2012 Tax Rates Schedule X – Single
| If taxable income is over | But not over | The tax is |
|---|---|---|
| $0 | $8,700 | 10% 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 |
| $388,350 | no 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 | $17,400 | 10% 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 | $48,665.50 plus 33% of the amount over $217,450 |
| $388,350 | no 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 | $8,700 | 10% 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 | $24,332.50 plus 33% of the amount over $108,725 |
| $194,175 | no 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 | $12,400 | 10% 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 |
| $388,350 | no 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 | $2,400 | 15% 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 |
| $11,650 | no limit | $3,011.50 plus 35% of the amount over $11,650 |
Social Security 2012 Tax Rates
| Base Salary | $110,100 |
| Social Security Tax Rate | 4.2% |
| Maximum Social Security Tax | $4,624.20 |
| Medicare Base Salary | unlimited |
| Medicare Tax Rate | 1.45% |
Education 2012 Credit and Deduction Limits
| 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 (Adjusted Gross Income below $154,950) | $3,800 |
| Business Equipment Expense Deduction | $500,000 |
| Prior-year safe harbor for estimated taxes of higher-income | 110% of your 2011 tax liability |
| Standard mileage rate for business driving | 55.5 cents |
| Standard mileage rate for medical/moving driving | 23 cents |
| Standard mileage rate for charitable driving | 14 cents |
| Child Tax Credit | $1,000 per qualifying child |
| 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 in the 25%, 28%, 33%, or 35% bracket | 15% |
| Maximum capital gains tax rate for taxpayers in the 39.6% bracket | 20% |
| Capital gains tax rate for unrecaptured Sec. 1250 gains | 25% |
| Capital gains tax rate on collectibles and qualified small business stock | 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 | $11,500 if under age 50 $14,000 if 50 or older |
| Maximum Contribution to SEP IRA | 25% of compensation up to $50,000 |
| 401(k) maximum employee contribution limit | $17,000 if under age 50 $22,500 if 50 or older |
| Self-employed health insurance deduction | 100% |
| Estate tax exemption | $5,120,000 |
| Annual Exclusion for Gifts | $13,000 |
