Tax Facts
| Individual Tax Rates for Tax Year 2011 | ||
| Tax Rate | Single Taxable Income |
Married/Joint Taxable Income |
| 10% | 0 -- $8,500 | 0 -- $17,000 |
| 15% | $8,500 -- $34,500 | $17,000 -- $69,000 |
| 25% | $34,500 -- $83,600 | $69,000 -- $139,350 |
| 28% | $83,600 -- $174,400 | $139,350 -- $212,300 |
| 33% | $174,400 -- $379,150 | $212,300 -- $379,150 |
| 35% | over $379,150 | over $379,150 |
| Corporate Tax Rates for Tax Year 2011 | |
| Income | Tax Rate |
| 0 -- $50,000 | 15% |
| $50,000 -- $75,000 | 25% |
| $75,000 -- $100,000 | 34% |
| $100,000 -- $335,000 | 39% |
| $335,000 -- $10,000,000 | 34% |
| $10,000,000 -- $15,000,000 | 35% |
| $15,000,000 -- $18,333,333 | 38% |
| $18,333,333 and above | 35% |
| Certain personal service corporations | 35% |
| Miscellaneous Deductions/Exemptions - Tax Year 2011 | |
| Standard Deduction - Married Filing Joint Return | $11,600 |
| Standard Deduction - Single | $5,800 |
| Personal/Dependent Exemption | $3,700 |
| Maximum Deferral on 401(k) and 403(b) Plans 2011/Catch Up | $16,500/$22,000 |
| Self-Employed Health Insurance Deduction | 100% |
| Standard Mileage Rates 2012 and 2011 | |
| Business | 55.5¢ for 2012 - 55.5¢ for (7/1/11-12/31/11) - 51¢ for (1/1/11-6/30/11) |
| Charitable | 14¢ for 2012 and 2011 |
| Medical/Moving | 23¢ for 2012 - 23.5¢ for (7/1/11-12/31/11) - 19¢ for (1/1/11-6/30/11) |
| FICA Rates 2012 and 2011 | |
| Maximum FICA Earnings | $110,100 for 2012 - $106,800 for 2011 |
| FICA Tax Rate | 4.2% -Employee Portion /6.2% -Employer Portion |
| Medicare Tax Rate | 1.45% |
| Self-Employment | 13.3% up to $18,350; 15.3% up to $110,100 for 2012 - 15.3% for 2011 |
| Depreciation Lives | |
| Category | Years |
| Software | 3 |
| Autos and computers | 5 |
| Office equipment | 7 |
| Residential real property | 27.5 |
| Commercial real property | 39.0 |
| Section 179 limitation | 2011 $500,000 |
| Federal Filing Dates - 2011 Tax Year | |
| Individuals | April 17, 2012 |
| Trusts/Estates | 15th day of 4th month after year end |
| Partnerships/LLPs | 15th day of 4th month after year end |
| S Corporations | 15th day of 3rd month after year end |
| C Corporations/LLCs | 15th day of 3rd month after year end |
| Non-Profits | 15th day of 5th month after year end |
| Pension/Benefit Plans | last day of 7th month after year end |
