The IRS has finalized the 2012 federal income tax brackets, but most people aren't concerned with these numbers until next year. Most taxpayers won't need to deal with the 2012 rates until early 2013.
While tax laws are always in flux, and things could change before 2012 tax returns are due in April 2013, the new tax brackets are official. They increase each year due to inflation. I’ll update these tax tables if the IRS announces any changes. For those who like to get a head start on their tax planning, these tables will at least provide a starting point.
Here are the tax tables for 2012, applicable for taxpayers filing by April 2013, still in the distant future. Keep in mind that the “taxable income” used in these tables is not your gross income. Taxable income already has certain deductions removed, like 401(k) contributions.
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 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 plus 28% of the excess over $142,700 |
| Over $217,450 but not over $388,350 | $48,665 plus 33% of the excess over $217,450 |
| Over $388,350 | $105,062 plus 35% of the excess over $388,350 |
| Standard deduction | $11,900 |
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 |
| Standard deduction | $8,700 |
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 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 |
| Standard deduction | $5,950 |
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 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 |
| Standard deduction | $5,950 |
-Article originally posted on Consumerism Commentary
If your confused or have questions, please contact us. We'll help you figure it out. We speak tax, so you don't have to. Give us a call today.
Security Tax Services LLC
North Sound South Sound
2802 Wetmore Ave, Suite 212 33530 1st Way S, Suite 102
Everett, WA 98201 Federal Way, WA 98003
425.339.2400 253.237.0751
fax 425.259.1099 fax 253.237.0701
No comments:
Post a Comment