Tax Rate Guide for 2011 and 2012

Standard Mileage Rates
Corporate Tax Rate Schedule
Individual Tax Rate Schedules
Standard Deductions/Personal Exemptions
Capital Gains and Dividends Taxed as Net Capital Gain
AMT Tax Brackets
Tax Rate Schedules for Estates and Trusts
Applicable Exclusion Amount for Estate Tax
Lifetime Exclusion Amount for Gift Tax
Gift Tax Annual Exclusion
Estate and Gift Tax Rates for Decedents Dying in 2011/2012
ERISA and Tax Code Pension and Retirement Plan Limits

Standard Mileage Rates

	1/1-6/30/11	7/1-12/31/11	2012
Business	51.0 cents per mile	55.5 cents per mile	55.5 cents per mile
Charitable	14.0 cents per mile	14.0 cents per mile	14.0 cents per mile
Medical and Moving	19.0 cents per mile	23.5 cents per mile	23 cents per mile

Corporate Tax Rate Schedule

If Taxable Income Is		The Tax Is:
Not over $50,000		15% of the taxable income
Over $50,000	but not over $75,000	$7,500 plus	25% of the amount over $50,000
Over $75,000	but not over $100,000	$13,750 plus	34% of the amount over $75,000
Over $100,000	but not over $335,000	$22,250 plus	39% of the amount over $100,000
Over $335,000	but not over $10,000,000	$113,900 plus	34% of the amount over $335,000
Over $10,000,000	but not over $15,000,000	$3,400,000 plus	35% of the amount over $10,000,000
Over $15,000,000	but not over $18,333,333	$5,150,000 plus	38% of the amount over $15,000,000
Over 18,333,333		35% of the taxable income
Qualified personal service corporations are taxed at a flat rate of 35% of taxable income

Individual Tax Rate Schedules

2011

2011 Unmarried Individuals (Other than Surviving Spouses and Heads of Households)

If Taxable Income Is:		The Tax Is:
Not over $8,500		10% of the taxable income
Over $8,500	but not over $34,500	$850.00 plus	15% of the excess over $8,500
Over $34,500	but not over $83,600	$4,750.00 plus	25% of the excess over $34,500
Over $83,600	but not over $174,400	$17,025.00 plus	28% of the excess over $83,600
Over $174,400	but not over $379,150	$42,449.00 plus	33% of the excess over $174,400
Over $379,150		$110,016.50 plus	35% of the excess over $379,150

2011 Married Individuals Filing Joint Returns and Surviving Spouses

If Taxable Income Is:		The Tax Is:
Not over $17,000		10% of the taxable income
Over $17,000	but not over $69,000	$1,700.00 plus	15% of the excess over $17,000
Over $69,000	but not over $139,350	$9,500 plus	25% of the excess over $69,000
Over $139,350	but not over $212,300	$27,087.50 plus	28% of the excess over $139,350
Over $212,300	but not over $379,150	$47,513.50 plus	33% of the excess over $212,300
Over $379,150		$102,574 plus	35% of the excess over $379,150

2011 Married Individuals Filing Separate Returns

If Taxable Income Is:		The Tax Is:
Not over $8,375		10% of the taxable income
Over $8,500	but not over $34,500	$850.00 plus	15% of the excess over $8,500
Over $34,500	but not over $69,675	$4,750.00 plus	25% of the excess over $34,500
Over $69,675	but not over $106,150	$13,543.75 plus	28% of the excess over $69,675
Over $106,150	but not over $189,575	$23,756.75 plus	33% of the excess over $106,150
Over $189,575		$51,287.00 plus	35% of the excess over $189,575

2011 Heads of Households

If Taxable Income Is:		The Tax Is:
Not over $12,150		10% of the taxable income
Over $12,150	but not over $46,250	$1,215.00 plus	15% of the excess over $12,150
Over $46,250	but not over $119,400	$6,330.00 plus	25% of the excess over $46,250
Over $119,400	but not over $193,350	$24,617.50 plus	28% of the excess over $119,400
Over $193,350	but not over $379,150	$45,323.50 plus	33% of the excess over $193,350
Over $379,150		$106,637.50 plus	35% of the excess over $379,150

2012

2012 Unmarried Individuals (Other than Surviving Spouses and Heads of Households)

If Taxable Income Is:		The Tax Is:
Not over $8,700		10% of the taxable income
Over $8,700	but not over $35,350	$870.00 plus	15% of the excess over $8,700
Over $35,350	but not over $85,650	$4,867.50 plus	25% of the excess over $35,350
Over $85,650	but not over $178,650	$17,442.50 plus	28% of the excess over $85,650
Over $178,650	but not over $388,350	$43,482.50 plus	33% of the excess over $178,650
Over $388,350		$112,683.50 plus	35% of the excess over $388,350

2012 Married Individuals Filing Joint Returns and Surviving Spouses

If Taxable Income Is:		The Tax Is:
Not over $17,400		10% of the taxable income
Over $17,400	but not over $70,700	$1,740.00 plus	15% of the excess over $17,400
Over $70,700	but not over $142,700	$9,735.00 plus	25% of the excess over $70,700
Over $142,700	but not over $217,450	$27,735.00 plus	28% of the excess over $142,700
Over $217,450	but not over $388,350	$48,665.00 plus	33% of the excess over $217,450
Over $388,350		$105,062.00 plus	35% of the excess over $388,350

2012 Married Individuals Filing Separate Returns

If Taxable Income Is:		The Tax Is:
Not over $8,700		10% of the taxable income
Over $8,700	but not over $35,350	$870.00 plus	15% of the excess over $8,700
Over $35,350	but not over $71,350	$4,867.50 plus	25% of the excess over $35,350
Over $71,350	but not over $108,725	$13,867.50 plus	28% of the excess over $71,350
Over $108,725	but not over $194,175	$24,332.50 plus	33% of the excess over $108,725
Over $194,175		$52,531.00 plus	35% of the excess over $194,175

2012 Heads of Households

If Taxable Income Is:		The Tax Is:
Not over $12,400		10% of the taxable income
Over $12,400	but not over $47,350	$1,400.00 plus	15% of the excess over $12,400
Over $47,350	but not over $122,300	$6,642.50 plus	25% of the excess over $47,350
Over $122,300	but not over $198,050	$25,380.00 plus	28% of the excess over $122,300
Over $198,050	but not over $388,350	$46,590.00 plus	33% of the excess over $198,050
Over $388,350		$109,389.00 plus	35% of the excess over $388,350

Standard Deductions/Personal Exemptions

Standard Deduction Tables

	2011	2012
Married Filing Jointly and Surviving Spouses	$11,600	$11,900
Heads of Households	$8,500	$8,700
Single	$5,800	$5,950
Married Filing Separate	$5,800	$5,950
Additional Amount for Aged and Blind, Married and Surviving Spouses	$1,150 for each	$1,150 for each
Additional Amount for Aged and Blind, Singles and Heads of Household	$1,450 for each	$1,450 for each

Personal Exemptions and Phaseout Amounts

	2011	2012
Personal Exemption Amount	$3,700	$3,800
Before January 1, 2010, code section 151(d)(3) phaseout of the tax benefit of the personal exemptions is calculated by reducing the total amount of the personal exemptions by 2% for each $2,500 increment (or portion thereof) of adjusted gross income in excess of a threshold phaseout amount adjusted for inflation. The personal exemption phaseout is repealed for 2010. The repeal is extended until 2012.

Capital Gains and Dividends Taxed as Net Capital Gain

Capital Gains

	2005-12
Rate for Non-corporate Taxpayers above 15% income tax bracket	15%
	2005-07	2008-12
Rate for Non-corporate Taxpayers in 10% or 15% tax bracket	5%	0%

Qualified Dividends Taxed as Net Capital Gain

	2005-12		2013
Rate for Non-corporate Taxpayers above 15% income tax bracket	15%		*
	2005-07	2008-12	2013
Rate for Non-corporate Taxpayers in 10% of 15% tax bracket	5%	0%	*

* After 2013, dividends will be taxed as ordinary income.

AMT Tax Brackets

2011 AMT Exemptions Amounts:

$48,450 for single and head of household filers,

$74,450 for married people filing jointly and for qualifying widows or widowers, and

$37,225 for married people filing separately.

2012 AMT Exemptions Amounts:

$33,750 for single and head of household filers,

$45,000 for married people filing jointly and for qualifying widows or widowers, and

$22,500 for married people filing separately.

AMT Tax Rates:

The exemption amounts mean that this amount of AMT taxable income is not subject to the AMT. Income over these amounts may be subject to AMT. Unlike the ordinary tax rates, the AMT has only two tax brackets. The AMT tax rate is assessed only on AMT income over the exemption amount. The AMT tax rates are:

26% on the first $175,000 of AMT taxable income, and

28% on the remainder of AMT taxable income

Tax Rate Schedules for Estates and Trusts

2011

If Taxable Income Is:		The Tax Is:
Not over $2,300		15% of the taxable income
Over $2,300	but not over $5,450	$345.00 plus	25% of the excess over $2,300
Over $5,450	but not over $8,300	$1,132.50 plus	28% of the excess over $5,450
Over $8,300	but not over $11,350	$1,930.50 plus	33% of the excess over $8,300
Over $11,350		$2,937.00 plus	35% of the excess over $11,350

2012

If Taxable Income Is:		The Tax Is:
Not over $2,400		15% of the taxable income
Over $2,400	but not over $5,600	$360.00 plus	25% of the excess over $2,400
Over $5,600	but not over $8,500	$1,160.00 plus	28% of the excess over $5,600
Over $8,500	but not over $11,650	$1,972.00 plus	33% of the excess over $8,500
Over $11,650		$3,011.50 plus	35% of the excess over $11,650

Applicable Exclusion Amount for Estate Tax

Year of Transfer	Applicable Exclusion Amount
2006/2007/2008	$2,000,000
2009	$3,500,000
2010	Repealed
2011	$5,000,000
2012	$5,120,000

Lifetime Exclusion Amount for Gift Tax

Year of Transfer	Applicable Exclusion Amount
2002-2010	$1,000,000
2011-2012	$5,000,000

Gift Tax Annual Exclusion

Year of Transfer	Applicable Exclusion Amount
2002-2005	$11,000
2006-2008	$12,000
2009-2012	$13,000

Note: A significant higher applicable exclusion amount and lower estate and gift tax rates are temporary and scheduled to sunset on December 31, 2012.

Estate and Gift Tax Rates for Decedents Dying in 2011/2012

Taxable Amount Over	Taxable Amount Not Over	Tax on Amount in 1st Column	Rate of Tax on Excess Over Amount in 1st Column
			2011/2012
$0	$10,000	$0	18%
$10,000	$20,000	$1,800	20%
$20,000	$40,000	$3,800	22%
$40,000	$60,000	$8,200	24%
$60,000	$80,000	$13,000	26%
$80,000	$100,000	$18,200	28%
$100,000	$150,000	$23,800	30%
$150,000	$250,000	$38,800	32%
$250,000	$500,000	$70,800	34%
$500,000		$155,800	35%

In 2011, the top estate and gift tax is 35% with an applicable exclusion amount of $5 million.

Note that gifts and states are not taxed in the lower brackets because of the use of the "applicable exclusion amount".

ERISA and Tax Code Pension and Retirement Plan Limits

	2011	2012
Deferral Limits for Plans
401(k)	16,500	17,000
SIMPLE	11,500	11,500
403(b)	16,500	17,000
457	16,500	17,000
Catch-Up Contributions for Participants Age 50 or Older
401(k) Plans	5,500	5,500
SIMPLE	2,500	2,500
Qualified Plans - Annual Compensation Limit	245,000	250,000
Defined Benefit Maximum Annual Benefit	195,000	200,000
Defined Contribution - Maximum Annual Addition	49,000	50,000
"Key Employee" in Top-Heavy Plan	160,000	165,000
To Determine Maximum Account Balance in ESOP Subject to 5-Year Distribution Period	985,000	1,015,000
"Highly Compensated Employee" Threshold	110,000	115,000
SEP Compensation Threshold for Participation	550	550
Definition of "Control Employee" for Fringe Benefit Valuation
Regs. 1.61-21(f)(5)(i)	95,000	100,000
Regs. 1.61-21(f)(5)(iii)	195,000	200,000
Social Security Wage Base	106,800	110,000