|
|
| QUICK ACCESS TAX DATA SHEET |
|
|
2010 |
|
|
2011 |
| Standard Deductions |
|
|
|
|
|
| Joint or
Qualifying Widower (MFJ) |
$11,400 |
|
|
$11,600 |
| Single |
|
5,700 |
|
|
5,800 |
| Head of Household (HOH) |
|
8,400 |
|
|
8,500 |
| Married
Filing Separately (MFS) |
5,700 |
|
|
5,800 |
| Additional
for Elderly/Blind—Married |
1,100 |
|
|
1,150 |
| Additional
for Elderly/Blind—Unmarried |
1,400 |
|
|
1,450 |
| Taxpayer
Claimed as Dependent (A) |
950 |
|
|
950 |
|
|
|
|
|
|
| (A)
If an individual who can be claimed as a dependent on
another's return has earned income, the |
| standard
deduction for 2010 is the greater of $950 or $300 plus the earned income (but
no more |
| than the standard
deduction) |
|
|
|
|
|
|
|
|
|
|
| Personal/Dependent
Exemption |
$3,650 |
|
|
$3,700 |
|
|
|
|
|
|
| Child Tax Credit |
|
$1,000 |
|
|
$1,000 |
| Child
Credit Phase-out Begins |
|
|
|
|
| Married Filing Joint |
|
110,000 |
|
|
110,000 |
| Single/HOH |
|
75,000 |
|
|
750,000 |
| (Credit
is reduced $50 for each $1,000 of AGI above Phase-out) |
|
|
|
|
|
|
|
|
|
|
| Unearned
Income without Kiddie Tax (<18 Yrs or Student) |
$1,900 |
|
|
$1,900 |
|
|
|
|
|
|
| Beginning/Ending
of Personal Exemption |
|
|
|
|
| Phase-out
Range—Based on AGI |
|
|
|
|
| MFJ |
|
Not
Applicable |
|
|
Not
Applicable |
| Single |
|
Not
Applicable |
|
|
Not
Applicable |
| HOH |
|
Not
Applicable |
|
|
Not
Applicable |
| MFS |
|
Not
Applicable |
|
|
Not
Applicable |
|
|
|
|
|
|
| Beginning
of Itemized Deduction |
|
|
|
|
| Phase-out
Range—Based on AGI |
|
|
|
|
| MFJ, Single, HOH |
|
Not
Applicable |
|
|
Not
Applicable |
| MFS |
|
Not
Applicable |
|
|
Not
Applicable |
|
|
|
|
|
|
| AMT Exemption Amount |
|
|
|
|
|
| MFJ |
|
$72,450 |
|
|
$74,450 |
| Single/HOH |
|
47,450 |
|
|
48,450 |
| MFS |
|
36,225 |
|
|
37,225 |
|
|
|
|
|
|
| Beginning/
Ending of AMT Exemption |
|
|
|
|
| Phase-out
Range—Based on AGI |
|
|
|
|
| MFJ |
|
$150,000 /
439,800 |
|
|
$150,000 /
447,800 |
| Single/HOH |
|
112,500 /
302,300 |
|
|
112,500 /
306,300 |
| MFS |
|
75,000 /
219,900 |
|
|
75,000 /
223,900 |
|
|
|
|
|
|
| Student
Loan Interest Deduction |
$2,500 |
|
|
$2,500 |
|
|
|
|
|
|
| Estimated
Tax Payments when AGI >150,000 |
110% |
|
|
110% |
|
|
|
|
|
|
| Adoption
Credit Phase out Begins |
$182,520 /
222,520 |
|
|
$185,210 /
225,210 |
| Credit Amount |
|
$13,170 |
|
|
$13,360 |
| Wisconsin Allowance |
|
$12,170 |
|
|
$12,170 |
|
|
|
|
|
|
| Gift and Estate Tax |
|
|
|
|
|
| Applicable
Exclusion Amount (Estate Tax) |
Unlimited |
|
|
$5,000,000 |
| Gift Tax Exemption |
|
1,000,000 |
|
|
5,000,000 |
| Gift Tax Annual Exclusion |
|
13,000 |
|
|
13,000 |
|
|
|
|
|
|
| Section 179 Deduction |
|
$500,000 |
|
|
$500,000 |
| Maximum
Equipment Purchase |
$2,000,000 |
|
|
$2,000,000 |
| Qualified
retail property - up to $250,000 of $500,000 limit |
|
|
|
|
|
|
|
|
|
|
| Auto
Standard Mileage Allowances |
|
|
|
|
| Business |
|
0.500 |
|
|
0.510 |
| Charity Work |
|
0.140 |
|
|
0.140 |
| Medical/Moving |
|
0.165 |
|
|
0.190 |
|
|
|
|
|
|
| Luxury
(Non-electric) Depreciation Limits |
|
|
|
|
| Autos |
|
|
|
|
|
| First Year: Regular |
(with Bonus Depr) |
$11,060 |
|
|
$11,060 |
| Second Year |
|
4,900 |
|
|
4,900 |
| Third Year |
|
2,950 |
|
|
2,950 |
| Fourth Year and Thereafter |
|
1,775 |
|
|
1,775 |
|
|
|
|
|
|
| Light Trucks and Vans |
|
|
|
|
|
| First Year: Regular |
(with Bonus Depr) |
$11,160 |
|
|
$11,160 |
| Second Year |
|
5,100 |
|
|
5,100 |
| Third Year |
|
3,050 |
|
|
3,050 |
| Fourth Year and Thereafter |
|
1,875 |
|
|
1,875 |
|
|
|
|
|
|
| Max
401(k) and 403(b) Deferral |
$16,500 /
22,000 |
|
(B) |
$16,500 /
22,000 |
| Max SIMPLE Deferral |
|
$11,500 /
14,000 |
|
(B) |
$11,500 /
14,000 |
| Max Salary |
|
$245,000 |
|
|
$245,000 |
| Max SEP Contribution |
|
$49,000 |
|
|
$49,000 |
| Max IRA Contribution |
|
$5,000 / 6,000 |
|
(B) |
$5,000 / 6,000 |
|
|
|
|
|
|
| (B)
The higher of the two limits applies only to those age 50
or older. |
|
|
|
|
|
|
|
|
|
| Roth
IRA Conversion AGI Limits |
Not
Applicable |
|
|
Not
Applicable |
| (Beginning in 2010
there will be no AGI Limit) |
|
|
|
|
|
|
|
|
|
|
| Roth IRA AGI Phase Out |
|
|
|
|
|
| MFJ |
|
$167,000 /
177,000 |
|
|
$169,000 /
179,000 |
| Single/HOH |
|
$105,000 /
120,000 |
|
|
$107,000 /
122,000 |
| MFS |
|
$0 / 10,000 |
|
|
$0 / 10,000 |
|
|
|
|
|
|
| Traditional
IRA AGI Phase Out When Active Participant |
|
|
|
|
| MFJ |
|
$89,000 /
109,000 |
|
|
$90,000 /
110,000 |
| Single/HOH |
|
$56,000 /
66,000 |
|
|
$56,000 /
66,000 |
| MFS |
|
$0 / 10,000 |
|
|
$0 / 10,000 |
|
|
|
|
|
|
| Traditional
IRA AGI Phase Out When |
|
|
|
|
| Spouse
is Active Participant |
|
|
|
|
| MFJ |
|
$167,000 /
177,000 |
|
|
$169,000 /
179,000 |
| MFS |
|
$0 / 10,000 |
|
|
$0 / 10,000 |
|
|
|
|
|
|
| Retirement
Savers Credit Amount |
$2,000 |
|
|
$2,000 |
| Retirement
Savers Credit AGI Phase-out Ending |
Up to AGI of: |
|
|
Up to AGI of: |
| 50% - MFJ |
|
$33,500 |
|
|
$34,000 |
| 20% - MFJ |
|
$36,000 |
|
|
$36,500 |
| 10% - MFJ |
|
$55,500 |
|
|
$56,500 |
| 50% - Single |
|
$16,750 |
|
|
$17,000 |
| 20% - Single |
|
$18,000 |
|
|
$18,250 |
| 10% - Single |
|
$27,750 |
|
|
$28,250 |
| 50% - HOH |
|
$25,125 |
|
|
$25,500 |
| 20% - HOH |
|
$27,000 |
|
|
$27,375 |
| 10% - HOH |
|
$41,625 |
|
|
$42,375 |
|
|
|
|
|
|
| Earnings
Ceiling for Social Security |
|
|
|
|
| Below Full Retirement Age |
|
$14,160 |
|
|
$14,160 |
| Full Retirement Age |
|
Unlimited |
|
|
Unlimited |
| (Full retirement
age for 2010 and later is 66 years old) |
|
|
|
|
|
|
|
|
|
|
| Social
Security Benefits become Taxable when Modified AGI (includes 1/2 Soc Sec Ben)
exceeds: |
| 0% Taxable Benefits - MFJ |
$0 - 32,000 |
|
|
$0 - 32,000 |
| 0% Taxable Benefits -
Single |
0 - 25,000 |
|
|
0 - 25,000 |
| Up to 50% Taxable - MFJ |
32,000 - 44,000 |
|
|
32,000 - 44,000 |
| Up to 50% Taxable - Single |
25,000 -
34,000 |
|
|
25,000 -
34,000 |
| Up to 85% Taxable - MFJ |
>44000 |
|
|
>44000 |
| Up to 85% Taxable - Single |
>34000 |
|
|
>34000 |
| (Federal
Only - Beginning January 1, 2008
Wisconsin will no longer tax social security benefits) |
|
|
|
|
|
|
|
| FICA/SE
Tax Max Earnings |
$106,800 |
|
|
$106,800 |
|
|
|
|
|
|
| HSA
Contribution Limits (FEDERAL ONLY).
Wisconsin does NOT allow a deduction. |
|
| Contribution
Limits - Married Filing Joint |
6,150 |
|
|
6,150 |
| Contribution
Limits - Single |
3,050 |
|
|
3,050 |
| Age
55 catch-up Contribution |
|
|
|
|
| Minimum
Deductible - Family Coverage |
2,400 |
|
|
2,400 |
| Minimum
Deductible - Self-only Coverage |
1,200 |
|
|
1,200 |
| Out
of Pocket Expenses - Family Coverage |
11,900 |
|
|
11,900 |
| Out
of Pocket Expenses - Self-only Coverage |
5,950 |
|
|
5,950 |
|
|
|
|
|
|
| Capital Gain Tax Rates |
|
|
|
|
|
| Short-Term |
|
Ordinary Income |
|
|
Ordinary Income |
| Long-Term
25% and Above Tax Brackets |
15% |
|
|
15% |
| Long-Term
10% and15% Tax Brackets |
0% |
|
|
0% |
|
|
|
|
|
|
| Qualified Dividends |
|
|
|
|
|
| 25% and
Above Tax Brackets |
15% |
|
|
15% |
| 10%
and 15% Tax Brackets |
0% |
|
|
0% |
| (After 2007 Qualified Dividends and
Long-Term Capital Gains for the 10% and 15% tax brackets will be |
| taxed at a zero percent rate) |
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2011 |
| Education Credits |
|
|
|
|
|
|
Hope (Per Student) |
|
Not
Applicable |
|
|
Not
Applicable |
| Lifetime Learning (Per Family) |
2,000 |
|
|
2,000 |
|
American Opportunity |
|
2,500 |
|
|
2,500 |
| Phase-out
Hope & Lifetime Learning Credit |
|
|
|
|
|
Married Filing Joint |
|
$100,000 / 120,000 |
|
|
$102,000 / 122,000 |
|
Single/HOH |
|
$50,000 / 60,000 |
|
|
$51,000 / 61,000 |
| Phase-out
American Opportunity |
|
|
|
|
Married Filing Joint |
|
$160,000 / 180,000 |
|
$160,000 / 180,000 |
|
Single/HOH |
|
$80,000 / 90,000 |
|
$80,000 / 90,000 |
|
|
|
|
|
| Tuition
and Fees Deduction |
4,000 |
|
|
4,000 |
| Educator
Expenses Deduction |
250 |
|
|
250 |
|
|
|
|
|
|
| Dependent Care Credit |
|
|
|
|
|
| 35% Credit maximum |
|
|
|
|
|
| 20% Credit minimum |
|
|
|
|
|
| (Maximum
credit is $3,000 per dependent, up to $6,000 for 2 or more dependents. Every $2,000 of AGI |
| above
$15,000 results in a 1% decrease in credit.) |
|
|
|
|
|
|
|
|
|
|
| Eligible
Long-term Care Premiums |
|
|
|
|
| Age 40 or under |
|
$330 |
|
|
$340 |
| Age 41 to 50 |
|
620 |
|
|
640 |
| Age 51 to 60 |
|
1,220 |
|
|
1,270 |
| Age 61 to 70 |
|
3,290 |
|
|
3,390 |
| Over Age 70 |
|
4,110 |
|
|
4,240 |
|
|
|
|
|
|
| 2011 FEDERAL TAX
BRACKETS |
| Unmarried Individuals |
|
Taxable Income |
Of The |
|
|
Of The |
| Over |
But Not Over |
Tax + % on Excess |
Amount Over |
| 0 |
8,500 |
0 |
+ |
10% |
0 |
| 8,500 |
34,500 |
850 |
+ |
15% |
8,500 |
| 34,500 |
83,600 |
4,750 |
+ |
25% |
34,500 |
| 83,600 |
174,400 |
17,025 |
+ |
28% |
83,600 |
| 174,400 |
379,150 |
42,449 |
+ |
33% |
174,400 |
| 379,150 |
…….. |
110,017 |
+ |
35% |
379,150 |
|
|
|
|
|
|
| Joint Returns |
|
Taxable Income |
Of The |
|
|
Of The |
| Over |
But Not Over |
Tax + % on Excess |
Amount Over |
| 0 |
17,000 |
0 |
+ |
10% |
0 |
| 17,000 |
69,000 |
1,700 |
+ |
15% |
17,000 |
| 69,000 |
139,350 |
9,500 |
+ |
25% |
69,000 |
| 139,350 |
212,300 |
27,088 |
+ |
28% |
139,350 |
| 212,300 |
379,150 |
47,514 |
+ |
33% |
212,300 |
| 379,150 |
…….. |
102,574 |
+ |
35% |
379,150 |
|
|
|
|
|
|
| Head of Households |
|
Taxable Income |
Of The |
|
|
Of The |
| Over |
But Not Over |
Tax + % on Excess |
Amount Over |
| 0 |
12,150 |
0 |
+ |
10% |
0 |
| 12,150 |
46,250 |
1,215 |
+ |
15% |
12,150 |
| 46,250 |
119,400 |
6,330 |
+ |
25% |
46,250 |
| 119,400 |
193,350 |
24,618 |
+ |
28% |
119,400 |
| 193,350 |
379,150 |
45,324 |
+ |
33% |
193,350 |
| 379,150 |
…….. |
106,638 |
+ |
35% |
379,150 |
|
|
|
|
|
|
|
|
|
|
|
