Key Facts and Figures Flashcards
Personal exemption amount per person
$3,950
Personal exemption phaseout
Phaseout of 2% for every $2500 ($1250) MFS or fraction thereof that AGI exceeds the following amounts…
Personal exemption – single (phaseout begins at)
$254,200
Personal exemption – married filing jointly or surviving spouse (phaseout begins at)
$305,050
Personal exemption – married filing separately (phaseout begins at)
$152,525
Personal exemption – head of household
$279,650
Personal exemption – head of household (phaseout begins at)
$279,650
Phaseout of itemized deductions – single (phaseout begins at)
$254,200
Phaseout of itemized deductions – married filing jointly or surviving spouse (phaseout begins at)
$305,050
Phaseout of itemized deductions – married filing separately (phaseout begins at)
$152,525
Employment taxes: Social Security tax rate – employer’s portion
6.2%
Phaseout of itemized deductions – head of household (phaseout begins at)
$279,650
Employment taxes: Social Security tax rate – employee’s portion
6.2%
Employment taxes: Social Security tax rate – total for self-employed individual
12.4%
Maximum amount of earning subject to Social Security taxes
$117,000
Employment taxes: Medicare tax rate – employee’s portion (on all net self-employment income)
1.45%
Employment taxes: Medicare tax rate – employer’s portion
1.45%
Employment taxes: Medicare tax rate – total for self-employed individual (on all net self-employment income)
2.9%
Employment taxes: Medicare tax rate – employee’s additional Medicare surtax on earnings above $200,000 ($250,000 MFJ, $125,000 MFS)
0.9%
Maximum amount of earnings subject to medicare taxes
Unlimited
Total employment taxes: Employer’s portion
7.65%
Total employment taxes: Employee’s portion
7.65%
Total employment taxes for self-employed individual
15.3%
Percentage of self-employed earnings subject to self-employment (SE) taxes
92.35%
Percentage of self-employment (SE) taxes deducted above-the-line (calculated without 2% payroll tax cut in 2012)
50%
Kiddie Tax: Amount not subject to tax due to personal exemption
$1,000
Kiddie Tax: Amount taxed at child’s rate of 10%
$1,000
Kiddie Tax: Unearned income above these amounts taxed at parents’ marginal tax rate
Unlimited
Child Tax Credit: Child tax credit per child
$1,000
Child Tax Credit Phaseout
Phaseout of $50 for every $1,000 or fraction thereof that AGI exceeds the following amounts (completely phased out if AGI exceeds threshold by $20,000 per child)
Child Tax Credit – Single (phaseout begins at)
$75,000
Child Tax Credit – married filing jointly or surviving spouse (phaseout begins at)
$110,000
Child Tax Credit – married filing separately (phaseout begins at)
$55,000
Child Tax Credit – head of household (phaseout begins at)
$75,000
Child or Dependent Care Credit (Maximum amount of qualifying expenses): One child or dependent
$3,000
Child or Dependent Care Credit (Maximum amount of qualifying expenses): Two or more children or dependents
$6,000
Child or Dependent Care Credit: AGI amount when credit reduced to 20% level
$43,000
Child or Dependent Care Credit (Maximum credit, assuming taxpayer’s AGI at 20% level): one child or dependent
$600
Child or Dependent Care Credit (Maximum credit, assuming taxpayer’s AGI at 20% level): Two or more children or dependents
$1,200
American Opportunity Tax Credit (Credit percentage amounts): First $2,000
100%
American Opportunity Tax Credit (Credit percentage amounts): Second $2,000
25%
American Opportunity Tax Credit: Maximum credit
$2,500
American Opportunity Tax Credit – Single (phaseout range)
$80,000 - $90,000
American Opportunity Tax Credit – married filing jointly or surviving spouse (phaseout range)
$160,000 - $180,000
American Opportunity Tax Credit – married filing separately (phaseout range)
$0 - $0
American Opportunity Tax Credit – head of household (phaseout range)
$80,000 - $90,000
Lifetime Learning Credit (Credit percentage amounts): First $10,000
20%
Lifetime Learning Credit: Maximum credit
$2,000
Lifetime Learning Credit – married filing jointly or surviving spouse (phaseout range)
$108,000 - $128,000
Lifetime Learning Credit – Single (phaseout range)
$54,000 - $64,000
Lifetime Learning Credit – married filing separately (phaseout range)
$0 - $0
Lifetime Learning Credit – head of household (phaseout range)
$54,000 - $64,000
Above-the-line deduction for educational loan interest payments
$2,500
Educational Loan Interest Deduction – Single (phaseout range)
$65,000 - $80,000
Educational Loan Interest Deduction – married filing separately (phaseout range)
$0 - $0
Educational Loan Interest Deduction – married filing jointly or surviving spouse (phaseout range)
$130,000 - $160,000
Educational Loan Interest Deduction – head of household (phaseout range)
$65,000 - $80,000
Above-the-line deduction for tuition and related expenses: AGI limitations to claim up to the full $4,000 above-the-line deduction
Expired
Above-the-line deduction for tuition and related expenses: AGI limitations to claim up to $2,000 above-the-line deduction if AGI exceeds the limits above for the $4,000 deduction
Expired
Tax-free treatment on Series EE bonds – Single (phaseout range)
$76,000 - $91,000
Tax-free treatment on Series EE bonds – Married filing jointly or surviving spouse (phaseout range)
$113,950 - $143,950
Tax-free treatment on Series EE bonds – Married filing separately (phaseout range)
$76,000 - $91,000
Tax-free treatment on Series EE bonds – Head of household (phaseout range)
$76,000 - $91,000
Standard Deductions – Single
$6,200
Standard Deductions – MFJ or surviving spouse
$12,400
Standard Deductions – MFS
$6,200
Standard Deductions – Head of Household
$9,100
Standard Deductions – Married: Additional standard deduction amount if age 65 or older or blind
$1,200
Standard Deductions – Unmarried: Additional standard deduction amount if age 65 or older or blind
$1,550
Standard Deductions – Taxpayer is claimed as a dependent with no earned income
$1,000
Standard Deductions – Taxpayer is claimed as a dependent with earned income
earned income plus $350 (maximum of $6,200)
Coverdell ESA contribution limit
$2,000
Coverdell ESA – Single (phaseout range)
$95,000 - $110,000
Coverdell ESA – Married filing jointly or surviving spouse (phaseout range)
$190,000 - $220,000
Coverdell ESA – Married filing separately (phaseout range)
$95,000 - $110,000
Coverdell ESA – Head of household (phaseout range)
$95,000 - $110,000
Section 179 deduction amount
$25,000
Section 179 limit on property placed in service
$200,000
Tax rates for capital gains and dividends – 39.6% tax bracket
20%
Tax rates for capital gains and dividends – 25%, 28%, 33%, and 35% tax bracket
15%
Tax rates for capital gains and dividends – 10% or 15% tax bracket
0%
Tax rates for capital gains and dividends – For single taxpayers with AGI over ___, an additional 3.8% Medicare Contribution tax will apply to capital gains to the extent that Net Investment Income exceeds the threshold.
$200,000
Tax rates for capital gains and dividends – For MFJ taxpayers with AGI over ___, an additional 3.8% Medicare Contribution tax will apply to capital gains to the extent that Net Investment Income exceeds the threshold.
$250,000
Tax rates for capital gains and dividends – For MFS taxpayers with AGI over ___, an additional 3.8% Medicare Contribution tax will apply to capital gains to the extent that Net Investment Income exceeds the threshold.
$125,000
AMT exemption amounts – Single
$52,800
AMT exemption amounts – MFJ or surviving spouse
$82,100
AMT exemption amounts – MFS
$41,050
AMT exemption amounts – Head of Household
$52,800
AMT exemption phaseout
25% of AMTI that exceeds the following amounts
Phaseout of AMT exemption – Single
$117,300
Phaseout of AMT exemption – MFJ or surviving spouse
$156,500
Phaseout of AMT exemption – MFS
$78,250
Phaseout of AMT exemption – Head of Household
$117,300
AMT tax rates – 26% on income up to
$182,500
AMT tax rates – 28% on income over
$182,500
Income tax rates: Trusts – 15%
$2,500
Income tax rates: Trusts – 25%
$5,800
Income tax rates: Trusts – 28%
$8,900
Income tax rates: Trusts – 33%
$12,150
Income tax rates: Trusts – 35%
n/a
Income tax rates: Trusts – 39.6%
unlimited
