Tax Reference

Married Filling Joint Tax Bracket Single Tax Bracket Standard Deduction under/over 65
$0 – $17,850     10% $0 – $8,925     10% Married joint: $12,200    / $14,600
$17,851 – $72,500     15% $8.926 – $36,250   15% Single: $6,100 / $7,600
$72,501 – $146,400     25% $36,251 – $87,850  25% Head of household: $8,950 / $10,400
$146,401 – $223,050     28% $87,851 – $183,250   28%
$223,051 – $398,350     33% $183,251 – $398,350   33%
$398,351 – $450,000     35% $398,351 – $450,000   35%
Over – $450,000     39.6% Over – $450,000   39.6%

 

– Itemized Deductions phase out up to 80% for S/HH/M AGI over $250k/$275k/$300k
– All cash contributions must be substantiated by check or documentation from the charity to be deductible.
– Personal exemption: $3,900, and phase out
– Maximum earnings subject to FICA tax: $113,700
– Estimated tax payments are due by the 15th of Apr. Jun. Sep. and Jan.
– Annual per-donee gift tax exclusion is: $14,000
– Standard Mileage Rate: 56.5 cents
– Generally – Kiddie tax for under 18 years old with unearned income > $2,000.
– Generally, single dependents with income under $900 are not required to file a tax return.
– HSA deductible contribution limit: $3,250/single & $6,450/joint
– 3.8% Medicare surtax on net investment income for S/M over $200k/$250k
– 401(k) limit is: $17,500 plus $5,500 if >= 50
– Simple limit is: $12,000 plus $2,500 if >= 50
– IRA contribution (under age 50): $5,500
– IRA contribution (age 50 and over): $6,500
– 50% Bonus Depreciation: $500,000 before $2 million phase-out
– Qualified dividends & long term capital gains still: 0%/15%/20% for Single/Married > $400k/$450k
– Foreign earned income exclusion: $97,600
– HSA minimum deductible : $1,250/single & $2,500/joint
– 0.9% Medicare surtax for earned income S/M over $200k/$250k

To obtain additional tax information on the IRS website click the adjacent link: IRS.gov

Information contained herein is current as of 04/01/2013, subject to legislative changes and is not intended to be legal or tax advice.  Consult a qualified tax advisor regarding specific circumstances.