|
Individual
Deductions and Credits |
|
|
2009 |
2010 |
2011 |
2012 |
2013 |
| Standard Deduction, Joint Return And
Surviving Spouse |
$11,400
|
$11,400
|
$11,600 |
$11,900 |
$12,200 |
| Standard Deduction, Head of Household |
$8,350 |
$8,400 |
$8,600 |
$8,700 |
$8,950 |
| Standard Deduction, Single |
$5,700 |
$5,700 |
$5,800 |
$5,950 |
$6,100 |
| Standard Deduction, Married Filing
Separate |
$5,700 |
$5,700 |
$5,800 |
$5,950 |
$6,100 |
| Personal exemption |
$3,650 |
$3,650 |
$3,750 |
$3,800 |
$3,900 |
| Taxpayer Claimed As A Dependent |
$950 |
$950 |
$950 |
$950 |
$950 |
| Additional Standard Deduction For
Blindness or Age, Single |
$1,400 |
$1,400 |
$1,450 |
$1,450 |
$1,500 |
| Additional Standard Deduction For
Blindness or Age, Married |
$1,100 |
$1,100 |
$1,100 |
$1,100 |
$1,200 |
| Itemized Deduction Income Threshold
(deductions
reduced by 3% of amount your adjusted gross income exceeds
threshold) |
$166,800 |
No
Limit |
No Limit |
No Limit |
No Limit |
| Maximum IRA Deduction |
$5,000 |
$5,000 |
$5,000 |
$5,000 |
$5,500 |
| Additional IRA Deduction For Age 50
and Over |
$1,000 |
$1,000 |
$1,000 |
$1,000 |
$1,000 |
| Hope Scholarship Credit Per Eligible
Student |
$1,800 |
|
|
|
|
| American
Opportunity Tax Credit Per Eligible Student |
$2,500 |
$2,500 |
$2,500 |
$2,500 |
|
| Lifetime Learning Credit |
$2,000 |
$2,000 |
$2,000 |
$2,000 |
$500 |
| Maximum Contribution To Education
Savings Account (previously
Education IRA) |
$2,000 |
$2,000 |
$2,000 |
$2,000 |
$500 |
| Maximum Child Tax Credit |
$1,000
|
$1,000
|
$1,000 |
$1,000 |
$500 |
|
|
|
|
|
|
|
|
Business
Deductions |
|
|
2009 |
2010 |
2011 |
2012 |
2013 |
| Section 179 Deduction |
$250,000 |
$500,000 |
$500,000 |
$139,000 |
$25,000 |
| Phaseout Amount
|
$800,000 |
$2
mil |
$2
mil |
$560,000 |
$200,000 |
|
Dividend
Tax Rates |
|
|
2009 |
2010 |
2011 |
2012 |
2013 |
| Tax Rate
On Dividends Received From U.S. And Some Qualified Foreign Companies |
15% |
15% |
15% |
15% |
% |
| Tax Rate On Dividends For
Low Income Taxpayers (10% and 15% Brackets) |
5% |
5% |
5% |
5% |
% |
|
|
|
|
|
|
|
|
Auto
And Transportation Allowances |
|
|
2009 |
2010 |
2011 |
2012 |
2013 |
| Business Mileage Rate** |
.55 |
.50 |
**.555 |
.555 |
.565 |
| Medical/Moving Mileage Rate |
.24 |
.165 |
**.235 |
.23 |
.24 |
| Charity Mileage Rate |
.14 |
.14 |
.14 |
.14 |
.14 |
| Vehicle/Transit Pass Limit |
$120 |
$230 |
$230 |
$125 |
$125 |
| Qualified Parking Limit |
$230 |
$230 |
$230 |
$240 |
$240 |
**The business mileage rate was raised from .51 to .555 effective
July 1, 2011 through December 31, 2011 and the medical/moving mileage
rate was raised from .19 to .235 effective July 1, 2011 through
December 31, 2011
***The business mileage rate was raised to .585 effective July 1,
2008 through December 31, 2008 and the medical/moving mileage rate
was raised to .27 effective July 1, 2008 through December 31, 2008
Inclusion
Amount For Leased Autos (smbiz.com)
|
|
Federal
Income Tax Schedules |
|
IRS
2012
Individual Tax Table |
|
2012
Individual Tax Rate Schedules |
|
2012
Individual Tax Rate Schedules |
|
2000-2013
Corporate Tax Rates |
|
|
|
Social
Security and Self-Employment Tax |
|
|
2009 |
2010 |
2011 |
2012 |
2013 |
| FICA Taxable Maximum Earnings |
$106,800 |
$106,800 |
$106,800 |
$110,100 |
$113,700 |
| FICA Tax Rate On Employee |
6.2% |
6.2% |
4.2% |
4.2% |
6.2% |
| Tax on Self-Employment Earnings |
12.4% |
12.4% |
10.4% |
10.4% |
12.4% |
| Medicare Taxable Maximum Earnings |
No
Limit |
No
Limit |
No
Limit |
No
Limit |
No
Limit |
| Medicare Tax Rate on Employee |
1.45% |
1.45% |
1.45% |
1.45% |
1.45%** |
| Medicare Tax on Self-Employment
Earnings |
2.9% |
2.9% |
2.9% |
2.9% |
2.9% |
| Social Security Earnings Cap -
Recipients Under 65 |
$14,160 |
$14,160 |
$14,160 |
$14,640 |
$14,640 |
| Social Security Earnings Cap -
Recipients 65-69 * |
No
Limit |
No
Limit |
No
Limit |
No
Limit |
No
Limit |
| Social Security Earnings Cap -
Recipients Over 70 |
No
Limit |
No
Limit |
No
Limit |
No
Limit |
No
Limit |
| For More Social Security Limits : SSA.gov |
* While the earnings cap
was dropped for persons over 65 as of January 1, 2000, there remains
an earnings cap of ($37,680 in 2009) during the
retiree's 65th year for those months prior to the actual birthday.
**Beginning in 2013, there is an additional .9% Medicare tax on single
taxpayers earning more than $200,000 and joint filers earning more
than $250,000.
|
|
Retirement
Plan Amounts |
|
|
2009 |
2010 |
2011 |
2012 |
2013 |
| Limit on 401(k) Elective Deferrals |
$16,500 |
$16,500 |
$16,500 |
$17,000 |
$17,500 |
| Allowable Catch-Up Contribution For
Employees 50 and Over |
$5,500 |
$5,500 |
$5,500 |
$5,500 |
$5,500 |
| Compensation Limit Under 401(a)(17),
404(I) and 408(k)(3)(C) |
$245,000 |
$245,000 |
$245,000 |
$250,000 |
$255,000 |
| Deferral Limit Under A SIMPLE Plan |
$11,500 |
$11,500 |
$11,500 |
$11,500 |
$12,000 |
| SIMPLE Plan Deferral Limit - Age 50 |
$14,000 |
$14,000 |
$14,000 |
$14,000 |
$14,500 |
| Limit on Annual Benefit From A Defined
Benefit Plan |
$195,000 |
$195,000 |
$195,000 |
$200,000 |
$205,000 |
| Earnings Definition of Highly
Compensated Employee |
$110,000 |
$110,000 |
$110,000 |
$115,000 |
$115,000 |
| Limit on Deductible Contributions to
Defined Contribution Plans |
$49,000 |
$49,000 |
$49,000 |
$50,000 |
$51,000 |
| Compensation Limit To Trigger a SEP
|
$550
|
$550
|
$550 |
$550 |
$550 |
|
|
|
|
|
|
|
|
Estate
And Gift Amounts |
|
|
2009 |
2010 |
2011 |
2012 |
2013 |
| Annual Gift Exclusion |
$13,000 |
$13,000 |
$13,000 |
$13,000 |
$14,000 |
| Lifetime Gift Exclusion |
$1 million
|
$1 million
|
$5 million
|
$5.12 million
|
$1 million
|
| Estate Tax Exclusion |
$3.5 million
|
|
$5 million |
$5.12 million |
$1 million |
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|
