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Tax Facts
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This page contains tax rates and amounts that are useful for individual
tax planning and calculations. Below are some "Quick
Links" to various information on this page. Use your Back Key
to get back to the top of this
page.
2011
Income Tax Rates
(Amounts are taxable income)
|
| Rate |
Single |
Married/Joint |
Head
of Household |
Married/Separate |
| 10.0% |
$0-8,500 |
$0-17,000 |
$0-12,150 |
|
| 15.0% |
$8,501-34,500 |
$17,001-69,000 |
$12,151-46,250 |
|
| 25.0% |
$34,501-83,600 |
$69,001-139,350 |
$46,251-119,400 |
|
| 28.0% |
$83,601-174,400 |
$139,351-212,300 |
$119,401-193,350 |
|
| 33.0% |
$174,401-379,150 |
$212,301-379,150 |
$193,351-379,150 |
|
| 35.0% |
Over
$379,150 |
Over
$379,150 |
Over
$379,150 |
|
2010
Income Tax Rates
(Amounts are taxable income) |
| Rate |
Single |
Married/Joint |
Head of Household |
Married/Separate |
| 10.0% |
$0-8,375 |
$0-16,750 |
$0-11,950 |
$0-8,375 |
| 15.0% |
$8,376-34,000 |
$16,751-68,000 |
$11,951-45,550 |
$8,376-34,000 |
| 25.0% |
$34,001-82,400 |
$68,001-137,300 |
$45,551-117,650 |
$34,001-68,650 |
| 28.0% |
$82,401-171,850 |
$137,301-209,250 |
$117,651-190,550 |
$68,651-104,625 |
| 33.0% |
$171,851-373,650 |
$209,251-373,650 |
$190,551-373,650 |
$104,626-186,825 |
| 35.0% |
Over
$373,650 |
Over
$373,650 |
Over
$373,650 |
Over
$186,825 |
| Personal
Exemption Amounts |
| 2012 |
2011 |
| $3,800 |
$3,700 |
|
Standard Deductions |
| Filing Status |
2012 |
2011 |
| Single |
$5,950 |
$5,800 |
| Married Filing Joint |
$11,900 |
$11,600 |
| Head of Household |
$8,700 |
$8,500 |
| Married Filing Separately |
$5,950 |
$5,800 |
| IRS
Standard Mileage Deduction Rates |
| Mileage
Type |
2012
|
2011
July 1 - Dec. 31 |
2011
Jan 1 - June 30 |
| Business * |
$0.555 |
$0.555 |
$0.51 |
| Medical |
$0.23 |
$0.235 |
$0.19 |
| Charitable |
$0.14 |
$0.14 |
$0.14 |
| Qualified Moving |
$0.23 |
$0.235 |
$0.19 |
* The tax basis of vehicles is reduced by $0.22/mile for business
use claimed using the
IRS standard mileage rate. This is the portion considered
depreciation.
| Maximum
Wages Subject to Social Security Tax |
| Year |
Wage
Base |
Maximum
Tax |
| 2012 |
$110,100 |
$4,624.20 |
| 2011 |
$106,800 |
$6,621.60 |
Social security deducted from an employee is currently
reduced to 4.2% from 6.2%. This 2%
reduction is currently in effect through February of 2012. It is
generally assumed that Congress
will make this reduction effective for the full year of 2012. The
employer continues to pay the full
6.2%. All employee wages are subject to Medicare tax withholding at
a rate of 1.45%. The
employer pays in a matching Medicare tax.
| Social Security Earnings Limits: |
| |
2012 |
2011 |
| If you are at or above full retirement
age: |
No Limit |
No Limit |
| During the year you reach your full
retirement age: |
$38,880/yr.
($3,240/month) |
$37,680/yr.
($3,140/month) |
| Before you reach your full retirement
age: |
$14,640/yr.
($1,220/month) |
$14,160/yr.
($1,180/month) |
How Does
Social Security Apply Earnings Test? Click
Here.
| Maximum
401(k) & 403(b) Plan Contributions |
| Year |
Under Age 50 |
Age 50 & Over |
| 2012 |
$17,000 |
$22,500 |
| 2011 |
$16,500 |
$22,000 |
| 2010 |
$16,500 |
$22,000 |
| 2009 |
$16,500 |
$22,000 |
| 2008 |
$15,500 |
$20,500 |
| 2007 |
$15,500 |
$20,500 |
| 2006 |
$15,000 |
$20,000 |
| 2005 |
$14,000 |
$18,000 |
| 2004 |
$13,000 |
$16,000 |
| 2003 |
$12,000 |
$14,000 |
| 2002 |
$11,000 |
$12,000 |
| 2001 |
$10,500 |
$10,500 |
| Maximum
Simple IRA Contributions |
| Year |
Under Age 50 |
Age 50 & Over |
| 2012 |
$11,500 |
$14,000 |
| 2011 |
$11,500 |
$14,000 |
| 2010 |
$11,500 |
$14,000 |
| 2009 |
$11,500 |
$14,000 |
| 2008 |
$10,500 |
$13,000 |
| 2007 |
$10,500 |
$13,000 |
| 2006 |
$10,000 |
$12,500 |
| 2005 |
$10,000 |
$12,000 |
| 2004 |
$9,000 |
$10,500 |
| 2003 |
$8,000 |
$9,000 |
| 2002 |
$7,000 |
$7,500 |
| 2001 |
$6,500 |
$6,500 |
Maximum Contributions
To IRA Accounts
(Traditional & Roth IRA's) |
| Year |
Under Age 50 |
Age 50 & Over |
| 2012 |
$5,000 |
$6,000 |
| 2011 |
$5,000 |
$6,000 |
| 2010 |
$5,000 |
$6,000 |
| 2009 |
$5,000 |
$6,000 |
| 2008 |
$5,000 |
$6,000 |
| 2007 |
$4,000 |
$5,000 |
| 2006 |
$4,000 |
$5,000 |
| 2005 |
$4,000 |
$4,500 |
| 2004 |
$3,000 |
$3,500 |
| 2003 |
$3,000 |
$3,500 |
| 2002 |
$3,000 |
$3,500 |
| 2001 |
$2,000 |
$2,000 |
| Defined
Contribution Retirement Plans |
| Year |
Maximum
Compensation |
Maximum
Contribution * |
| 2012 |
$250,000 |
$50,000 |
| 2011 |
$245,000 |
$49,000 |
| 2010 |
$245,000 |
$49,000 |
| 2009 |
$245,000 |
$49,000 |
| 2008 |
$230,000 |
$46,000 |
* Additional "catch-up" contributions for plan participants aged
50 or over are
$5,500 for 2012 and 2011.
Health Savings Accounts - Maximum Deductible Contributions
|
| Year |
2012
* |
2011
* |
2010 |
| Family
Coverage |
$6,250 |
$6,150 |
$6,150 |
| Single Coverage |
$3,100 |
$3,050 |
$3,050 |
* Account owners born before 1958
can contribute an additional $1,000 for 2012
($1,000 for 2011 if
born before 1957).
| Deductions
For Long-Term Care Insurance |
| Age
of Insured |
2012 |
2011 |
| 71 Or Older |
$4,370 |
$4,240 |
| 61 - 70 |
$3,500 |
$3,390 |
| 51 - 60 |
$1,310 |
$1,270 |
| 41 - 50 |
$660 |
$640 |
| 40 Or Younger |
$350 |
$340 |
| "Kiddie
Tax" on Investment Income* |
|
Investment Income Tax Rate |
2011 |
2010 |
| Tax Free |
Up to $950 |
Up to $950 |
| Child's Tax Rate |
$951 to $1,900 |
$951 to $1,900 |
| Parent's Top Tax Rate |
Over $1,900 |
Over $1,900 |
What is "Kiddie Tax" and who does it apply to?
The Kiddie Tax rules are part of the tax code that basically dictates
what tax rates dependent children will pay on investment income. As shown
in the chart above, dependent children's investment income over $1,900
will be taxed at their parent's top tax rate. Dependent children (including full time students up to the age of 23)
who have investment income (interest, dividends, capital gains, etc.) pay income tax at varying rates
depending on the level of earned and unearned investment income. Prior to 2008, the "Kiddie
Tax" was only an issue through age 18. For 2008 and beyond, it can apply to a full-time student through
age 23. Be careful if you are considering transferring assets to a dependent child in the hopes of
getting the benefit of lower tax rates.
|
Maximum Annual Gifts Allowed - No Gift Tax
Returns Required |
| 2012 |
2011 |
| $13,000 |
$13,000 |
Note: A married couple
can double the above amounts by jointly
gifting to the same
person.
| Estate
Tax Rates & Exemptions |
| Year |
Top Estate Tax Rate |
Exempt Estate
(Upper Limit) |
| 2001 |
55% |
$675,000 |
| 2002 |
50% |
$1,000,000 |
| 2003 |
49% |
$1,000,000 |
| 2004 |
48% |
$1,500,000 |
| 2005 |
47% |
$1,500,000 |
| 2006 |
46% |
$2,000,000 |
| 2007 |
45% |
$2,000,000 |
| 2008 |
45% |
$2,000,000 |
| 2009 |
45% |
$3,500,000 |
| 2010 |
35% * |
$5,000,000 |
| 2011 |
35% |
$5,000,000 |
Editors Note: * Estates can elect to use the prior rules for 2010
where there was no estate tax but this
requires that heirs get a carryover basis for inherited assets that
have appreciated
more than $1,300,000 (plus $3 million for assets passing to a surviving
spouse).
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