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2012 Tax Brackets for Married Couples Filing Jointly

(Schedule Y-1)

These tax tables are designed for married individuals filing their 2012 income tax return, and represent significant changes from Tax Year 2011.

These tables are effective for income earned from January 1, 2012 through December 31, and could also be used for qualifying widows and widowers. These rates do not take into account any credits, such as the standard deduction, mortgage deductions, etc.

 

 

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Single

Joint Married

Married Filing Separate

Head of Household

Trusts

 

 
If Taxpayer's Income Is... Then Estimated Taxes Are...

Between

But Not Over

Base Tax

+ Rate

Of the Amount Over

$0
$17,400
$0
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

 

 

Example #1

Paul and Patricia Pattison, two married taxpayers, have 2012 TAXABLE INCOME of $156,000. The Mitchell's income would fall between:

Between

But Not Over

Base Tax

+ Rate

Of the Amount Over

$142,700
$217,450
$27,735.00
28%
$142,700


 

 

 

The Pattisons' Estimated Taxes for 2012

  = Base Tax + (Rate x Amount Over)
  = $27,735.00 + [.28 x ($156,000 - $142,700)]
  = $27,735.00 + (.28 x $13,300)
  = $27,735.00 + $3,724.00
  = $31,459.00

Assuming Paul and Patricia made the same amount from the previous year, their 2012 tax bill dropped using the 2011 income tax brackets for joint married taxpayers.

 


 

 

Example #2

John Tostenfolly is a widower whose wife died in 2012. He has combined 2012 TAXABLE INCOME of $88,000. His income falls between:

Between

But Not Over

Base Tax

+ Rate

Of the Amount Over

$70,700
$142,700
$9,735.00
25%
$70,700

 

 

 

 

John Tostenfolly's Estimated Taxes

  = Base Tax + (Rate x Amount Over)
  = $9,735.00 + [.25 x ($88,000 - $70,700)]
  = $9,735.00 + (.25 x $17,300)
  = $9,735.00 + $4,325.00
  = $14,060.00

John also experienced tax savings from the previous year, assuming he and his wife had earned the same amount last year. His total tax dropped over last year, using the 2011 income tax brackets for joint married taxpayers and qualifying widow(ers).

 

These sample equations do not reflect standard deductions, mortgage deductions, or any other credits that may decrease your estimated taxable income. Use only for 2012 income taxes. The names mentioned in these samples are fictitious and not based on any individual. For illustrative and planning purposes only. For more information, or to review the official tax tables, please download Instructions for Form 1040.

 

 

 

 

 
 
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