2012 Individual Federal Income Tax Rates

2012 – 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  – Married Filling Jointly

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 – 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  – 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