Benjamin I. Waxenberg, P.C.
Certified Public Accountants
Certified Public Accountants
Tax Facts
| 2012 | 2011 | 2010 | |
|---|---|---|---|
| Standard Deductions | |||
| Joint or Qualifying Widower | $11,900 | $11,600 | $11,400 |
| Single | $5,950 | $5,800 | $5,700 |
| Head of Household | $8,700 | $8,500 | $8,400 |
| Married Filing Separately | $5,950 | $5,800 | $5,700 |
| Taxpayer Claimed as Dependent of another | $950 | $950 | $950 |
| Personal / Dependent Exemption | $3,800 | $3,700 | $3,650 |
| Child Tax Credit | $1,000 | $1,000 | $1,000 |
| Unearned Income Without Kiddie Tax | $1,900 | $1,900 | $1,900 |
| Gift and Estate Tax | |||
| Applicable Credit Amount (Estate Tax) | $5,120,000 | $5,000,000 | $5,000,000 |
| Gift Tax Exemption | $5,120,000 | $5,000,000 | $1,000,000 |
| Gift Tax Annual Exclusion | $13,000 | $13,000 | $13,000 |
| FICA Tax Maximum Earnings | $110,100 | $106,800 | $106,800 |
| Auto Standard Mileage Allowances | |||
| Business | $0.555 | $0.51 (Jan - Jun) | $0.50 |
| Business | - | $0.555 (Jul - Dec) | - |
| Charity Work | $0.14 | $0.14 | $0.14 |
| Medical / Moving | $0.23 | $0.19 (Jan - Jun) | $0.17 |
| Medical / Moving | - | $0.235 (Jul - Dec) | - |
| Earnings Ceiling for Social Security | |||
| Below Full Retirement Age | $14,460 | $14,160 | $14,160 |
| Full Retirement Age | Unlimited | Unlimited | Unlimited |
| Maximum 401(k) Deferral | |||
| Annual Deferral | $17,000 | $16,500 | $16,500 |
| Catch-up Contributions | $5,500 | $5,500 | $5,500 |
| Simple Plan Deferral | |||
| Annual Deferral | $11,500 | $11,500 | $11,500 |
| Catch-up Contributions | $2,500 | $2,500 | $2,500 |
| IRA Contributions | |||
| Annual Contribution Limit | $5,000 | $5,000 | $5,000 |
| Catch-up Contributions | $1,000 | $1,000 | $1,000 |
| Section 179 Deduction | |||
| Deduction | $139,000 | $500,000 | $500,000 |
| Maximum Equipment Purchases | $560,000 | $2,000,000 | $2,000,000 |
| * Figures are Not Yet Available |
