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Federal Income Tax Rates 2012
Following is the information available in brief on the federal income tax rates as scheduled for the year 2012 as given in official government website.
There are four different tables for paying your tax depending under which tax slab you fall in. They are categorized as single, married-joint, married-separate and head of the family.
Tax Rates For Singles
As for singles, the standard deduction up to $8,700 is 10% TI (Taxable Income), Similarly, tax rates deductibles of $870 + 15% up to $35,350. Likewise, the tax rate is $4,867.5 + 25% when TI is below $85,650. Moreover, the tax rises to $112,683.5 + 35% for salaries above $388,350.
Tax Rates For Married Couple-Jointly
The deductibles for married couples filing joint tax returns are now $ 11,900, which is $300 up than in 2011. Tax rates of $1,740 + 15%, when the combined TI is below $70,700. Moreover, couples having a combined TI of up to $142,700, need to pay a tax of $9,735 + 25%. A tax rate may increase up to $105,062 + 35% in case the total TI exceeds beyond $388,350.
Tax Rate For Married But Separate Returns
Deductibles up to $8,700 are 10% over taxable income. Similarly, the rate rises to $870 + 15% when the TI is up to $35,350 and $4,867.5 + 25% when the TI is up to $71,350. Moreover, tax rates are high at $52,531 + 35% when the TI is beyond $ 194,175.
Tax Rates For The Head Of The House
Similarly, one could estimate the rise, which states 10% tax up to TI of $12,400. Above which the tax is $1,240 + 15%. For TI above $47,350, tax is $6,483.5 + 25%. Moreover, the tax benefit is whooping 109,229 + 35% for TA amount grossing above $ 388,350.