Income Tax Grids 2013 & 2012

Alternative minimum tax (AMT) 2012 2013
Maximum AMT exemption amount $78,750 (MFJ) $50,600 (Single/HOH) $39,375 (MFS) $80,800 (MFJ) $51,900 (Single/HOH) $40,400 (MFS)
Exemption phaseout threshold $150,000 (MFJ) $112,500 (Single/HOH) $75,000 (MFS) $153,900 (MFJ) $115,400 (Single/HOH) $76,950 (MFS)
26% rate applies to AMT income (AMTI) at or below (28% rate applies to AMTI above) this amount $175,000 ($87,500 if MFS) $179,500 ($89,750 if MFS)
Exemptions/itemized deductions 2012 2013
Personal & dependency exemptions $3,800 $3,900
Phaseout threshold for exemptions and itemized deductions N/A $300,000 (MFJ) $275,000 (HOH) $250,000 (Single) $150,000 (MFS)
Standard deduction 2012 2013
Standard deduction amount $11,900 (MFJ) $8,700 (HOH) $5,950 (Single) $5,950 (MFS) $12,200 (MFJ) $8,950 (HOH) $6,100 (Single) $6,100 (MFS)
Standard deduction for dependent Greater of $950 or $300 + earned income Greater of $1,000 or $350 + earned income
Additional deduction for aged/blind $1,450 (single or head of household) $1,150 (all other filing statuses) $1,500 (single or head of household) $1,200 (all other filing statuses)
Top tax brackets 2012 2013
Single 35% of taxable income exceeding $388,350 + $122,683.50 39.6% of taxable income exceeding $400,000 + $116,163.75
MFJ 35% of taxable income exceeding $388,350 + $105,062 39.6% of taxable income exceeding $450,000 + $125,846.00
MFS 35% of taxable income exceeding $194,175 + $52,531 39.6% of taxable income exceeding $225,000 + $62,923.00
HOH 35% of taxable income exceeding $388,350 + $109,229 39.6% of taxable income exceeding $425,000 + $121,364.50

 

Long term capital gains and qualifying dividends1 generally taxed at maximum rate of: 2012 2013
Taxpayers in top (39.6%) tax bracket N/A 20%
Taxpayers in 25%, 28%, 33%, and 35% tax rate brackets 15% 15%
Taxpayers in tax rate bracket 15% or less 0% 0%

1 Generally, qualifying dividends are dividends received by an individual shareholder from domestic and qualified foreign corporations

Unearned income Medicare contribution tax 2012 2013
Amount of tax N/A 3.80%
Applies to lesser of (a) net investment income or (b) modified adjusted gross income exceeding:    
Individuals N/A $200,000
Married filing jointly N/A $250,000
Married filing separately N/A $125,000

 

Standard mileage rates 2012 2013
Use of auto for business purposes (cents per mile) $0.555 $0.565
Use of auto for medical purposes (cents per mile) $0.23 $0.24
Use of auto for moving purposes (cents per mile) $0.23 $0.24
Use of auto for charitable purposes (cents per mile) $0.14 $0.14
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About William Lehnertz

Sharol Lehnertz is an Enrolled Agent with the authority to practice before any level of the Internal Revenue Service granted by The Department of the United States Treasury President of TLC Financial, Sharol is responsible for accounting, tax preparation and resolution services for the firm’s clients. Her Bachelor’s Degree in mathematics and post-graduate studies in accounting and tax law includes an enrolled agent designation obtained after a comprehensive 16-hour examination by the U.S. Department of the Treasury. Her experience ranges from assistant controller of a large metro newspaper, management of a tax preparation office and as a tax compliance officer for a large property management firm. Her organizational and communication skills, coupled with expertise in business tax and accounting methods, make her the ideal resource for businesses that want to succeed and grow. She has developed a special service for the firm’s clients that provides a group of CPA trained consulting professionals as temporary CFOs allowing new companies to afford the highest levels of accounting assistance and planning at very reasonable cost. Though armed with a long list of credentials that underscores her value to any client’s business, it’s her attention to the human aspects of business that makes those credentials effective. She embraces the client’s needs as her own and becomes the outside source of encouragement that is honest and genuine. She will be blunt with a client about their business when necessary and protective when outside bureaucracies get in the way of a client’s success. Excuse the pun, but with Sharol, you get Tender Loving Care - personal attention that counts.