Tax Table & Definitions

2012 Tax rates:

Below are the resulting tax rates and income ranges for 2012:

Filing Status and Income Tax Rates 2012 Caution: Do not use these tax rate schedules to figure 2013 taxes. Use only to figure 2013 estimates.
Tax rate	Married filing jointly or Qualified Widow(er)	Single	Head of household	Married filing separately
10%	$0 - 17,400	$0 - 8,700	$0 - 12,400	$0 - 8,700
15%	$17,401 - 70,700	$8,701 - 35,350	$12,401 - 47,350	$8,701 - 35,350
25%	$70,701 - 142,700	$35,351 - 85,650	$47,351 - 122,300	$35,351 - 71,350
28%	$142,701 - 217,450	$85,651 - 178,650	$122,301 - 198,050	$71,351 - 108,725
33%	$217,451 - 388,350	$178,651 - 388,350	$198,051 - 388,350	$108,726 - 194,175
35%	over $388,350	over $388,350	over $388,350	over $194,175

Source: http://www.irs.gov/pub

Wages, salaries, tips, etc.

This is your total income for the year. To keep things simple this calculator assumes this is your net income, after deductions for retirement contributions such as 401(k)s, IRAs, etc.

Filing status

Choose your filing status. Your filing status determines the income levels for your Federal tax bracket. It is also important for calculating your standard deduction, personal exemptions, and deduction phase out incomes. The table below summarizes the five possible filing status choices. It is important to understand that your marital status as of the last day of the year determines your filing status.

Filing Status for 2012
Married filing jointly If you are married, you are able to file a joint return with your spouse. If your spouse died during the tax year, you are still able to file a joint return for that year. You may also choose to file separately under the status "Married filing separately".
Qualified Widow(er) Generally, you qualify for this status if your spouse died during the previous tax year (not the current tax year) and you and your spouse filed a joint tax return in the year immediately prior to their death. You are also required to have at least one dependent child or step child whom which you are the primary provider.
Single If you are divorced, legally separated or unmarried as of the last day of the year you should use this status.
Head of household This is the status for unmarried individuals that pay for more than half of the cost to keep up a home. This home needs to be the main home for the income tax filer and at least one qualifying relative. You can also choose this status if you are married, but didn't live with your spouse at anytime during the last six months of the year. You also need to provide more than half of the cost to keep up your home and have at least one dependent child living with you.
Married filing separately If you are married, you have the choice to file separate returns. The filing status for this option is "married filing separately".

For 2012, the standard deductions are $11,900 for married couples filing jointly (and qualified widow(er)), $5,950 for married couples filing separately and singles, and $8,700 for heads of household.

Are you someone's dependent?

You are a dependent if someone supports you and can claim a dependency exemption for you. Remember, if your parents can claim you, you cannot claim yourself.

Number of additional dependents

A dependent is someone you support and for whom you can claim a dependency exemption. In 2012, each dependent you claim entitles you to receive a $3,800 reduction in your taxable income (see exemptions below). In 2012, each dependent under the age of 17 also receives a tax credit of $1000. The credit is, however, phased out at higher incomes.

Itemized deductions

This is the total of your itemized deductions that you can include on schedule A of your Federal income taxes. For most people this includes realestate taxes paid for the year, interest on a mortgage and any charitable contributions. Other itemized deductions include medical expenses exceeding 7.5% of your adjusted gross income, and employee business expenses.