PERSONAL EXEMPTION:
- Each personal or dependent exemption is worth $3,800.
STANDARD DEDUCTION:
-
$11,900 for married couples filing a joint return, and qualifying widows and widowers
-
$5,950 for singles and married individuals filing separate returns
-
$8,700 for heads of household
-
Taxpayers who are 65 or older or who are blind may be eligible for a higher standard deduction.
ALTERNATIVE MINIMUM TAX THRESHOLD:
-
$78,750 for a married couple filing a joint return, and qualifying widows and widowers
-
$50,600 for singles and heads of household
INCOME TAX BRACKETS:
- 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent
EARNED INCOME TAX CREDIT:
To qualify, income can be no greater than:
-
$45,060 ($50,270 married filing jointly) with three or more qualifying children
-
$41,952 ($47,162 married filing jointly) with two qualifying children
-
$36,920 ($42,130 married filing jointly) with one qualifying child
-
$13,980 ($19,190 married filing jointly) with no qualifying children
Investment income cannot be more than $3,200 or less for the year.
Maximum credit:
-
$5,891 with three or more qualifying children
-
$5,236 with two qualifying children
-
$3,169 with one qualifying child
-
$475 with no qualifying children
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CAPITAL GAINS:
ESTATE TAX
- Taxed at a top rate of 35 percent in 2012, with the first $5.12 million in value exempted for individual estates and $10.24 million for family estates
IRA CONTRIBUTIONS:
-
Traditional IRA contribution limit: $5,000
-
Additional contribution if over 50: $1,000
DEFERRED RETIREMENT ACCOUNTS
STANDARD MILEAGE RATES:
-
Business use:
55.5 cents a mile
-
Medical reasons or qualified move:
23 cents a mile
-
Charitable purposes:
14 cents a mile
[Associated
Press]
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