2013 INCOME TAX RATES & INFORMATION

Marginal Ordinary Income Tax Rates

Single
Rate Over To
10% 0 8,925
15% 8,925 36,250
25% 36,250 87,850
28% 87,850 185,250
33% 183,250 398,350
35% 398,350 400,000
39.6% 400,000  
Head of Household
Rate  From  To 
10% 0 12,750
15% 12,750 48,600
25% 48,600 125,450
28% 125,450 203,150
33% 203,150 398,350
35% 398,350 425,000
39.6% 425,000  
Married Filing Jointly *
Rate  From  To 
10% 0 17,850
15% 17,850 72,500
25% 72,500 146,400
28% 146,400 223,050
33% 223,050 398,350
35% 398,350 450,000
39.6% 450,000  
Married Filing Separately
Rate  From  To 
10% 0 8,925
15% 8,925 36,250
25% 36,250 73,200
28% 73,200 111,525
33% 111,525 199,175
35% 199,175 225,000
39.6% 225,000  
* Including Qualifying Widow(er)

Standard Deduction

Filing Status Amount
Single $6,100
Head of Household $8,950
Married Filing Joint/Qualifying Widow(er) $12,200
Married Filing Separately $6,100
   
Additional Standard Deduction if Blind or Age 65+  
Single $1,500
Head of Household $1,500
Married Filing Joint/Qualifying Widow(er) $1,200
Married Filing Separately $1,200
   
Standard Deduction for Dependents  
Regular amount $1,000
Maximum amount is earned income plus $350 up to allowed standard deduction based on filing status  

Personal Exemptions

For 2013, the personal exemption is $3,900. Note: If someone else can claim you as a dependent, then you cannot claim your own personal exemption.

Phaseout of Personal Exemptions for 2013

Filing Status Phaseout Begins Phaseout Ends
Married Filing Jointly 300,000 422,500
Qualifying Widow(er) 300,000 422,500
Head of Household 275,000 397,500
Single 250,000 372,500
Married Filing Separately 150,000 211,250

Capital Gains - Long Term and Short Term

Type of Asset Short-Term Tax Rate Long-Term Tax Rate Unearned Medicare Contribution Surtax
Collectibles Ordinary Tax Rates 28% Potential 3.8%
Depreciation Recapture Ordinary Tax Rates 25% Potential 3.8%
Qualified Small Bus Stock Ordinary Tax Rates 28% after exclusion Potential 3.8%
Other Capital Assets Ordinary Tax Rates 0%, 15%, or 20% Potential 3.8%
  10% 0%  
  15% 0%  
  25% 15%  
  28% 15%  
  33% 15% Potential 3.8%
  35% 15% Potential 3.8%
  39.6% 20% Potential 3.8%

If you need tax assistance for your 1040 individual income tax return or your corporate 1120, S-Corp 1120S, or partnership 1065 tax returns, give Jeff Jackson CPA a call at (678) 919-1250 to schedule an appointment. You can also submit your information via the Contact Us form and someone will call you shortly.