What 2012 Federal Income Tax Brackets Mean for You

| December 20, 2012

tax rates by income levels After the merriment of the holiday season is over, it’s time to wrap up your finances for the year and get ready to file your 2012 federal tax forms. DexKnows can help you find tax experts in your area to prepare your return or provide specific advice for your unique situation. You can also look to online tax tools to help you get the job done.

How much will you pay this year? That depends on a number of factors, including what the tax rate is for your current income bracket. The IRS adjusts these brackets each year based on inflation, according to Novel Investor. The rate you’ll pay will vary on whether you are single or married and whether you’re filing jointly or separately.

For single folks, the tax brackets are as follows, according to State Farm Insurance:

  • 10% for income between $0 – $8,700
  • 15% for income between $8,700 and $35,350
  • 25% for income between $35,350 and $85,650
  • 28% for income between $85,650 and $178,650
  • 33% for income between $178,650 and $388,350
  • 35% for income over $388,350

For married couples filing jointly, the tax brackets are:

  • 10% for income between $0 to $17,400
  • 15%, for income between $17,400 to $70,700
  • 25% for income between $70,700 and $142,700
  • 28% for income between $142,700 and $217,450
  • 33% for income between $217,450 and $388,350
  • 35% for income over $388,350

For married folks filing separately, the brackets are as follows:

  • 10% for income between $0 and $12,400
  • 15% for income between $8,700 and $35,350
  • 25% for income between $35,350 and $71,350
  • 28% for income between $71,350 and $108,725
  • 33% for income between $108,725 and $194,175
  • 35% for income over $194,175

For head of household, the brackets are:

  • 15% for income between $12,400 and $47,350
  • 25% for income between $47,350 and $122,300
  • 28% for income between $122,300 and $198,050
  • 33% for income between $198,050 and $388,350
  • 35% for income over $388,350

These tax brackets are only effective for 2012. New tax brackets will be created for 2013 taxes. Before the April tax deadline approaches, take time to organize the information you’ll need for your return. According to the Internal Revenue Service, it’s wise to keep careful records related to all of your deductions. You should also keep any and all tax records in a safe place. Think locked file cabinet, not kitchen counter. And be certain to get documentation from all qualified charities you plan to contribute to before the year ends.

DexKnows can put you in touch with professionals who can answer your questions about your 2012 tax return and help make sure it’s prepared properly.

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Category: Accountants & Tax Preparers, Taxes

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