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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