum employee contribution limit	$16,500 if under age 50 $22,000 if 50 or older
Self-employed health insurance deduction	100%
Estate tax exemption	$3,500,000
Annual Exclusion for Gifts	$13,000