Paul Lysan CPA � Tax Rates

Paul T. Lysan, CPA, CFA

Tax Rates

2008 Rates	2009 Rates	2010 Rates
2011 Tax Rates

2011 Tax Rates Schedule X - Single
If taxable income is over --	But Not Over --	The Tax is:
$0	$8,500	10% of the taxable amount
$8,500	$34,500	$850 plus 15% of the amount over $8,500
$34,500	$83,600	$4,750 plus 25% of the amount over $34,500
$83,600	$174,400	$17,025 plus 28% of the amount over $83,600
$174,400	$379,150	$42,449 plus 33% of the amount over $174,400
$379,150	no limit	$110,016.50 plus 35% of the amount over $379,150

2011 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)
If taxable income is over --	But Not Over --	The Tax is:
$0	$17,000	10% of the taxable amount
$17,000	$69,000	$1,700 plus 15% of the amount over $17,000
$69,000	$139,350	$9,500 plus 25% of the amount over $69,000
$139,350	$212,300	$27,087.50 plus 28% of the amount over $139,350
$212,300	$379,150	$47,513.50 plus 33% of the amount over $212,300
$379,150	no limit	$102,574 plus 35% of the amount over $379,150

2011 Tax Rates Schedule Y-2 - Married Filing Separately
If taxable income is over --	But Not Over --	The Tax is:
$0	$8,500	10% of the taxable amount
$8,500	$34,500	$850 plus 15% of the amount over $8,500
$34,500	$69,675	$4,750 plus 25% of the amount over $34,500
$69,675	$106,150	$13,543.75 plus 28% of the amount over $69,675
$106,150	$189,575	$23,756.75 plus 33% of the amount over $106,150
$189,575	no limit	$51,287 plus 35% of the amount over $189,575

2011 Tax Rates Schedule Z - Head of Household
If taxable income is over --	But Not Over --	The Tax is:
$0	$12,150	10% of the taxable amount
$12,150	$46,250	$1,215 plus 15% of the amount over $12,150
$46,250	$119,400	$6,330 plus 25% of the amount over $46,250
$119,400	$193,350	$24,617.50 plus 28% of the amount over $119,400
$193,350	$379,150	$45,323.50 plus 33% of the amount over $193,350
$379,150	no limit	$106,637.50 plus 35% of the amount over $379,150

2011 Tax Rates Estates & Trusts
If taxable income is over --	But Not Over --	The Tax is:
$0	$2,300	15% of the taxable amount
$2,300	$5,450	$345 plus 25% of the amount over $2,300
$5,450	$8,300	$1,132.50 plus 28% of the amount over $5,450
$8,300	$11,350	$1,930.50 plus 33% of the amount over $8,300
$11,350	no limit	$2,937 plus 35% of the amount over $11,350

Social Security 2011 Tax Rates
Base Salary	$106,800
Social Security Tax Rate	4.2%
Maximum Social Security Tax	$4,485.60
Medicare Base Salary	Unlimited
Medicare Tax Rate	1.45%

Education 2011 Tax Rates
American Opportunity Tax Credit	$2,500
Lifetime Learning Credit	$2,000
Student Loan Interest Deduction	$2,500
Coverdell Education Savings Contribution	$2,000

Miscellaneous 2011 Tax Rates
Personal Exemption	$3,700
Business Equipment Expense Deduction: Used	$500,000
Business Equipment Expense Deduction: New	$2,000,000
Prior-year safe harbor for estimated taxes of higher-income	110% of your 2010 tax liability
Standard mileage rate for business driving	Before July 1st: 51 cents After July 1st: 55.5 cents
Standard mileage rate for medical/moving driving	Before July 1st: 19 cents After July 1st: 23.5 cents
Standard mileage rate for charitable driving	14 cents
Child Tax Credit	$1,000
Unearned income maximum for children before kiddie tax applies	$950
Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket	0%
Maximum capital gains tax rate for taxpayers above the 15% bracket	15%
Capital gains tax rate for unrecaptured Sec. 1250 gains	25%
Capital gains tax rate on collectibles	28%
Maximum contribution for Traditional/Roth IRA	$5,000 if under age 50 $6,000 if 50 or older
Maximum employee contribution to SIMPLE IRA	$11,500 if under age 50 $14,000 if 50 or older
Maximum Contribution to SEP IRA	25% of compensation up to $49,000
401(k) maximum employee contribution limit	$16,500 if under age 50 $22,000 if 50 or older
Self-employed health insurance deduction	100%
Estate tax exemption	$5,000,000
Annual Exclusion for Gifts	$13,000

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