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Tax Rate Guide for 2012 and 2013

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 2012/2013
ERISA and Tax Code Pension and Retirement Plan Limits

 

Standard Mileage Rates

  2012 2013
Business 55.5 cents per mile 56.5 cents per mile
Charitable 14 cents per mile 14 cents per mile
Medical and Moving 23 cents per mile 24 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

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 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 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 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 $1,240 plus 15% of the excess over $12,400
Over $47,350 but not over $122,300 $6,482.50 plus 25% of the excess over $47,350
Over $122,300 but not over $198,050 $25,220 plus 28% of the excess over $122,300
Over $198,050 but not over $388,350 $46,430 plus 33% of the excess over $198,050
Over $388,350   $109,229 plus 35% of the excess over $388,350

2013

2013 Unmarried Individuals (Other than Surviving Spouses and Heads of Households)

If Taxable Income Is: The Tax Is:
Not over $8,925 10% of the taxable income
Over $8,925 but not over $36,250 $892.50 plus 15% of the excess over $8,925
Over $36,250 but not over $87,850 $4,991.25 plus 25% of the excess over $36,250
Over $87,850 but not over $183,250 $17,891.25 plus 28% of the excess over $87,850
Over $183,250 but not over $398,350 $44,903.25 plus 33% of the excess over $183,250
Over $398,350 but not over $400,000 $115,586.25 plus 35% of the excess over $398,350
Over $400,000   $116,163.75 plus 39.6% of the excess over $400,000

2013 Married Individuals Filing Joint Returns and Surviving Spouses

If Taxable Income Is: The Tax Is:
Not over $17,850 10% of the taxable income
Over $17,850 but not over $72,500 $1,785 plus 15% of the excess over $17,850
Over $72,500 but not over $146,400 $9,982.50 plus 25% of the excess over $72,500
Over $146,400 but not over $223,050 $28,457.50 plus 28% of the excess over $146,400
Over $223,050 but not over $398,350 $49,919.50 plus 33% of the excess over $223,050
Over $398,350 but not over $450,000 $107,768.50 plus 35% of the excess over $398,350
Over $450,000   $125,846 plus 39.6% of the excess over $450,000

2013 Married Individuals Filing Separate Returns

If Taxable Income Is: The Tax Is:
Not over $8,925 10% of the taxable income
Over $8,925 but not over $36,250 $892.50 plus 15% of the excess over $8,925
Over $36,250 but not over $73,200 $4,991.25 plus 25% of the excess over $36,250
Over $73,200 but not over $111,525 $14,228.75 plus 28% of the excess over $73,200
Over $111,525 but not over $199,175 $24,959.75 plus 33% of the excess over $111,525
Over $199,175 but not over $225,000 $53,884.25 plus 35% of the excess over $199,175
Over $225,000   $62,923 plus 39.6% of the excess over $225,000

2013 Heads of Households

If Taxable Income Is: The Tax Is:
Not over $12,750 10% of the taxable income
Over $12,750 but not over $48,600 $1,275 plus 15% of the excess over $12,750
Over $48,600 but not over $125,450 $6,652.50 plus 25% of the excess over $48,600
Over $125,450 but not over $203,150 $25,865 plus 28% of the excess over $125,450
Over $203,150 but not over $398,350 $47,621 plus 33% of the excess over $203,150
Over $398,350 but not over $425,000 $112,037 plus 35% of the excess over $398,350
Over $425,000   $121,364.50 plus 39.6% of the excess over $425,000

 

Standard Deductions/Personal Exemptions

Standard Deduction Tables

  2012 2013
Married Filing Jointly and Surviving Spouses $11,900 $12,200
Heads of Households $8,700 $8,950
Single $5,950 $6,100
Married Filing Separate $5,950 $6,100
Additional Amount for Aged and Blind, Married and Surviving Spouses $1,150 for each $1,200 for each
Additional Amount for Aged and Blind, Singles and Heads of Household $1,450 for each $1,500 for each

Personal Exemptions and Phaseout Amounts

  2012 2013
Personal Exemption Amount $3,800 $3,900
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.

Beginning in 2013, the exemption is subject to a phase-out that begins with adjusted gross incomes of $250,000 ($300,000 for married couples filing jointly). It phases out completely at $372,500 ($422,500 for married couples filing jointly.)

 

Capital Gains and Dividends Taxed as Net Capital Gain

Capital Gains

  2005-12 2013
Rate for Non-corporate Taxpayers
above 15% income tax bracket
15%  
Capital gains rate for MFJ earning over $450,000 and for filing single earning over $400,000   20%
  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%  
Rate for Non-corporate Taxpayers with 39.6% income tax bracket   20%
  2005-07 2008-13
Rate for Non-corporate Taxpayers
in 10% of 15% tax bracket
5% 0%

 

AMT Tax Brackets

2012 AMT Exemptions Amounts:
$50,600 for single and head of household filers,
$78,750 for married people filing jointly and for qualifying widows or widowers, and
$37,225 for married people filing separately.

2013 AMT Exemptions Amounts:
$51,900 for single and head of household filers,
$80,800 for married people filing jointly and for qualifying widows or widowers, and
$40,400 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

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 plus 28% of the excess over $5,600
Over $8,500 but not over $11,650 $1,972 plus 33% of the excess over $8,500
Over $11,650   $3,011.50 plus 35% of the excess over $11,650

2013

If Taxable Income Is: The Tax Is:
Not over $2,450 15% of the taxable income
Over $2,450 but not over $5,700 $367.50 plus 25% of the excess over $2,450
Over $5,700 but not over $8,750 $1,180 plus 28% of the excess over $5,700
Over $8,750 but not over $11,950 $2,034 plus 33% of the excess over $8,750
Over $11,950   $3,090 plus 39.65% of the excess over $11,950

 

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
2013 $5,250,000

 

Lifetime Exclusion Amount for Gift Tax

Year of Transfer Applicable Exclusion Amount
2002-2010 $1,000,000
2011 $5,000,000
2012 $5,120,000
2013 $5,250,000

 

Gift Tax Annual Exclusion

Year of Transfer Applicable Exclusion Amount
2002-2005 $11,000
2006-2008 $12,000
2009-2012 $13,000
2013 $14,000

 

Estate and Gift Tax Rates for Decedents Dying in 2012/2013

Taxable Amount Over Taxable Amount Not Over Tax on Amount in 1st Column Rate of Tax on Excess Over Amount in 1st Column
      2012/2013
$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 2012, the top estate and gift tax is 35% with an applicable exclusion amount of $5.12 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

  2012 2013
Deferral Limits for Plans    
   401(k) 17,000 17,500
   SIMPLE 11,500 12,000
   403(b) 17,000 17,500
   457 17,000 17,500
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 250,000 255,000
Defined Benefit Maximum Annual Benefit 200,000 205,000
Defined Contribution - Maximum Annual Addition 50,000 51,000
"Key Employee" in Top-Heavy Plan 165,000 165,000
To Determine Maximum Account Balance in ESOP
Subject to 5-Year Distribution Period
1,015,000 1,035,000
"Highly Compensated Employee" Threshold 115,000 115,000
SEP Compensation Threshold for Participation 550 550
Definition of "Control Employee" for Fringe Benefit Valuation    
   Regs. 1.61-21(f)(5)(i) 100,000 100,000
   Regs. 1.61-21(f)(5)(iii) 205,000 205,000
Social Security Wage Base 110,000 113,700

See Additional Information:
Tax Rate Guide for 2012/2013
2012 Filing Requirements
2012 Tax Deductions and Exemptions
2012 Earned Income Credit
2012 Dependent Care, Education and Child Credits
2012 Miscellaneous Limitations
2012 MACRS Recovery Periods
2012 Financial Planning Limits

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