2012 Federal Income Tax Brackets
Marginal
Tax Rate
Single
Married Filing Jointly
or Qualified Widow(er)
Married Filing Separately
Head of Household
10%
$0 – $8,700
$0 – $17,400
$0 – $8,700
$0 – $12,400
15%
$8,700 – $35,350
$17,400 – $70,700
$8,700 – $35,350
$12,400 – $47,350
25%
$35,350 – $85,650
$70,700 – $142,700
$35,350 – $71,350
$47,350 - $122,300
28%
$85,650 – $178,650
$142,700 – 217,450
$71,350 – $108,725
$122,300 – $198,050
33%
$178,650 – $388,350
$217,450 – $388,350
$108,725 – $194,175
$198,050 – $388,350
35%
Over $388,350
Over $388,350
Over $194,175
Over $388,350
Keep in mind that you must itemize your deductions in order to gain a tax
benefit. Make sure that when itemized, your total deductions are greater than
your standard deduction. If they're not, stick with the standard deduction.
For 2012, the basic standard deductions are:
- Head of household - $8,000
- Married taxpayers filing jointly and qualifying widow(er)s - $10,900
- Married taxpayers filing separately - $5,450
- Single - $5,450
*Your standard deduction may be increased if you are age 65 or older or blind.