AMT Exemption Amounts for 2010

Legislated as part of the Tax Relief Act of 2010:

$47,450 for single and head of household filers,

$72,450 for married people filing jointly and for qualifying widows or widowers, and
$36,225 for married people filing separately.

AMT Exemption Amounts for 2011

Legislated as part of the 2010 Tax Relief Act:

$48,450 for single and head of household filers,

$74,450 for married people filing jointly and for qualifying widows or widowers, and
$37,225 for married people filing separately.

AMT Exemption Amounts for 2012

The alternative minimum tax exemption amounts for 2012 are scheduled to revert to the following levels:

$33,750 for single and head of household filers,

$45,000 for married people filing jointly and for qualifying widows or widowers, and
$22,500 for married people filing separately.

Source: Code Section 55(d)(1). Lower exemption levels mean that more taxpayers will be subject to the alternative
minimum tax calculations.
AMT Tax Rates
The exemption amounts mean that this amount of AMT taxable income is not subject to the AMT. Income over these
amounts may be subject to AMT. Unlike the ordinary tax rates, the AMT has only two tax brackets. The AMT tax rate is
assessed only on AMT income over the exemption amount. The AMT tax rates are:

26% on the first $175,000 of AMT taxable income, and

28% on the remainder of AMT taxable income

AMT Exemption Amounts: Married - $45,000; Single: $33,750

Personal and dependency exemption: $3800
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Corporate Income Tax Rates--2012, 2011, 2010, 2009, 2008, 2007, 2006, 2005
Taxable income over Not over Tax rate
$

0
$ 50,000
15%
50,000
75,000
25%
75,000
100,000
34%
100,000
335,000
39%
335,000
10,000,000
34%
10,000,000
15,000,000
35%
15,000,000
18,333,333
38%
18,333,333
..........
35%

Personal Service Corporations

Personal service corporations are subject to a flat tax of 35% regardless of their income.
Personal Holding Company
Personal holding companies are subject to an additional tax at 15% (higher in 2002 and prior years) on any
undistributed personal holding company income. (Code Sec. 541)
Accumulated Earnings Tax
In addition to the regular tax, a corporation may be liable for an additional tax at 15% (higher in 2002 and prior
years) on accumulated taxable income in excess of $250,000 ($150,000 for personal service corporations). (Code Sec.
531)
Miscellaneous Business Data
Maximum Section 179 Expense Deduction
2012
2011
2010
2009
2008
2007
$139,000 $500,000 $500,000 $250,000 $250,000

2006
$125,000

$108,000

Phaseout--$560,000 for 2012; $2,000,000 for 2011; $2,000,000 for 2010; $800,000 for 2009; $800,000 for 2008;
$500,000 for 2007; $430,000 for 2006.
Note. An increased Sec. 179 deduction is available to enterprise zone businesses and renewal community business in
certain situations. In addition, an increased Sec. 179 deduction is available for certain Sec. 179 Disaster Assistance
property. Check the rules in place at the time the property is placed in service. Finally, the maximum deduction for
heavy sport utility vehicles and certain other vehicles is restricted to $25,000.

Tax Facts for Individuals--2012

Tax Rate--Single Taxpayers--2012

Taxable income:
Over But not over
$

0 $
8,700
35,350
85,650
178,650
388,350

Tax:
Tax
+% On amount over

8,700
$ 0.00 10
$ 0
35,350
870.00 15
8,700
85,650
4,867.50 25
35,350
178,650
17,442.50 28
85,650
388,350
43,482.50 33
178,650
.......
112,683.50 35
388,350

Tax Rates--Married Individuals Filing Joint and Surviving Spouses--2012

Taxable income:
Over But not over

Tax:
Tax
+% On amount over

$ 0 $ 17,400
$ 0.00 10
$ 0
17,400
70,700
1,740.00 15
17,400
70,700 142,700
9,735.00 25
70,700
142,700 217,450
27,735.00 28
142,700
217,450 388,350
48,665.00 33
217,450
388,350 .......
105,062.00 35
388,350
Tax Rates--Married Individuals Filing Separate--2012
Taxable income:
Tax:
Over But not over
Tax
+% On amount over
$

0 $
8,700
35,350
71,350
108,725
194,175

8,700
$ 0.00 10
$ 0
35,350
870.00 15
8,700
71,350
4,867.50 25
35,350
108,725
13,867.50 28
71,350
194,175
24,332.50 33
108,725
.......
52,531.00 35
194,175

Tax Rates--Heads Of Households--2012

Taxable income:
Over But not over

Tax:
Tax
+% On amount over

$ 0 $ 12,400
$ 0.00 10
$ 0
12,400
47,350
1,240.00 15
12,400
47,350 122,300
6,482.50 25
47,350
122,300 198,050
25,220.00 28
122,300
198,050 388,350
46,430.00 33
198,050
388,350 .......
109,229.00 35
388,350

Tax Facts for Individuals--2011

Tax Rate--Single Taxpayers--2011
Taxable income:
Over But not over
$

0 $
8,500
34,500
83,600
174,400
379,150

Tax:
Tax
+% On amount over

8,500
$ 0.00 10
$ 0
34,500
850.00 15
8,500
83,600
4,750.00 25
34,500
174,400
17,025.00 28
83,600
379,150
42,449.00 33
174,400
.......
110,016.50 35
379,150

Tax Rates--Married Individuals Filing Joint and Surviving Spouses--2011

Taxable income:
Tax:
Over But not over
Tax
+% On amount over
$ 0 $ 17,000
$ 0.00 10
$ 0
17,000
69,000
1,700.00 15
17,000
69,000 139,350
9,500.00 25
69,000
139,350 212,300
27,087.50 28
139,350
212,300 379,150
47,513.50 33
212,300
379,150 .......
102,574.00 35
379,150
Tax Rates--Married Individuals Filing Separate--2011
Taxable income:
Over But not over
$

0 $
8,500
34,500
69,675
106,150
189,575

Tax:
Tax
+% On amount over

8,500
$ 0.00 10
$ 0
34,500
850.00 15
8,500
69,675
4,750.00 25
34,500
106,150
13,543.75 28
69,675
189,575
23,756.75 33
106,150
.......
51,287.00 35
189,575

Tax Rates--Heads Of Households--2011

Taxable income:
Over But not over

Tax:
Tax
+% On amount over

$ 0 $ 12,150
$ 0.00 10
$ 0
12,150
46,250
1,215.00 15
12,150
46,250 119,400
6,330.00 25
46,250
119,400 193,350
24,617.50 28
119,400
193,350 379,150
45,323.50 33
193,350
379,150 .......
106,637.50 35
379,150