2012 Federal Employees Almanac

Chapter 14, Section 2: Individual Income Tax Rates

  • By Almanac Staff
  • February 19, 2012
2011 Federal Tax Rate Schedules
(For Wages Paid in 2011)
Note: These tax rate schedules are provided for tax planning purposes. To compute your actual income tax, please see the instructions from the IRS for Form 1040, 1040A, or 1040EZ as appropriate.
SCHEDULE X—SINGLE PERSON
If taxable
income is over		 But not over The tax is
$0 $8,500 10% of the amount over $0
$8,500 $34,500 $850 plus 15% of the amount over $8,500
$34,500 $83,600 $4,750 plus 25% of the amount over $34,500
$83,600 $174,400 $17,025 plus 28% of the amount over $83,600
$174,400 $379,150 $42,449 plus 33% of the amount over $174,400
$379,150 no limit $110,016.50 plus 35% of the amount over $379,150
SCHEDULE Y-1—MARRIED FILING JOINTLY OR
QUALIFYING WIDOW(ER)
If taxable
income is over		 But not over The tax is
$0 $17,000 10% of the amount over $0
$17,000 $69,000 $1,700 plus 15% of the amount over $17,000
$69,000 $139,350 $9,500 plus 25% of the amount over $69,000
$139,350 $212,300 $27,087.50 plus 28% of the amount over $139,350
$212,300 $379,150 $47,513.50 plus 33% of the amount over $212,300
$379,150 no limit $102,574 plus 35% of the amount over $379,150
SCHEDULE Y-2—MARRIED FILING SEPARATELY
If taxable
income is over		 But not over The tax is
$0 $8,500 10% of the amount over $0
$8,500 $34,500 $850 plus 15% of the amount over $8,500
$34,500 $69,675 $4,750 plus 25% of the amount over $34,500
$69,675 $106,150 $13,543.75 plus 28% of the amount over $69,675
$106,150 $189,575 $23,756 plus 33% of the amount over $106,150
$189,575 no limit $51,287 plus 35% of the amount over $189,575
SCHEDULE Z—HEAD OF HOUSEHOLD
If taxable
income is over		 But not over The tax is
$0 $12,150 10% of the amount over $0
$12,150 $46,250 $1,215 plus 15% of the amount over $12,150
$46,250 $119,400 $6,330 plus 25% of the amount over $46,250
$119,400 $193,350 $24,617.50 plus 28% of the amount over $119,400
$193,350 $379,150 $45,323.50 plus 33% of the amount over $193,350
$379,150 no limit $106,637.50 plus 35% of the amount over $379,150

Personal Exemptions

The personal exemption amount for 2011 and 2012, as indexed for inflation, is $3,700. A personal exemption amount may not be claimed for a full-time student after the child reaches the age of 24 unless the child’s gross income does not exceed the annual exemption amount of $3,700.

Standard Deduction Amounts

The basic standard deduction amounts for 2010 and 2011, as adjusted for inflation, are:

Filing status 2011 2012
Married Filing Jointly and Surviving Spouse $11,600 $11,600
Married Filing Separately $5,800 $5,800
Single $5,800 $5,800
Head of Household $8,500 $8,500

The additional standard deduction amount for married taxpayers who are 65 or older, or blind, is $1,150 in 2011 and 2012. For a single or head-of-household taxpayer--not a surviving spouse--over the age of 65, the additional standard deduction amount is $1,450 in 2011 and 2012.

For an individual who can be claimed as a dependent on another person’s return, the basic standard deduction for 2011 and 2012 cannot exceed the greater of $950 or $300 plus the individual’s earned income. That deduction cannot be more than the regular basic standard deduction amount of $5,800 in 2011 and 2012.

Alternative Minimum Tax

Individual taxpayers are subject to a two income tax system--the regular income tax and the alternative minimum tax (AMT). They must compute their tax under each system and pay the greater of the two amounts.

As of 2010, a two-tiered graduated rate structure applies to alternative minimum taxable income (AMTI) assuming capital gains do not apply:

(1) 26 percent on net AMTI up to $175,000 ($87,500 if married filing separately); and

(2) 28 percent on net AMTI above $175,000 ($87,500 if married filing separately).

Note that long-term capital gains and qualified dividends are taxed at the same rate for regular tax and AMT purposes. An AMT exemption amount is allowed by phase-out as AMTI reaches certain thresholds.

AMT Exemption Amounts for 2011
Filing Status Maximum Exemption Reduced by 25 percent of AMTI over Exemptions Eliminated at AMTI of
Single or Head of Household
$48,450
$112,500
$302,500
Married Filing Jointly or Qualifying Widow
$74,450
$150,000
$439,800
Married Filing Separately
$37,225
$75,000
$219,900

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