Faith and Finance
The projected 2012 tax brackets have been calculated and shared by the Tax Foundation. The 2012 tax figures were calculated and adjusted based on the CPI-U (consumer price index for urban consumers). Since the inflation rate for the period September 2012 through August 2011 was 2.43%, that figure was used to figure the 2012 tax brackets.
Here are the 2012 tax brackets as well as the 2012 standard deduction.
Standard Deduction Increase:
• For Singles: $5,950 (up $150 from 2011)
• For Married Filing Jointly: $11,900 (up $300 from 2011)
• Heads of Household: $8,700 (up $200 from 2011)
| 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 | ||
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