2012 Tax Rates Schedule X – Single

If taxable income is over —

But Not Over —

The Tax is:

$0$8,70010% of the taxable amount

$8,700$35,350$870 plus 15% of the amount over $8,700

$35,350$86,650$4,867.50 plus 25% of the amount over $35,350

$86,650$178,650$17,442.50 plus 28% of the amount over $86,650

$178,650$388,350$43,482.50 plus 33% of the amount over $178,650

$388,350no limit$112,683.50 plus 35% of the amount over $388,350

 

2012 Tax Rates Schedule Y-1 – Married Filing Jointly or Qualifying Widow(er)

If taxable income is over —

But Not Over —

The Tax is:

$0$17,40010% of the taxable amount

$17,400$70,700$1,740 plus 15% of the amount over $17,400

$70,700$142,700$9,735 plus 25% of the amount over $70,700

$142,700$217,450$27,735 plus 28% of the amount over $142,700

$217,450$388,350$48,665 plus 33% of the amount over $217,450

$388,350no limit$105,062 plus 35% of the amount over $388,350

 

2012 Tax Rates Schedule Y-2 – Married Filing Separately

If taxable income is over —

But Not Over —

The Tax is:

$0$8,70010% of the taxable amount

$8,700$35,350$870 plus 15% of the amount over $8,700

$35,350$71,350$4,867.50 plus 25% of the amount over $35,350

$71,350$108,725$13,867.50 plus 28% of the amount over $71,350

$108,725$194,175$22,332.50 plus 33% of the amount over $108,725

$194,175no limit$52,531 plus 35% of the amount over $194,175

 

2012 Tax Rates Schedule Z – Head of Household

If taxable income is over —

But Not Over —

The Tax is:

$0$12,40010% of the taxable amount

$12,400$47,350$1,240 plus 15% of the amount over $12,400

$47,350$122,300$6,482.50 plus 25% of the amount over $47,350

$122,300$198,050$25,220 plus 28% of the amount over $122,300

$198,050$388,350$46,430 plus 33% of the amount over $198,050

$388,350no limit$109,229 plus 35% of the amount over $388,350

 

2012 Tax Rates Estates & Trusts

If taxable income is over —

But Not Over —

The Tax is:

$0$2,40015% of the taxable amount

$2,400$5,600$360 plus 25% of the amount over $2,400

$5,600$8,500$1,160 plus 28% of the amount over $5,600

$8,500$11,650$1,972 plus 33% of the amount over $8,500

$11,650no limit$3,011.50 plus 35% of the amount over $11,650

 

Social Security 2012 Tax Rates

Base Salary$110,100

Social Security Tax Rate4.2%

Maximum Social Security Tax$4,624.20

Medicare Base SalaryUnlimited

Medicare Tax Rate1.45%

 

Education 2012 Tax Rates

American Opportunity Tax Credit$2,500

Lifetime Learning Credit$2,000

Student Loan Interest Deduction$2,500

Coverdell Education Savings Contribution$2,000

 

Miscellaneous 2012 Tax Rates

Personal Exemption$3,800

Business Equipment Expense Deduction: Used$125,000

Business Equipment Expense Deduction: New$2,000,000

Prior-year safe harbor for estimated taxes of higher-income110% of your 2011 tax liability

Standard mileage rate for business driving55.5 cents

Standard mileage rate for medical/moving driving23 cents

Standard mileage rate for charitable driving14 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% bracket0%

Maximum capital gains tax rate for taxpayers above the 15% bracket15%

Capital gains tax rate for unrecaptured Sec. 1250 gains25%

Capital gains tax rate on collectibles28%

Maximum contribution for Traditional/Roth IRA$5,000 if under age 50 $6,000 if 50 or older

Maximum employee contribution to SIMPLE IRA$11,500 if under age 50 $14,000 if 50 or older

Maximum Contribution to SEP IRA25% of compensation up to $50,000

401(k) maximum employee contribution limit$17,000 if under age 50 $22,500 if 50 or older

Estate tax exemption$5,120,000

Annual Exclusion for Gifts$13,000