2012 Federal Income Tax Rates

Federal personal income tax rates vary between 10% and 35% depending on filing status and the amount of taxable income as determined on a federal individual income tax return – Form 1040EZ, Form 1040A, or Form 1040.  Below are the 2012 federal income tax rates for returns due in April 2013:

 

2012   Tax Rates – Single Taxpayer – Standard Deduction = $5,950

%

and   taxable income is more than:

but   not over:

your   tax is:

10% $ 0 $8,700 10% of Federal Taxable Income From   Form 1040EZ, 1040A, or 1040
15% $8,700 $35,350 $870 + 15% of the amount over $8,700 but   not over $35,350
25% $35,350 $85,650 $4,868 + 25% of the amount over   $35,350 but not over $85,650
28% $85,650 $178,650 $17,443 + 28% of the amount over $85,650   but not over $178,650
33% $178,650 $388,350 $43,483 + 33% of the amount over   $178,650 but not over $388,350
35% $388,350 __________ $112,684 + 35% of the amount over   $388,350

 

 

2012   Tax Rates – Married Filing Jointly & Surviving Spouse

Standard Deduction   = $11,900

%

and   taxable income is more than:

but   not over:

your   tax is:

10% $ 0 $17,400 10% of Federal Taxable Income From   Form 1040EZ, 1040A, or 1040
15% $17,400 $70,700 $1,740 + 15% of the amount over $17,400   but not over $70,700
25% $70,700 $142,700 $9,735 + 25% of the amount over $70,700   but not over $142,700
28% $142,700 $217,450 $27,735 + 28% of the amount over $142,700   but not over $217,450
33% $217,450 $388,350 $48,665 + 33% of the amount over $217,450   but not over $388,350
35% $388,350 __________ $105,062 + 35% of the amount over $388,350

 

 

 

2012   Tax Rates – Married Filing Separate – Standard Deduction = $5,950

%

and   taxable income is more than:

but   not over:

your   tax is:

10% $ 0 $8,700 10% of Federal Taxable Income From   Form 1040EZ, 1040A, or 1040
15% $8,700 $35,350 $870 + 15% of the amount over $8,700   but not over $35,350
25% $35,350 $71,350 $4,868 + 25% of the amount over $35,350   but not over $71,350
28% $71,350 $108,725 $13,868 + 28% of the amount over $71,350   but not over $108,725
33% $108,725 $194,175 $24,333 + 33% of the amount over $108,725   but not over $194,175
35% $194,175 __________ $52,532 + 35% of the amount over $194,175

 

 

2012   Tax Rates – Head of Household – Standard Deduction = $8,700

%

and   taxable income is more than:

but   not over:

your   tax is:

10% $ 0 $12,400 10% of Federal Taxable Income From   Form 1040EZ, 1040A, or 1040
15% $12,400 $47,350 $1,240 + 15% of the amount over $12,400   but not over $47,350
25% $47,350 $122,300 $6,483 + 25% of the amount over $47,350   but not over $122,300
28% $122,300 $198,050 $25,221 + 28% of the amount over $122,300   but not over $198,050
33% $198,050 $388,350 $46,431 + 33% of the amount over $198,050   but not over $388,350
35% $388,350 __________ $109,230 + 35% of the amount over $388,350

 

Social Security 2012 Tax Rates
Social Security Tax Rate: Employers 6.20%
Social Security Tax Rate: Employees 4.20%
Social Security Tax Rate: Self-Employed 10.40%
Maximum Taxable Earnings $110,100
Medicare Base Salary Unlimited
Medicare Tax Rate 1.45%
Miscellaneous 2012 Tax Rates
Personal Exemption $3,800
Business expensing limit: New Equipment $560,000
Business expensing limit: New and Used   Equipment and Software $139,000
Prior-year safe harbor for estimated taxes of   higher-income 110% of your 2011 tax liability
Standard mileage rate for business driving   1/1/2012 to 12/31/2012 55.5 cents
Standard mileage rate for medical/moving   driving 1/1/2012 to 12/31/2012 23 cents
Standard mileage rate for charitable driving 14 cents
Child Tax Credit $1,000
Unearned income maximum for children under 19   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 $11,500 if under age 50
$14,000 if 50 or older
Maximum Contribution to SEP IRA 25% of eligible 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
Education 2012 Tax Rates
American Opportunity Credit (Hope) $2,500
Lifetime Learning Credit $2,000
Student Loan Interest Deduction $2,500
Coverdell Education Savings Contribution $2,000

Related Articles:

What is My Tax Bracket? 2012 Tax Rates

2012 North Carolina Income Tax Rates

2013 Income Tax Return Due Dates (For 2012 Returns)

What’s New for 2012 Tax Returns (Due in April 2013)?

Standard Deductions vs. Itemized Deductions: Which Deduction Is Better For Tax Returns?

Still Missing Your W-2?

 

Simply Taxes, LLC is a local year-round tax preparation firm with an office located in North Raleigh. Our Raleigh accountants are ready to work one-on-one with you to help maximize your refund opportunity and to provide other tax services in the professional manner you deserve.

The information contained within this article is for general guidance only. As such, it should not be used as a substitute for consulting with professional accounting, tax, legal or other competent advisers.

 

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