The 2012 tax brackets have been calculated and are listed below. Some of the key changes to the 2012 tax brackets include:
Standard Deduction Increase:
- For Singles: $5,950 (up $150 from 2011)
- For Married Filing Jointly: $11,900 (up $300 from 2011)
The 2012 tax brackets actually translate to more savings for the average income earner. As you look through the 2012 tax table below, you’ll see that the 2012 tax bracket amounts are higher than the 2011 tax bracket amounts. This means that a larger portion of your income is taxed at the lower rate.
The difference is minimal, but it’s still worth pointing out. These are projected tax brackets calculated from the Tax Foundation.
2012 Tax Bracket Table
| Table 2 Key Tax Parameter Amounts for 2012 |
||
| Tax Parameter | 2011 Amount | 2012 Amount |
| Standard Deduction | ||
| For singles | $5,800 | $5,950 |
| For married filing jointly | $11,600 | $11,900 |
| For heads of households | $8,500 | $8,700 |
| For married filing separately | $5,800 | $5,950 |
| Personal Exemption | $3,700 | $3,800 |
| Tax Bracket Thresholds for Single Filers | ||
| 10% rate | $0 | $0 |
| 15% rate | $8,500 | $8,700 |
| 25% rate | $34,500 | $35,350 |
| 28% rate | $83,600 | $85,650 |
| 33% rate | $174,400 | $178,650 |
| 35% rate | $379,150 | $388,350 |
| Tax Bracket Thresholds for Heads of Households | ||
| 10% rate | $0 | $0 |
| 15% rate | $12,150 | $12,400 |
| 25% rate | $46,250 | $47,350 |
| 28% rate | $119,400 | $122,300 |
| 33% rate | $193,350 | $198,050 |
| 35% rate | $379,150 | $388,350 |
| Tax Bracket Thresholds for Married Filing Jointly | ||
| 10% rate | $0 | $0 |
| 15% rate | $17,000 | $17,400 |
| 25% rate | $69,000 | $70,700 |
| 28% rate | $139,350 | $142,700 |
| 33% rate | $212,300 | $217,450 |
| 35% rate | $379,150 | $388,350 |
| Tax Bracket Thresholds for Married Filing Separately | ||
| 10% rate | $0 | $0 |
| 15% rate | $8,500 | $8,700 |
| 25% rate | $34,500 | $35,350 |
| 28% rate | $69,675 | $71,350 |
| 33% rate | $106,150 | $108,725 |
| 35% rate | $189,575 | $194,175 |
| Source: Tax Foundation calculations using BLS CPI-U Data | ||
This table was produced by the Tax Foundation
