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3112 Woodhaven Drive Cinnaminson, NJ 08077 omalleycpa@comcast.net Phone: 856-829-9100 Fax: 856-829-4422 |
Individual Tax Rates For 2011 & 2012
Federal
| 2011 (AGI less itemized or standard deductions and allowed exemptions) |
||||||
| Tax Rate | Single Income | Married Joint Income | ||||
| 10% | Up | to | $8,500 | Up | to | $17,000 |
| 15% | $8,500 | to | $34,500 | $17,000 | to | $69,000 |
| 25% | $34,500 | to | $83,600 | $69,000 | to | $139,350 |
| 28% | $83,600 | to | $174,400 | $139,350 | to | $212,300 |
| 33% | $174,400 | to | $379,150 | $212,300 | to | $379,150 |
| 35% | Over $379,150 | Over $379,150 | ||||
| 2012 (AGI less itemized or standard deductions and allowed exemptions) |
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| Tax Rate | Single Income | Married Joint Income | ||||
| 10% | Up | to | $8,700 | Up | to | $17,400 |
| 15% | $8,700 | to | $35,350 | $17,400 | to | $70,700 |
| 25% | $35,350 | to | $86,650 | $70,700 | to | $142,700 |
| 28% | $85,650 | to | $178,650 | $142,700 | to | $217,450 |
| 33% | $178,650 | to | $388,350 | $217,450 | to | $388,150 |
| 35% | Over $388,350 | Over $388,350 | ||||
New Jersey
TABLE A - Filing Status: Single, Married/ CU partner, filing separate return
2011
| STEP 1 | STEP 2 | STEP 3 | ||||||||
| If Taxable Income (Line 38) is: | Enter Line 38 | Multiply Line 38 by: | Subtract | Your Tax | ||||||
| Over | But not over | |||||||||
| $0 | $20,000 | X | .014 | = | - | $0 | = | |||
| $20,000 | $35,000 | X | .0175 | = | - | $70.00 | = | |||
| $35,000 | $40,000 | X | .035 | = | - | $682.50 | = | |||
| $40,000 | $75,000 | X | .05525 | = | - | $1,492.50 | = | |||
| $75,000 | $400,000 | X | .0637 | = | - | $2,126.25 | = | |||
| $400,000 | $500,000 | X | .08 | = | - | $8,646.25 | = | |||
| $500,000 | $1,000,000 | X | .1025 | = | - | $19,896.25 | = | |||
| $1,000,000 | And over | X | .1075 | = | - | $24,896.25 | = | |||
2012
| STEP 1 | STEP 2 | STEP 3 | ||||||||
| If Taxable Income (Line 38) is: | Enter Line 38 | Multiply Line 38 by: | Subtract | Your Tax | ||||||
| Over | But not over | |||||||||
| $0 | $20,000 | X | .014 | = | - | $0 | = | |||
| $20,000 | $35,000 | X | .0175 | = | - | $70.00 | = | |||
| $35,000 | $40,000 | X | .035 | = | - | $682.50 | = | |||
| $40,000 | $75,000 | X | .05525 | = | - | $1,492.50 | = | |||
| $75,000 | $500,000 | X | .0637 | = | - | $2,126.25 | = | |||
| $500,000 | And over | X | .0897 | = | - | $15,126.25 | = | |||
TABLE B - Filing Status: Married/CU couple, filing joint return, Head of household, Qualifying widow(er)/surviving CU partner
2011
| STEP 1 | STEP 2 | STEP 3 | ||||||||
| If Taxable Income (Line 38) is: | Enter Line 38 | Multiply Line 38 by: | Subtract | Your Tax | ||||||
| Over | But not over | |||||||||
| $0 | $20,000 | X | .014 | = | - | $0 | = | |||
| $20,000 | $50,000 | X | .0175 | = | - | $70.00 | = | |||
| $50,000 | $70,000 | X | .0245 | = | - | $420.00 | = | |||
| $70,000 | $80,000 | X | .035 | = | - | $1,154.50 | = | |||
| $80,000 | $150,000 | X | .05525 | = | - | $2,775.00 | = | |||
| $150,000 | $400,000 | X | .0637 | = | - | $4,042.50 | = | |||
| $400,000 | $500,000 | X | .08 | = | - | $10,562.50 | = | |||
| $500,000 | $1,000,000 | X | .1025 | = | - | $21,812.50 | = | |||
| $1,000,000 | And over | X | .1075 | = | - | $26,812.50 | = | |||
2012
| STEP 1 | STEP 2 | STEP 3 | ||||||||
| If Taxable Income (Line 38) is: | Enter Line 38 | Multiply Line 38 by: | Subtract | Your Tax | ||||||
| Over | But not over | |||||||||
| $0 | $20,000 | X | .014 | = | - | $0 | = | |||
| $20,000 | $50,000 | X | .0175 | = | - | $70.00 | = | |||
| $50,000 | $70,000 | X | .0245 | = | - | $420.00 | = | |||
| $70,000 | $80,000 | X | .035 | = | - | $1,154.50 | = | |||
| $80,000 | $150,000 | X | .05525 | = | - | $2,775.00 | = | |||
| $150,000 | $500,000 | X | .0637 | = | - | $4,042.50 | = | |||
| $500,000 | And over | X | .0897 | = | - | $17,042.50 | = | |||
Pennsylvania
| Currently, all income is taxed at 3.07% |
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