We've included some tax tips, limits and rates for a quick reference to assist your tax planning in 2012. |
| Married Filling Joint Tax Bracket |
Personal exemption: $3,800, no phase out |
Standard Deduction |
$0 - $17,400 $17,401- $70,700 $70,701- $142,700 $142,701 - $217,450 $217,451- $388,350 $388,351 & Over |
10% 15% 25% 28% 33% 35% |
Married joint: Single: Head of household: Married separate: |
$11,900 $5.950 $8,700 $5,950 |
Maximum earnings subject to FICA tax: $110,100 |
| Estimated tax payments are due by the 15th of Apr. Jun. Sep. and Jan. |
401(k) limit is: $17,000 plus $5,500 if 50 or older |
| Single Tax Bracket |
| Annual per-donee gift tax exclusion is: $13,000 |
$0 - $8,700 $8,701- $35,350 $35,351- $85,650 $85,651 - $178,650 $178,651 - $388,350 $388,351 & Over |
IRA contribution (under age 50): $5,000 IRA contribution (age 50 and over): $6,000 |
10% 15% 25% 28% 33% 35% |
Standard Mileage Rate: 55.5 cents |
Code Sec. 179 deduction : $139,000 before $560,000 phase-out |
Kiddie tax for under 19 years old: $1,900 of unearned income. |
| Qualified dividends & long term capital gains: 0%/15%, collectibles 28% |
All cash contributions must be substantiated by check or documentation from the charity to be deductible. |
Generally, single dependents with income under $900 are not required to file a tax return. |
Foreign earned income exclusion: $95,100 |
HSA deductible contribution limit: $3,100/single & $6,250/joint |
HSA minimum deductible : $1,200/single & $2,400/joint |
To obtain additional tax information on the IRS website click the adjacent link: |
Taxpayers that need help calculating their non-cash charitable donations may consider purchasing “Its Deductible”. |
Information contained herein is current as of 11/1/2009, subject to legislative changes and is not intended to be legal or tax advice. Consult a qualified tax advisor regarding specific circumstances. |