The final figures for the 2012 Income Tax Brackets have been confirmed by the IRS (pdf file). The current tax rate structure we use has been in place since 2003 and consists of 6 rates: 10%, 15%, 25%, 28%, 33% and 35%. These 6 tax rates will remain in effect through 2012, but we expect to see a change for 2013. The tables below provide you with an easy way to calculate your marginal tax liability based on your taxable income and your filing status.
And if youre still focused on taxes for last year (arent we all?), you can check out the official 2011 federal tax brackets, too.
The other related information the IRS has confirmed are the standard deductions. With this information you will know what type of deduction you can expect if you take the standard deduction. Here is what we have for 2012:
- The standard deduction for single filers will rise to $5,950.
- The standard deduction when married and filing jointly will rise to $11,900.
When it comes to exemptions, for 2012 the personal and dependency exemption will increase to $3,800.
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