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Resource Center: 2011 Tax Info

2011 Tax Information

Filing Requirements

Singleunder 65$9,350
65 or older$10,750
Head of Householdunder 65$12,000
65 or older$13,400
Married, filing jointlyunder 65 (both spouses)$18,700
65 or older (one spouse)$19,800
65 or older (both spouses)$20,900
Married, filing separatelyany age$3,650
Qualifying widow(er)
with dependent child
under 65$15,050
65 or older$16,150

Standard Deductions

Single$5,700
Married filing joint returns/Qualifying Widow(er)$11,400
Head of household$8,350
Married, filing separate return$5,700
Dependent standard deduction minimum$950 or Earned income + $300

Exemptions

Personal and Dependent Amount $3,650
Single phaseout begins: $166,800
Joint returns or surviving spouse phaseout begins: $250,200
Head of Household phaseout begins: $208,500
Married, filing separate return phaseout begins: $125,100

Limit on Itemized Deductions

Married, filing separate (phase-out starts) $83,400
Others (phase-out starts) $166,800
Casualty Loss (AGI Threshold) 10% and must exceed $500
Medical Deduction (AGI Threshold) 7.5%
Miscellaneous Itemized (AGI Deduction Floor) 2%

Capital Gains Rate (Assets held more than 12 mos.)

For taxpayers in higher brackets 15%
For taxpayers in the 10% or 15% bracket 0%
High Rate:
Collectibles (coins, art, antiques) 28%
Recaptured gain on real estate (Sec. 1250 gain) 25%
Dividends, qualified (Post-December 31, 2002) 15%

Transportation & Travel

Fringe Benefit: Employer-provided passes and vehicles $120/mo.
Fringe Benefit: Qualified parking limit $230/mo.
Business Mileage Rate .55
Charitable Mileage Rate 14/mi.
Medical and Moving Mileage Rate .24
Depreciation component of Standard Mileage Rate 21/mi.
High Cost Per Diem Travel Rate $256
Low Cost Per Diem Travel Rate $158

Retirement Pension Plans

Maximum Annual Benefit for Defined Benefit Plan$185,000
Maximum Annual Contribution Defined Contribution Plan$46,000
Highly Compensated Employee Definition (In general)$100,000
SEP De minimis Compensation Amount$500
SEP Nondiscrimination Compensation Amount$230,000
401(k) Maximum Compensation Amount$220,000
401(k) Maximum Exclusion (In general) $16,500
IRA Deduction Limit (In general)$5,000
Catch-up Contributions (Extra amount for individuals over age 50):
Traditional and Roth IRAs $6000 total
SIMPLEs $2,500
401(k), 403(b) and 457 Plans $22,000 total
SIMPLE Contribution Limit $11,500
Saver's Tax Credit (Maximum)$2,000
Employer's Start-up Tax Credit (For establishing retirement plan)$500

Estate and Gift Taxes

Gift Purposes $345,800
Estate Gift Purposes $780,800
Annual Gift Tax Exclusion Amount (per person) $13,000
State Death Tax Threshold Amount $3,100,000
Estate/Gift Tax Rate (before phase-out) 49%
State Death Tax Credit 50%

Payroll Taxes

Soc. Sec. (Self-employed) Combined Rate (OASDI + Medicare) 12.4%
Soc. Sec. (Employer or Employee) Rate (OASDI + Medicare) 2.9%
OASDI Maximum Base $106,800
Medicare Rate 1.45%
Social Security Rate 6.2%
FUTA Wage Base $7,000
Nanny Tax Threshold $1,400

Education Provisions

Hope Scholarship Credit - now for 1st-4th years of college Up to $2,500/up to 40% is refundable
Lifetime Learning Credit - all years of post-secondary education and for courses to acquire or improve job skills $2,000
Coverdell Education Savings Account Contribution $2,000
Higher Education Deduction $4,000
Student Loan Interest Deduction $2,500
U.S. Savings Bond Interest Exclusion (phase-out range):
Married, filing joint return $104,900 - $134,900
Single, Head of Household $69,950 - $84,950
Married filing separate return $0
Teacher's Classroom Expense Deduction $250 This may be going away

Key Penalty Rates

Failure to File Return 5% per month
(max 25%) of
tax due
Failure to Pay Tax 1/2 of 1%
per month
(max 25%) of
tax due
Substantial Understatement of Tax
(greater than $5,000 or 10% of the proper tax)
20% of the
underpayment
attributable to the understatement

Home Sale Gain Exclusion

Joint Filers $500,000
Single Filers $250,000

Federal Tax Rates

Married filing separately $8350 $33,950 $68,525 $104,425 $186,475 Over $186,475
Single $8,350 $33,950 $82,250 $171,550 $372,950 Over $372,950
Head of Household $11,950 $45,500 $117,450 $190,200 $372,950 Over $372,950
Married filing jointly or Qualifying widow(er) $16,700 $67,900 $137,050 $208,850 $372,950 Over $372,950

Source(s):

J.K. Lasser's - Your Income Tax 2008, IRS.gov, wikipedia.org

Earned Income Credit - Maximum amounts available

With 1 qualifying child $3,043
With 2 qualifying children $5,028
With 3 qualifying children $5,657
No qualifying child $457

Maximum Earnings Before EIC Eliminated for Single, HOH, Qualifying Widow(er)

With no children $13,440
With one child $35,463
With two children $40,295
With three children $43,279

Maximum Earnings Before EIC Eliminated for Married Filing Joint

With no children $18,440
With one child $40,463
With two children $45,295
With three children $48,279