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|  | | Bakari Financial Solutions | | Earn It. Keep It. Save It. |
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2011 Tax Rates - Single Taxpayers - Standard Deduction $5,800
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10%
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0 to $8,500
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15%
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$8,500 to $34,500
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25%
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$34,500 to $83,600
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28%
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$83,600 to $174,400
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33%
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$174,400 to $379,150
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35%
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Over $379,150
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2011 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $11,600
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10%
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0 to $17,000
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15%
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$17,000 to $69,000
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25%
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$69,000 to $139,350
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28%
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$139,350 to $212,300
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33%
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$212,300 to $379,150
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35%
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Over $379,150
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2011 Tax Rates - Married Filing Separately - Standard Deduction $5,800
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10%
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0 to $8,500
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15%
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$8,500 to $34,500
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25%
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$34,500 to $69,675
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28%
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$69,675 to $106,150
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33%
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$106,150 to $189,575
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35%
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Over $189,575
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2011 Tax Rates - Head of Household - Standard Deduction $8,500
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10%
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0 to $12,150
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15%
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$12,150 to $46,250
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25%
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$46,250 to $119,400
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28%
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$119,400 to $193,350
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33%
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$193,350 to $379,150
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35%
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Over $379,150
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2011 Tax Rates - Estates & Trusts
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15%
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0 to $2,300
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25%
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$2,300 to $5,450
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28%
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$5,450 to $8,300
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33%
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$8,300 to $11,350
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35%
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Over $11,350
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Social Security
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2011 Tax Rates
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Social Security Tax Rate: Employers
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6.2%
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Social Security Tax Rate: Employees
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4.2%
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Social Security Tax Rate: Self-Employed
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10.4%
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Maximum Taxable Earnings
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$106,800
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Medicare Base Salary
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Unlimited
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Medicare Tax Rate
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1.45%
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Miscellaneous
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2011 Tax Rates
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Personal Exemption
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$3,700
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Business expensing deduction: New Equipment
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$2,000,000
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Business expensing deduction: Used Equipment and Software
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$500,000
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Prior-year safe harbor for estimated taxes of higher-income
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110% of your 2010 tax liability
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Standard mileage rate for business driving
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51 cents
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Standard mileage rate for medical/moving driving
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19 cents
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Standard mileage rate for charitable driving
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14 cents
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Child Tax Credit
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$1,000
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Unearned income maximum for children under 19 before kiddie tax applies
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$950
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Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket
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0%
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Maximum capital gains tax rate for taxpayers above the 15% bracket
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15%
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Capital gains tax rate for unrecaptured Sec. 1250 gains
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25%
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Capital gains tax rate on collectibles
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28%
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Maximum contribution for Traditional/Roth IRA
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$5,000 if under age 50
$6,000 if 50 or older
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Maximum employee contribution to SIMPLE IRA
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$11,500 if under age 50
$14,000 if 50 or older
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Maximum Contribution to SEP IRA
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25% of eligible compensation
up to $49,000
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401(k) maximum employee contribution limit
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$16,500 if under age 50
$22,000 if 50 or older
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Self-employed health insurance deduction
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100%
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Estate tax exemption
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$5,000,000
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Annual Exclusion for Gifts
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$13,000
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Education
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2011 Tax Rates
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American Opportunity Credit (Hope)
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$2,500
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Lifetime Learning Credit
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$2,000
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Student Loan Interest Deduction
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$2,500
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Coverdell Education Savings Contribution
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$2,000
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