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3200 S12 2011 tax tables

3200 S12 2011 tax tables - 0m Handbook 2011 Key Amounts...

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Unformatted text preview: 0m Handbook 2011 Key Amounts Earned Income Credit (Maximum): Standard Deduction: MFJ or QW‘ .. $11,600 No children $ 464 Single2 5.800 1 child 3,094 HOH2 8,500 2 children... 5.112 MFS‘... 5,800 >2 children" 5. 751 .... ... 950a Investment Income iimzt ..... 3150 Personal Exem tron .............. $ 3 700 Kiddie Tax Threshold ............ 3 1 900 Elective Deferral Limits: <age 50 239950 118.450 SIMPLE iRA $11,500 5 14.000 37.225 401 k 16.500 22,000 Section 179 Deduction Limits: AMT Exemption: MFJ or QW Single or HOl-I .. MFS ...................................... Standard Mileage Rates: 1/1——6/30 7/1——12/31 Business.............. 51¢ 55.5¢ Medicallmoving.... 19¢ 23.505 SUV (per 0000).. Charitable ............ 14¢ 14¢ Qualified real property. lAcid $1.150 forage 65 or olderor blind. each. 2 Add $1,450 for age 65 or older or blind. each, 3 if greater, amount of earned income pius $300 (but not to exceed $5,800). $74,450 ....$500, 000 25, 000 250.000 Overal1... 2011 Social Security Highlights Maximum Earnings Subject to: Social Security tax Medicare lax Tax Rates Employee: $106,600 No Limit SocialSecurity tax 4.20% Mediéare tax 1.45 Self Employed: Social Security tax.. 10.40 Medicare tax... 2.90 Maximum Earnings and Stili Receive Full Benefits: Under full retirement age {FRA).. Year FRA reached ...................... FRA or older 5 14.160 37,680 No Limit 3Y0151 and over Form 1040 201 1 Tax Year 2011 Quick Tax Method* MFJ or 0W Taxabie Income 35 0 — $ 17.000 10% 17,001 — 69.000 15% 69,001 — 139.350 25% 139,351 — 212,300 28% 212,301 — 379,150 33% 379 151 and over 35% Sin - Ie Taxable Income $ 0 $ 8.500 1 ' 5 0.00 8.501 34,500 ' 425.00 34.501 83.600 3,075.00 83.601 174.400 6,383.00 174,401 — 379,150 15,103.00 22 686.00 minus 5 0.00 minus 850.00 minus 7,750.00 minus 11,930.50 minus 22,545.50 minus 30 129.50 1! ll 1| II I! If II II It ll If I] 0 $ 12.150 ' 5 0.00 12,151 46,250 ’ 607.50 46.251 119.400 5,232.50 119.401 193,350 8,814.50 193.351 — 379.150 18,482.00 379 151 and over 26 065.00 0 $ 8.500 10% 8,501 34,500 15% 34,501 69,675 25% 69,676 106,150 29% minus 5,965.25 Tax 106,151 - 189.575 33% minus 11,272.75 Tax 189,576 and over 35% minus 15,064.25 Tax ‘ Assumes taxable income is ail ordinary income. Multiply taxable income by the applicable tax rate and subtract the amount shown. Although this method differs item the IRS Tax Rate Schedutes. the results are the same. 11111 Caution: IRS Tax Tabies must be used for taxable income under $100,000. To calculate the exact tax using the Quick Tax Method for taxable income under $100,000, round taxable income to the nearest $25 or $75 increment before using the formula. Round $50 or $100 increments up. minus 6 0.00 minus 425.00 minus 3,875.00 Tax Tax Tax Ill If I! II II Education Savings Student Loan interest Deduction 2011 AGI Phase-Out AmountsiRan - es Lifetime Learning American Opportunity Credit Credit L Tuition and Fees Bond interest Education Savings Deduction‘ Exclusion Account ESA 01300001950000 5120.000—5150000 51050500130550 $160.000—$180.000 0100.000—5220000 55.0001 00.000 50.000— 75.000 105,050— 130.050 51.000— 01.000 00.000- 00.000 95.000— 110.000 50.000— 75.000 71.100— 00.100 51.000— 51.000 00.000— 00.000 05.000— 110.000 55.0001 00.000 50.000— 75.000 71.100~ 00.100 51.000- 51.000 00.000— 00.000 05,000— 110,000 ‘ Do NothaII'fy Do NotQuatify Do NotQuaIi Do Nothalify 95.000" 110.000___ Earned Income Credit3 Traditional iRA Roth IRA Adoption Crectit‘ No Chiid 1Child 2Chiidren >2 Children Deduction‘ Contribution CreditiExclusion 1115.1 510.740 $41,132 546.044 040.070 5 00000—500000 51500004170000 steam—5225.210 w 75.000 25.250 13.550 35.052 40.004 43.000 90.000— 110.000 150.000— 170.000 105.210.. 225.210 Siggie 75.000 20.250 13.550 05.052 40.054 43.000 55,000— 50.000 107.00 122.000 105.210— 225.210 HOH 75.000 42,375 13.000 35.052 40.054 43.005 55.000— 00.000 107.000-122000 . 105.210~ 225,210 MFS 55.000 20,250 00 5101005113; 05— 10,000 05— 10000 DoNotQuali ’ The phase-out amounts for the $4,000 and $2,000 deductions, respectively, are shown. 2 Amount at which phaseout begins. 3 Amount atwhich phase-001' 15 complete. ‘ Phase- o-utoniy applies if taxpayer' Is an active participant In a retirement pian. For MFJ. spouse is $169. 0005179. 000. 5 Married individuals filing MFS who live apart at alt times during the year are treated as s phase~out range tor non- participating THOMSON REUTERS' ingle. r-1.oto"doickrinaer® Handbook Copyright 2011 Thomson Reuters. All Rights Reserved. iSSN 1945-3035 iSBN 978-0—7646w5750-X PO Box 966, Fort Worth TX 76101-0966 Phone 600-510-8997 Fax 617-877-3694 Quickfinderthomsoncom The 1040 Citriclriinc‘era Handbook is published by Thomson Reuters. Reproduction is prohibited without written permission of the publisher. Not assignable without consent. The 1040 Quickfinder“ Handbook is to be used as a first—source. quick reference to basic tax principles used in preparing individual income tax retums. The focus of this handbook is to present often-needed reference information in a concise. easy—to-use format. The summaries. highlights, tax tips and other information included herein are intended to apply to the average individual taxpayeronly. information included is genera! in nature and we acknowledge the existence of many exceptions in the area of income tax. The information this handbook contains has been carefully compiled from sources believed to be reliable. but its accuracy is not guaranteed. The author/publisher is not engaged in rendering legal. accounting orotheradvice and will not be held liable {or any actions or suit based on this handbook. For further information regarding a specific situation, see applicable tRS publications. rulings. regulationsI court cases and Code sections. This handbook is not intended to be used as your only reference source. ' 2012KeAmounts ' .-'s'i'ahéiii'rfld'osdcciioii.-:~ Age 65 Standard or Older Deduction or Blind (each) MFJ. OW $11,900 6 1.150 Single .............. 5.950 1.450 HOH ............ 8.700 1,450 MFS 5.950 1,150 Personal Exam Ition -' Dependent Children: Greater ot$950 or the amount of earned income plus $300 (not to exceed $5,950)‘ *Blind dependent: Add $1,150 .kiddié-iaxiriiiésn'oib -- s sonoo Traditional |RA Deduction Retirement Plan Amounts : ' Phase-Gut Begins at AGI'of SIMPLE lRA Elective Deferral Limit MFJ.1 QW‘ ......................... $ 92.000 5 11.500 iviFJ2 173.000 14.000 Single‘ 58.000 401(k) Elective Deferral Limit -.'Profit-'Sharin Plant-SEPI- Contribution itmii Hot-0.. . 56.000 <age 50.. 5 “£7,000 MFS’ 0 2 one 50 22,500 ‘ Covered in emIlo er retirement den 2 Noncovered s-ouse Updates For supplemental information to the material in this handbook, please refer to the Updates section of our website: Quickfinden thomson.com Join in on our Message Board Do you have a client~specitic question? Visit Quickflndenthomson. com and post your question on the Quickiinder Message Board! if you have any questions We wetcome comments and questions from readers. However. our response is limited to verification of specific information presented in the Quickfinder® Handbooks. We cannot give advice on a client‘s tax situation or provide information beyond the contents of this publication. Questions must be submitted in writing by mail, fax or online at Quickflndeitthomsoncom (Content Questions on the Contact Us page}. Research editors are not availabte to answer questions over the phone. 17 27 $ 0 €7,401 70,701 142,701 217,451 386 351 0 6.701 35.351 65.651 176.651 368 351 $ 12.401 47.351 122.301 190.051 366 351 $ 0 6.701 35.351 71.351 106.726 194.176 ‘ Assumes taxable income is all ordinary income. Multiply taxable income by the applicable tax rate and subtract the amount shown. Although this method differs Nit-d or QW Taxable inc older. is .9 1. child's earned income is reater than haifot his su H11. 4030:} plans. a Children working for parents‘ unincorporated business su - Exemption for dependent children who are full-time-students expires. - Can purchase savings bonds and exclude income used for education. - Kiddie lax no ion-er a I Ilies. m Taxpayers with no children qualify for ElC. income exclusion for health insurance coverage and self—employed health insurance deduction for coveraIe of children we 26 and ou IIerexires. Generally must distribute ESA when beneficiary reaches age 30. - Eligibte for catch-up contributions to lRAs. SIMPLE-iRAs. 401(k) and from a Iovernmenial defined benefit Iension IlanI if retired. not an iRA) it separated from service. Eli- this for catch—u I Roth IRAdistributions are tax-free if an Roth held for at teast5 ears. contributions to HSAs. longer subject to a 20% penalty. - Eli-ible for credit for the elderl . 0y, - Contributions no longer ailowed to traditional iRAs. - Required minimum distributions irons retirement plans (other than Roth 6 17,400 10,700 142.700 217.450 — 386.350 and over 6 6.700 35.350 85.650 178.650 — 368,350 and over $ 12.400 47.350 122,300 198,050 388,350 and over IRAs must be-in. £52012 Quickie-inside ome minus minus minus minus minus minus - Non-itemizers become eligible for a higher standard deduction. - Taxpayers with no children no ionger qualify for BC. 0.00 870.00 7,940.00 12,221.00 23,093.50 30 660.50 0.00 435.00 3.97000 6,539.50 15,472.00 23 239.00 $ 0.00 620.00 5,355.00 9.024.00 18,926.50 26 693.50 I A.e “ Cannot claim a child care credit for children age 13 or otder - Cannot claim $1,000 child tax credit for children age 17 or older - Children working for parents' unincorporated business subject to FICA. - Generally cannot contribute to an ESA for children age 16 or older. . Adoption creditor exclusion generatly unavailable forchildren age 16 or - Taxpayer qualifies for saver's credit (if neither a dependent nor student). ' Kiddie tax no longer appiies at age 16 (or19—23 and full-time student) if Exemption for dependent children who are not full-time students expires. bject to FUTA. - Qualified pubiic safety employees eligible for penalty—free withdrawats " - Eligible for penalty-free withdrawal from empioyer retirement plan (but - HSA and MSA withdrawals not used for medical costs are taxed but no . Penalty for early withdrawal from retirementaccounts expires. 7 11 II H II H II II il ll II II II ll 11 II I! II it $ 6.700 35.350 71.350 108.725 — 194.175 and over 0.00 435.00 3,970.00 6,110.50 11,546.75 15.43025 from the tRS Tax Rate Schedules, the results are the same. 111% Caution: lRS Tax Tables must be used ior taxable income under $100,000. To calculate the exact tax using the Quick Tax Method for taxable income under $100,000. round taxable income to the nearest $25 or $75 increment before using the formula. Round $50 or $100 increments up. Copyright 2011 Thomson Reuters. All Rights Reserved. The Quicklinder logo and Quickiinders Handbooks are trademarks of Thomson Reuters. II [E ii II H II ...
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