This document provides key numbers and tax rates for individual income tax planning for the 2012 tax year including:
- The adoption credit maximum was $12,650 with phaseout thresholds of $189,710 - $229,710.
- The AMT exemption for married filing jointly was $45,000 with a phaseout threshold of $150,000.
- The standard mileage deduction was $0.555 per mile for business use and $0.23 per mile for medical or moving purposes.
- The personal exemption was $3,800 with phaseout thresholds starting at $250,200 for married filing jointly.
- Income tax rates ranged from 10% to 35% based on filing
A compilation of key financial and tax numbers. It thought this would be helpful to my financial services, CPA and attorney friends. But it is good information really for anyone. Feel free to download and share.
Here is a fabulous tool you might find useful for your individual tax return preparation.
This document contains key numbers and tax rate tables for 2011 and 2012.
This document provides key tax and financial planning numbers for 2011, including:
- Standard deduction and personal exemption amounts
- Income thresholds and limits for tax credits like the child tax credit, earned income tax credit, and saver's credit
- Alternative minimum tax exemption amounts and phaseout thresholds
- Federal income tax rate schedules for different filing statuses.
This document provides information about school funding in California. It discusses how revenue limits are calculated based on average daily attendance and local property taxes. It notes that while some districts receive little state aid, categorical funding is being reduced. Charts show declining per-student funding in California compared to top performing states. The document also includes district-specific data on revenues, expenditures, ADA, sources of funding, and expenditure categories. It outlines proposed budget cuts, potential layoffs, and options to resolve a $5 million budget deficit, including school closures. API scores for the district are also shown.
This document provides a monthly spending plan template for budgeting income and expenses. It includes sections to list income sources and priority-ranked expenses categories with space to plan amounts and track actual spending. Guidelines at the bottom suggest typical percentages of income to allocate to major expense categories like housing, food, utilities, transportation and savings. The template aims to help users balance their monthly finances through planning and tracking spending.
This document discusses various tax credits available to individual taxpayers, including:
1) The child tax credit of $1,000 per child under age 17, which phases out for higher incomes.
2) The earned income credit, a refundable credit for lower-income workers and families.
3) The child and dependent care credit, which provides a tax credit for working families' childcare expenses.
4) Education credits like the American Opportunity Credit and Lifetime Learning Credit that provide tax relief for qualified higher education expenses.
5) Special rules and limitations that apply to these various individual tax credits.
On January 10th, Auburn’s Center for the Study of Theological Education hosted a webinar for financial aid officers, admissions staff and student personnel at theological schools on the latest government regulations for income-based repayment plans for federal educational loans. This information will assist financial aid officers and others who counsel students and recent graduates in repayment options as they move into ministry.
A compilation of key financial and tax numbers. It thought this would be helpful to my financial services, CPA and attorney friends. But it is good information really for anyone. Feel free to download and share.
Here is a fabulous tool you might find useful for your individual tax return preparation.
This document contains key numbers and tax rate tables for 2011 and 2012.
This document provides key tax and financial planning numbers for 2011, including:
- Standard deduction and personal exemption amounts
- Income thresholds and limits for tax credits like the child tax credit, earned income tax credit, and saver's credit
- Alternative minimum tax exemption amounts and phaseout thresholds
- Federal income tax rate schedules for different filing statuses.
This document provides information about school funding in California. It discusses how revenue limits are calculated based on average daily attendance and local property taxes. It notes that while some districts receive little state aid, categorical funding is being reduced. Charts show declining per-student funding in California compared to top performing states. The document also includes district-specific data on revenues, expenditures, ADA, sources of funding, and expenditure categories. It outlines proposed budget cuts, potential layoffs, and options to resolve a $5 million budget deficit, including school closures. API scores for the district are also shown.
This document provides a monthly spending plan template for budgeting income and expenses. It includes sections to list income sources and priority-ranked expenses categories with space to plan amounts and track actual spending. Guidelines at the bottom suggest typical percentages of income to allocate to major expense categories like housing, food, utilities, transportation and savings. The template aims to help users balance their monthly finances through planning and tracking spending.
This document discusses various tax credits available to individual taxpayers, including:
1) The child tax credit of $1,000 per child under age 17, which phases out for higher incomes.
2) The earned income credit, a refundable credit for lower-income workers and families.
3) The child and dependent care credit, which provides a tax credit for working families' childcare expenses.
4) Education credits like the American Opportunity Credit and Lifetime Learning Credit that provide tax relief for qualified higher education expenses.
5) Special rules and limitations that apply to these various individual tax credits.
On January 10th, Auburn’s Center for the Study of Theological Education hosted a webinar for financial aid officers, admissions staff and student personnel at theological schools on the latest government regulations for income-based repayment plans for federal educational loans. This information will assist financial aid officers and others who counsel students and recent graduates in repayment options as they move into ministry.
This document summarizes Sonoco's second quarter 2012 financial results. Key points include:
- Base EPS was $0.58 compared to $0.60 in Q2 2011.
- Net sales increased 6.6% to $1.2 billion due to acquisitions and price increases offsetting lower volume.
- Gross profit rose 13.3% but SG&A expenses rose 20.5% lowering pre-tax income 2.1%.
- Guidance for full-year 2012 base EPS is $2.34 to $2.39, up from $2.29 in 2011.
This document summarizes a congressional briefing on the Center for Working Families (CWF) approach to helping families achieve economic security. It discusses how CWFs bundle employment, income, and financial services to improve outcomes. Data shows that CWF participants have increased income, credit scores, and savings. The approach is flexible and can work through different platforms like community colleges. Mature CWF sites have found direct connections between financial and workforce outcomes, and that systems change requires partnerships. United Way of the Bay Area's SparkPoint Centers use a similar bundled approach and have helped over 7,000 participants, with many making financial progress through increased income, credit scores, savings, and debt reduction. Key lessons are that bundling works
The document discusses various tax credits available to taxpayers, including:
1) The child tax credit of up to $1,000 per child under 17, which phases out for higher incomes and has a complex calculation for 3+ kids.
2) The earned income credit, a refundable credit available to low and moderate income working individuals and families.
3) The child and dependent care credit, which gives a tax benefit to working parents for childcare expenses based on income and qualifying costs.
4) Education credits like the American Opportunity credit and Lifetime Learning credit that provide tax relief for qualified education expenses.
United Health Group UnitedHealth Group Financial Reviewfinance3
UnitedHealth Group reported strong financial results in 2003 with revenues increasing 15% to $28.8 billion and earnings from operations growing 34% to $2.9 billion. Net earnings grew 35% to $1.8 billion resulting in diluted EPS of $2.96. The results were driven by revenue growth across all business segments, improved margins on risk-based products, and a shift toward higher-margin fee-based services. Looking ahead, the company expects continued growth from increasing premium rates, expanding into new geographies and services, and pursuing additional acquisitions.
Creating a budget is Part 2 of the 6-part Money Matters class, created by the Athens-Clarke County Library. Money Matters is part of Smart investing @ your library®, and is brought to you by a joint grant from the American Library Association and FINRA, the Financial Regulatory Authority Foundation.
2012 2013 Budget Presentation March 27 2012Bonnie Dilling
The document discusses the Northern Bedford County School District's proposed 2012/13 general fund budget, including revenues, expenditures, capital projects, food service plans, technology initiatives, and other budget details. It also outlines long-term financial issues like rising pension costs and decreasing fund balances if expenditures continue to exceed revenues. The proposed budget faces a $890,668 deficit that would decrease available funds, though no tax increase is currently planned.
The document introduces D.A. Davidson as the largest employee-owned financial services company in the Pacific Northwest and the most experienced advisor for school bonds and finances. It provides details on Davidson's education finance team and lists the many Washington school district bond transactions that Davidson has led or advised on between 2007 and 2008.
The document discusses various US tax credits including:
- The child tax credit of $1000 per qualifying child, phasing out above certain income thresholds.
- The earned income tax credit which is refundable and available to low-income workers with or without children.
- Education credits like the American Opportunity credit and Lifetime Learning credit that provide tax relief for higher education expenses.
from selling a condo is taxable:
- Selling a condo for a profit is usually subject to capital gains tax, with half - How long the owner lived in the condo
the profit considered taxable income. However, profits from selling a principal - Pattern of buying and selling properties
residence are not taxable. - Reasons given for moving
- A real estate agent bought and sold a condo in Vancouver for a $30K profit - Other real estate activities and holdings
within a year, claiming it was his principal residence. - Credibility of the reasons provided
- The CRA discovered he had bought and sold 7 condos in 7 years.
- Sallie Mae reported net income of $526 million for full year 2008 and $65 million for Q4 2008 according to generally accepted accounting principles (GAAP). However, using the non-GAAP measure of "Core Earnings", Sallie Mae had net income of $526 million for 2008 and $8 million for Q4 2008.
- Sallie Mae originated $17.9 billion in FFELP loans in 2008, a 67% increase from Q4 2007, with 90% of originations coming directly from Sallie Mae.
- As of December 31, 2008, Sallie Mae had $16.6 billion in primary and standby liquidity, including $5 billion
The document provides an overview of Entaire Programs which are financing programs designed for business owners to help fund their retirement through commercial loans to their business to purchase tax advantaged investment products like universal life insurance and annuities. It discusses who the programs are for, what the programs are, how the programs work through an accelerated funding model, and provides a case study example of a small business owner using one of the programs.
This document discusses several strategies for borrowing in superannuation and managing pension payments to reduce tax liabilities. It provides a case study on borrowing $500k from an SMSF to purchase an investment property. It estimates an annual tax saving of $8,463 and a capital gains tax saving of $162,750 over 15 years compared to purchasing the property traditionally. It also discusses withdrawing and recontributing super benefits to increase the tax-free component, and separating pension interests to preserve that tax-free amount.
This document provides an overview of time value of money concepts including simple and compound interest, present and future value, and annuities. Some key points include:
- Compound interest earns interest on interest, resulting in higher total interest compared to simple interest over time.
- The future value of a single deposit or investment can be calculated using a formula that compounds the principal by the interest rate over multiple periods.
- The present value of a future amount can be calculated by discounting the future value back using the interest rate.
- Annuities represent a series of equal periodic payments or receipts, and their future or present value can be calculated using annuity formulas that take into account all
Borrw.com is a private real estate fund that aims to purchase 1,000 single family homes in distressed housing markets like Oakland, Riverside, and Phoenix. It plans to rent the homes at above-market rates with lease-to-own options for tenants. After 3-5 years, homes will be sold to tenants with crowdfunded mortgages. The team has experience in real estate, marketing, and distressed housing. Financial projections estimate growing rental income, expenses, and dividends through 2016 as more homes are acquired.
The document provides information on the 2011 annual appeal results for the Diocese of Charleston, including participation rates, donor retention rates, revenue retention rates, and average gift amounts. It then discusses using segmentation tools to analyze donors and prospects to create targeted fundraising strategies. These include identifying top prospects based on likelihood and capacity scores, developing solicitation strategies and communications plans tailored for different prospect groups, and evaluating results and return on investment. The case study shows the appeal achieved solid growth in results compared to previous years through the use of segmentation and targeted fundraising.
Empower Wealth Financial Services, Empower Wealth Education, Empower Wealth Advisory, Empower Wealth Mortgage Advisory, Empower Wealth Property Advisory
Empower Wealth is Australia top class Property Investment Advisory. And also passionate about education and creating awareness in the property industry and financial investment industry.
1. Research your health insurance options, including high-deductible plans paired with HSAs. These allow you to save pre-tax funds to cover medical costs.
2. Ask providers about costs upfront for routine care like checkups and common procedures. Shop around as prices can vary significantly.
3. Manage your health by maintaining preventative care, eating healthy, exercising, and avoiding risky behaviors to reduce the need for costly treatments.
Taking proactive steps to understand your health insurance options, get cost information, and manage your health empowers you to make informed choices that control rising premiums and out-
Digital storytelling involves weaving together images, music, narrative, and voice to create engaging stories. It can be used for topics like book talks, projects, and autobiographies. Creating digital stories requires a microphone, digital images and photos, and either the Photo Story 3 program or the Voicethread website. Photo Story 3 is pre-installed on school computers and allows adding effects, transitions, and audio to photos. Meanwhile, Voicethread is web-based but requires an educator account. Both provide tutorials and support for novices. Images can come from cameras, disks, sites like Flickr or the Library of Congress. Music options include built-in or sites like beatpick.com. More information is
EV Battery Tech: 5th Global Cost Reduction Initiativelouisegosling
This document summarizes an upcoming conference on reducing costs for electric vehicle battery systems. The two-day conference will include presentations and panels on improving battery materials, energy density, integration, thermal management, safety, and next-generation technologies to reduce costs. Industry experts from automakers like Nissan, Renault, Jaguar Land Rover, and Toyota will discuss their perspectives. Attendees can network with representatives across the battery value chain. The conference aims to advance battery technology and performance while lowering costs.
This document summarizes Sonoco's second quarter 2012 financial results. Key points include:
- Base EPS was $0.58 compared to $0.60 in Q2 2011.
- Net sales increased 6.6% to $1.2 billion due to acquisitions and price increases offsetting lower volume.
- Gross profit rose 13.3% but SG&A expenses rose 20.5% lowering pre-tax income 2.1%.
- Guidance for full-year 2012 base EPS is $2.34 to $2.39, up from $2.29 in 2011.
This document summarizes a congressional briefing on the Center for Working Families (CWF) approach to helping families achieve economic security. It discusses how CWFs bundle employment, income, and financial services to improve outcomes. Data shows that CWF participants have increased income, credit scores, and savings. The approach is flexible and can work through different platforms like community colleges. Mature CWF sites have found direct connections between financial and workforce outcomes, and that systems change requires partnerships. United Way of the Bay Area's SparkPoint Centers use a similar bundled approach and have helped over 7,000 participants, with many making financial progress through increased income, credit scores, savings, and debt reduction. Key lessons are that bundling works
The document discusses various tax credits available to taxpayers, including:
1) The child tax credit of up to $1,000 per child under 17, which phases out for higher incomes and has a complex calculation for 3+ kids.
2) The earned income credit, a refundable credit available to low and moderate income working individuals and families.
3) The child and dependent care credit, which gives a tax benefit to working parents for childcare expenses based on income and qualifying costs.
4) Education credits like the American Opportunity credit and Lifetime Learning credit that provide tax relief for qualified education expenses.
United Health Group UnitedHealth Group Financial Reviewfinance3
UnitedHealth Group reported strong financial results in 2003 with revenues increasing 15% to $28.8 billion and earnings from operations growing 34% to $2.9 billion. Net earnings grew 35% to $1.8 billion resulting in diluted EPS of $2.96. The results were driven by revenue growth across all business segments, improved margins on risk-based products, and a shift toward higher-margin fee-based services. Looking ahead, the company expects continued growth from increasing premium rates, expanding into new geographies and services, and pursuing additional acquisitions.
Creating a budget is Part 2 of the 6-part Money Matters class, created by the Athens-Clarke County Library. Money Matters is part of Smart investing @ your library®, and is brought to you by a joint grant from the American Library Association and FINRA, the Financial Regulatory Authority Foundation.
2012 2013 Budget Presentation March 27 2012Bonnie Dilling
The document discusses the Northern Bedford County School District's proposed 2012/13 general fund budget, including revenues, expenditures, capital projects, food service plans, technology initiatives, and other budget details. It also outlines long-term financial issues like rising pension costs and decreasing fund balances if expenditures continue to exceed revenues. The proposed budget faces a $890,668 deficit that would decrease available funds, though no tax increase is currently planned.
The document introduces D.A. Davidson as the largest employee-owned financial services company in the Pacific Northwest and the most experienced advisor for school bonds and finances. It provides details on Davidson's education finance team and lists the many Washington school district bond transactions that Davidson has led or advised on between 2007 and 2008.
The document discusses various US tax credits including:
- The child tax credit of $1000 per qualifying child, phasing out above certain income thresholds.
- The earned income tax credit which is refundable and available to low-income workers with or without children.
- Education credits like the American Opportunity credit and Lifetime Learning credit that provide tax relief for higher education expenses.
from selling a condo is taxable:
- Selling a condo for a profit is usually subject to capital gains tax, with half - How long the owner lived in the condo
the profit considered taxable income. However, profits from selling a principal - Pattern of buying and selling properties
residence are not taxable. - Reasons given for moving
- A real estate agent bought and sold a condo in Vancouver for a $30K profit - Other real estate activities and holdings
within a year, claiming it was his principal residence. - Credibility of the reasons provided
- The CRA discovered he had bought and sold 7 condos in 7 years.
- Sallie Mae reported net income of $526 million for full year 2008 and $65 million for Q4 2008 according to generally accepted accounting principles (GAAP). However, using the non-GAAP measure of "Core Earnings", Sallie Mae had net income of $526 million for 2008 and $8 million for Q4 2008.
- Sallie Mae originated $17.9 billion in FFELP loans in 2008, a 67% increase from Q4 2007, with 90% of originations coming directly from Sallie Mae.
- As of December 31, 2008, Sallie Mae had $16.6 billion in primary and standby liquidity, including $5 billion
The document provides an overview of Entaire Programs which are financing programs designed for business owners to help fund their retirement through commercial loans to their business to purchase tax advantaged investment products like universal life insurance and annuities. It discusses who the programs are for, what the programs are, how the programs work through an accelerated funding model, and provides a case study example of a small business owner using one of the programs.
This document discusses several strategies for borrowing in superannuation and managing pension payments to reduce tax liabilities. It provides a case study on borrowing $500k from an SMSF to purchase an investment property. It estimates an annual tax saving of $8,463 and a capital gains tax saving of $162,750 over 15 years compared to purchasing the property traditionally. It also discusses withdrawing and recontributing super benefits to increase the tax-free component, and separating pension interests to preserve that tax-free amount.
This document provides an overview of time value of money concepts including simple and compound interest, present and future value, and annuities. Some key points include:
- Compound interest earns interest on interest, resulting in higher total interest compared to simple interest over time.
- The future value of a single deposit or investment can be calculated using a formula that compounds the principal by the interest rate over multiple periods.
- The present value of a future amount can be calculated by discounting the future value back using the interest rate.
- Annuities represent a series of equal periodic payments or receipts, and their future or present value can be calculated using annuity formulas that take into account all
Borrw.com is a private real estate fund that aims to purchase 1,000 single family homes in distressed housing markets like Oakland, Riverside, and Phoenix. It plans to rent the homes at above-market rates with lease-to-own options for tenants. After 3-5 years, homes will be sold to tenants with crowdfunded mortgages. The team has experience in real estate, marketing, and distressed housing. Financial projections estimate growing rental income, expenses, and dividends through 2016 as more homes are acquired.
The document provides information on the 2011 annual appeal results for the Diocese of Charleston, including participation rates, donor retention rates, revenue retention rates, and average gift amounts. It then discusses using segmentation tools to analyze donors and prospects to create targeted fundraising strategies. These include identifying top prospects based on likelihood and capacity scores, developing solicitation strategies and communications plans tailored for different prospect groups, and evaluating results and return on investment. The case study shows the appeal achieved solid growth in results compared to previous years through the use of segmentation and targeted fundraising.
Empower Wealth Financial Services, Empower Wealth Education, Empower Wealth Advisory, Empower Wealth Mortgage Advisory, Empower Wealth Property Advisory
Empower Wealth is Australia top class Property Investment Advisory. And also passionate about education and creating awareness in the property industry and financial investment industry.
1. Research your health insurance options, including high-deductible plans paired with HSAs. These allow you to save pre-tax funds to cover medical costs.
2. Ask providers about costs upfront for routine care like checkups and common procedures. Shop around as prices can vary significantly.
3. Manage your health by maintaining preventative care, eating healthy, exercising, and avoiding risky behaviors to reduce the need for costly treatments.
Taking proactive steps to understand your health insurance options, get cost information, and manage your health empowers you to make informed choices that control rising premiums and out-
Digital storytelling involves weaving together images, music, narrative, and voice to create engaging stories. It can be used for topics like book talks, projects, and autobiographies. Creating digital stories requires a microphone, digital images and photos, and either the Photo Story 3 program or the Voicethread website. Photo Story 3 is pre-installed on school computers and allows adding effects, transitions, and audio to photos. Meanwhile, Voicethread is web-based but requires an educator account. Both provide tutorials and support for novices. Images can come from cameras, disks, sites like Flickr or the Library of Congress. Music options include built-in or sites like beatpick.com. More information is
EV Battery Tech: 5th Global Cost Reduction Initiativelouisegosling
This document summarizes an upcoming conference on reducing costs for electric vehicle battery systems. The two-day conference will include presentations and panels on improving battery materials, energy density, integration, thermal management, safety, and next-generation technologies to reduce costs. Industry experts from automakers like Nissan, Renault, Jaguar Land Rover, and Toyota will discuss their perspectives. Attendees can network with representatives across the battery value chain. The conference aims to advance battery technology and performance while lowering costs.
The document discusses body mass index and obesity. It provides calculations for BMI and ranges for underweight, normal weight, overweight and obese categories. Several links are listed relating to the causes and effects of obesity as well as its treatment.
1) Atoms are composed of a small, dense nucleus surrounded by electrons in orbitals. Bohr proposed that electrons can only orbit in discrete energy levels with angular momentum that is quantized.
2) When electrons jump between energy levels, photons are emitted or absorbed with energy equal to the change in energy between the levels. This causes atomic emission and absorption spectra with distinct lines.
3) Excitation of atoms from collisions or photon absorption raises electrons to higher energy levels. Radiative or collisional de-excitation causes emission at characteristic wavelengths corresponding to transitions between levels.
This document provides links to Microsoft support pages about Application Virtualization (App-V). The first link is a support article about installing and configuring App-V. The second link allows downloading the App-V client. The third link contains App-V package accelerators that help package and deploy applications using App-V.
System Center helps deliver IT as a service through an integrated suite that includes App Controller, Orchestrator, Virtual Machine Manager, Operations Manager, Configuration Manager, and Data Protection Manager. These work together to provide self-service, service delivery and automation, and infrastructure management. Orchestrator coordinates actions across the other System Center components and third-party tools to automate incident, problem, change, and release management through runbooks and workflows. The integration enables monitoring, operations, and automation capabilities to be delivered as a managed service.
Rose and Salawudeen are laser-cutting a collection that includes both computer illustrated and hand illustrated designs. They can be contacted via email for hand illustrated print requests.
Angola is located in southwestern Africa. It borders Namibia to the south, Zambia to the east, and the Democratic Republic of the Congo to the north. Portuguese is the official language and most of the population practices Christianity or indigenous religious beliefs. The economy relies heavily on oil and diamond exports. Angola has a diverse landscape and climate, from the semi-arid south to the cooler and wetter north.
Pele was born in 1940 in Brazil and played as a forward for Santos and New York Cosmos. He is widely considered one of the greatest soccer players of all time. Pele helped Brazil win the World Cup in 1958, 1962, and 1970, scoring goals in pivotal matches. He played in three World Cups for Brazil between 1958-1966, but was injured in the 1966 World Cup and Brazil was eliminated. Pele's achievements include winning three World Cups with Brazil and being named Athlete of the Century in 1999 and FIFA Footballer of the Century in 2000.
This document contains a worksheet on supply and demand equilibrium for cotton t-shirts. It includes graphs of the supply and demand curves for t-shirts and questions about how the equilibrium price and quantity would change in response to shifts in supply or demand. For example, it asks how the demand curve would shift if a celebrity was seen wearing one of the t-shirts or if a cotton crop was damaged by insects. It also contains questions about equilibrium price, surplus, shortage and how producers would respond to changes in oil prices and supply/demand.
The document does not contain any substantive information to summarize. It appears to be a blank document or website with no text content. In 3 sentences or less, a summary cannot be provided as there is no information within the given document to summarize.
This document contains a short quiz about market structures and competition. It defines the four basic market types - perfect competition, monopolistic competition, oligopoly, and monopoly. Examples are provided of different markets and what type of market structure they fall under. Assignments listed at the end instruct students to complete problems and questions from their textbook and readings.
The document analyzes the visual elements of a company logo or symbol. It features a shield-like image on a cloudy sky background representing protection and innovation with original ideas. The intertwined design suggests gathering ideas from other sources. A dark background emphasizes remembering the name over the image, while green at the bottom signifies bringing light to darkness. Together the elements convey messages of originality, collaboration, distinction, and illumination.
This document summarizes key aspects of the 2011-12 CUSD budget revision. It notes pros and cons of the state budget, including that it provides flat funding for education but underfunds Proposition 98. The budget dictates terms to local school boards and could result in midyear cuts. It also outlines risks to the state budget from economic events or federal budget cuts. The budget includes a "trigger" that could cut $1.9 billion from K-12 education if revenues fall short. Districts are prohibited from budgeting for these potential cuts.
The 2011 Tax Guide provides you with a summary of the 2010 Tax Relief Act, and guidelines on:
Tax rates
Payroll taxes
Retirement
Dividends and capital gains
AMT
Estate and gift taxes
Education tax breaks
1. The document provides key tax numbers and rates for 2009 and 2010 including exemptions, credits, deductions, income thresholds, and tax rates.
2. It summarizes changes to the alternative minimum tax exemption amounts, earned income tax credit amounts, personal exemption phaseouts, itemized deduction thresholds, and marginal tax rates between 2009 and 2010.
3. The document is intended to help individuals and families with tax planning for 2009 and 2010 by outlining important thresholds and rates for common deductions, credits, and tax calculations.
"2012/2013 Income, Estate and Gift Tax Changes a Result of the 'Fiscal Cliff'...Dinsmore & Shohl LLP
"2012/2013 Income, Estate and Gift Tax Changes a Result of the 'Fiscal Cliff'," Financial Planning Association of Southwestern Ohio, Election Preview Virtual Conference
The document discusses the implications of the upcoming "Fiscal Cliff" for financial advisors and their clients. It notes that if Congress fails to act, taxes will rise substantially in 2013 which will negatively impact the economy. Spending cuts will also take effect that will further slow economic growth. Interest rates are expected to remain low to help stimulate the economy. The document provides details on how the higher taxes and spending cuts could impact individuals and families. It also discusses the federal budget situation and debt levels that create incentives to keep interest rates low.
1. Gross income includes all earned income and unearned income. Adjustments are made to reduce taxable income and include things like retirement contributions and student loan interest. Adjusted gross income is gross income minus adjustments.
2. Deductions, either standard or itemized, are then subtracted from adjusted gross income to determine taxable income. Exemptions for dependents are also subtracted to determine tax liability.
3. Tax liability is reduced by credits dollar for dollar. A refund is issued if withholdings and credits exceed the tax liability. Otherwise, additional tax may be due.
2013 Changes in Tax Law and Year End Tax Planning Opportunities
Individuals
o 2013 tax rates
o Tax on investment income
o Other changes in tax law affecting individuals
o Year end planning opportunities
Businesses
o Employment tax
o Depreciation
o Pass-through entities
Estate and Gift Tax
o Exemption amounts
o Tax rates
o Gifting strategies
o Valuation discounts
o Grantor trusts
Understanding what you can legally contribute towards your retirement savings is important, but it is the easy part. Saving into your retirement plans up to the max each year is the hard part. It requires financial discipline now to avoid regret later! Please read on...
This document provides key income tax numbers and rates for 2012 and 2013, including:
1) Alternative minimum tax exemption amounts and phaseout thresholds.
2) Standard deduction amounts.
3) Top tax bracket rates.
4) Capital gains and dividend tax rates.
5) Standard mileage reimbursement rates.
Jaime's standard deduction would be $2,300, which is her earned income of $2,000 plus $300. This is greater than the $950 amount. However, since she is single, the basic standard deduction is $5,800. Therefore, her standard deduction is limited to $2,300.
Example 2: Same facts as Example 1 except Jaime earned $6,000. What is her standard deduction?
New Tax Obligations for Americans Living AbroadMy Rebrander
This document provides an overview of US taxation for US citizens and green card holders living abroad. It discusses key tax updates and rates, the foreign earned income exclusion, housing exclusion, and qualifications for the exclusions. It also covers state taxation, foreign bank account reporting requirements, and how PwC can assist with tax preparation and filing.
The document discusses how many tax provisions are set to expire or change at the end of 2012, which would result in individuals and families paying substantially more in taxes. It outlines how popular tax deductions, credits, and rates that applied to income, capital gains, dividends, payroll taxes, and estate taxes are scheduled to expire or change. The expiration of these tax provisions could remove up to $3,500 from the average taxpayer's annual income and significantly increase taxes for many individuals, families, and businesses.
This document provides information about income and payroll tax rates for 2017 including:
- Federal income tax rates for single filers, heads of household, trusts and estates, married filing jointly, and married filing separately.
- Social security and Medicare payroll tax rates for employees and self-employed individuals.
- Details on the alternative minimum tax, kiddie tax rules, and taxation of social security benefits.
- Standard deduction amounts and details on allowable and non-allowable itemized deductions such as mortgage interest, state and local taxes, medical expenses, and more.
The document summarizes various 2011 federal tax rates and limits including:
1) Federal income tax rates ranging from 10-35% for single, married filing jointly, head of household, and estates/trusts.
2) Standard deduction amounts from $5,800-11,600 depending on filing status.
3) Personal exemption of $3,700 and kiddie tax exemption of $1,900 or $950 standard deduction.
4) Capital gains tax rates of 0% or 15% and 28% for collectibles.
5) IRA and retirement plan contribution limits from $5,000-6,000 and phase out income ranges.
Estate and tax planning ideas for 2012 v4-post-final (2)Roger Royse
This document summarizes the key tax implications of estate planning, gifts, and inheritances for U.S. citizens and residents. It discusses estate, gift, and generation-skipping transfer tax rates and exemptions from 2010 to 2013. It also reviews annual gift and estate tax exclusions, the marital deduction, qualified domestic trusts, and reporting requirements for foreign financial assets.
Montana's 2008 individual income tax rates ranged from 1% to 6.9% depending on taxable income. Standard deductions ranged from $1,780 to $8,020 depending on filing status. Personal exemptions were $2,140 per person. Federal income tax deductions were limited to $5,000 for single filers and $10,000 for joint filers. A 2% capital gains tax credit was also available.
The document summarizes key tax changes from the Irish 2012 budget. Some highlights include:
- Personal tax credits and bands remained unchanged. A €100 household charge was introduced. Mortgage interest relief was reduced.
- DIRT and exit tax rates on savings increased. PRSI relief on pension contributions was eliminated. A 5% surcharge on income sheltered was introduced.
- The domicile levy no longer requires citizenship. R&D tax credits were expanded. CGT rate increased to 30% and annual exemption remained at €1,270.
- Retirement relief limits were reduced for over age 66. A CGT exemption was introduced for property held 7+ years. The CAT
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
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Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
1. NMB Consultants LLC
Justin M. Angelson
Managing Partner & Sr. Consultant
217 North Warren Avenue
Columbus, OH 43204
800-557-0673 x101
angelsonj@nmbconsultants.com
www.nmbconsultants.com
2012 Key Numbers
February 09, 2012
Page 1 of 26, see disclaimer on final page
2. Individual Income Tax Planning
Adoption credit
2011 2012
Maximum credit $13,360 $12,650
Phaseout threshold amount $185,210 $189,710
Completed phaseout amount $225,210 $229,710
after
Alternative Minimum Tax (AMT)
Maximum AMT exemption 2011 2012
amount
Married filing jointly or $74,450 $45,000
surviving spouse
Single or head of household $48,450 $33,750
Married filing separately $37,225 $22,500
AMT income exemption 2011 2012
phaseout threshold
Married filing jointly or $150,000 $150,000
surviving spouse
Single or head of household $112,500 $112,500
Married filing separately $75,000 $75,000
Charitable deductions
Use of auto 2011 2012
Deductible standard mileage $0.14 $0.14
rate
Charitable fundraising 2011 2012
"insubstantial benefit"
limitation
Low-cost article (re: unrelated $9.70 $9.90
business income)
Gifts to donor in return for 2011 2012
contribution
Token gift maximum cost1 $9.70 $9.90
Minimum contribution amount1 $48.50 $49.50
2% threshold amount2 $97 $99
1 Contribution is fully deductible if minimum contribution amount is met and cost of token gift
does not exceed maximum
Page 2 of 26, see disclaimer on final page
3. 2 Charitable contribution is fully deductible if the benefit received by the donor doesn't exceed the
lesser of the threshold amount or 2% of the amount of the contribution
Child tax credit
2011 2012
Maximum credit per qualifying $1,000 $1,000
child
Phaseout -- credit reduced 2011 2012
by $50 for each $1,000 or
fraction thereof of MAGI
over:
Single $75,000 $75,000
Married Filing Jointly $110,000 $110,000
Married Filing Separately $55,000 $55,000
Refundability -- up to 2011 2012
specified percentage of
earned income in excess of
specified amount
Percentage 15% 15%
Amount $3,000 $3,000
Classroom expenses of elementary and secondary school teachers
2011 2012
Maximum above-the-line $250 N/A
deduction
Earned income tax credit (EITC)
2011 2012
Excessive investment income $3,150 $3,200
limit ("disqualified income
limit")
Maximum amount of EITC 2011 2012
per number of children
0 children $464 $475
1 child $3,094 $3,169
2 children $5,112 $5,236
3 or more children $5,751 $5,891
Page 3 of 26, see disclaimer on final page
4. Maximum amount of earned 2011 2012
income on which EITC is
based (earned income over
this amount but under the
threshold phaseout amount
will not change the amount
of the credit received)
0 children $6,070 $6,210
1 child $9,100 $9,320
2 or more children $12,780 $13,090
Threshold phaseout amount 2011 2012
for joint filers per number of
children
0 children $12,670 $12,980
1 child $21,770 $22,300
2 children $21,770 $22,300
3 or more children $21,770 $22,300
Threshold phaseout amount 2011 2012
for other filers per number of
children
0 children $7,590 $7,770
1 child $16,690 $17,090
2 children $16,690 $17,090
3 or more children $16,690 $17,090
Completed phaseout amount 2011 2012
for joint filers per number of
children
0 children $18,740 $19,190
1 child $41,132 $42,130
2 children $46,044 $47,162
3 or more children $49,078 $50,270
Completed phaseout amount 2011 2012
for other filers per number of
children
0 children $13,660 $13,980
1 child $36,052 $36,920
2 children $40,964 $41,952
3 or more children $43,998 $45,060
Page 4 of 26, see disclaimer on final page
5. Expatriation
2011 2012
An individual with "average $147,000 $151,000
annual net income tax" of more
than this amount for the five
taxable years ending before
his or her loss of citizenship is
a covered expatriate for the
purposes of IRC §877A(g)(1)
*IRC §877A(3) exclusion $636,000 $651,000
amount
Foreign earned income
2011 2012
Exclusion amount $92,900 $95,100
Itemized deductions
2011 2012
Itemized deductions threshold N/A N/A
phaseout amount for MFS:
Itemized deductions threshold N/A N/A
phaseout amount for all others:
Kiddie tax
Unearned income limit 2011 2012
Amount exempt from tax $950 $950
Additional amount taxed at $950 $950
child's rate
Unearned income over this $1,900 $1,900
amount taxed at parent's rate
2011 2012
Election to include child's $950 - $9,500 $950 - $9,500
income on parent's return --
child's gross income
requirement
2011 2012
AMT exemption for child Lesser of $6,800 + child's Lesser of $6,950 + child's
subject to kiddie tax: earned income or $48,450 earned income or $33,750
Page 5 of 26, see disclaimer on final page
6. Making Work Pay tax credit
Maximum credit 2011 2012
Filing status other than married N/A1 N/A2
filing jointly
Married filing jointly N/A1 N/A2
1Credit not extended, but related benefit provided by one-year 2% reduction in employee Social
Security payroll taxes (also applies to self-employment tax of self-employed individuals)
2 The temporary 2% reduction in employee Social Security payroll taxes and self-employment tax
was extended through February of 2012 by the Temporary Payroll Tax Cut Continuation Act of
2011
Income phaseout: Other 2011 2012
than married filing jointly
Phaseout threshold amount N/A N/A
Completed phaseout amount N/A N/A
after
Income phaseout: Married 2011 2012
filing jointly
Phaseout threshold amount N/A N/A
Completed phaseout amount N/A N/A
after
Nanny tax
2011 2012
Domestic employee coverage $1,700 $1,800
threshold
Personal exemption amount
2011 2012
Personal exemption amount $3,700 $3,800
Personal exemption amount N/A N/A
for taxpayers with AGI
exceeding maximum phaseout
threshold
Married filing jointly 2011 2012
Phaseout threshold amount N/A N/A
Completed phaseout amount N/A N/A
after
Page 6 of 26, see disclaimer on final page
7. Head of household 2011 2012
Phaseout threshold amount N/A N/A
Completed phaseout amount N/A N/A
after
Single 2011 2012
Phaseout threshold amount N/A N/A
Completed phaseout amount N/A N/A
after
Married filing separately 2011 2012
Phaseout threshold amount N/A N/A
Completed phaseout amount N/A N/A
after
"Saver's Credit"
Elective Deferrals and IRA 2011 2012
Contributions by Certain
Individuals
Maximum credit amount $1,000 $1,000
Applicable percentage of 2011 2012
50% applies to AGI
Joint Return $0 - $34,000 $0 - $34,500
Head of Household $0 - $25,500 $0 - $25,875
Other $0 - $17,000 $0 - $17,250
Applicable percentage of 2011 2012
20% applies to AGI
Joint Return $34,001 - $36,500 $34,501 - $37,500
Head of Household $25,501 - $27,375 $25,876 - $28,125
Other $17,001 - $18,250 $17,251 - $18,750
Applicable percentage of 2011 2012
10% applies to AGI
Joint Return $36,501 - $56,500 $37,501 - $57,500
Head of Household $27,376 - $42,375 $28,126 - $43,125
Other $18,251 - $28,250 $18,751 - $28,750
Applicable percentage of 0% 2011 2012
applies to AGI
Joint Return Over $56,500 Over $57,500
Head of Household Over $42,375 Over $43,125
Other Over $28,250 Over $28,750
Page 7 of 26, see disclaimer on final page
8. Standard deductions
2011 2012
Married filing jointly or $11,600 $11,900
surviving spouse
Head of household $8,500 $8,700
Single $5,800 $5,950
Married filing separately $5,800 $5,950
Dependent Greater of $950, or $300 + Greater of $950, or $300 +
earned income earned income
Additional deduction for aged $1,450 $1,450
or blind (single or head of
household)
Additional deduction for aged $1,150 $1,150
or blind (all other filing
statuses)
Standard mileage rates
2011 2012
Use of auto for business $0.51 for first half of 2011; $0.555
purposes (cents per mile) $0.555 for second half
Use of auto for medical $0.19 for first half of 2011; $0.23
purposes (cents per mile) $0.235 for second half
Use of auto for moving $0.19 for first half of 2011; $0.23
purposes (cents per mile) $0.235 for second half
2012 Federal Income Tax Rate Schedules
(Individuals, Trusts, and Estates)
Unmarried taxpayers
If taxable income is: Your tax is:
Not over $8,700 10% of taxable income
Over $8,700 to $35,350 $870 + 15% of the excess over $8,700
Over $35,350 to $85,650 $4,867.50 + 25% of the excess over $35,350
Over $85,650 to $178,650 $17,442,50 + 28% of the excess over $85,650
Over $178,650 to $388,350 $43,482.50 + 33% of the excess over $178,650
Over $388,350 $112,683.50 + 35% of the excess over
$388,350
Married filing jointly and surviving spouses
If taxable income is: Your tax is:
Not over $17,400 10% of taxable income
Over $17,400 to $70,700 $1,740 + 15% of the excess over $17,400
Over $70,700 to $142,700 $9,735 + 25% of the excess over $70,700
Page 8 of 26, see disclaimer on final page
9. Over $142,700 to $217,450 $27,735 + 28% of the excess over $142,700
Over to $217,450 to $388,350 $48,665 + 33% of the excess over $217,450
Over $388,350 $105,062 + 35% of the excess over $388,350
Married individuals filing separately
If taxable income is: Your tax is:
Not over $8,700 10% of taxable income
Over $8,700 to $35,350 $870 + 15% of the excess over $8,700
Over $35,350 to $71,350 $4,867.50 + 25% of the excess over $35,350
Over $71,350 to $108,725 $13,867.50 + 28% of the excess over $71,350
Over $108,725 to $194,175 $24,332.50+ 33% of the excess over $108,725
Over $194,175 $52,531 + 35% of the excess over $194,175
Heads of household
If taxable income is: Your tax is:
Not over $12,400 10% of taxable income
Over $12,400 to $47,350 $1,240 + 15% of the excess over $12,400
Over $47,350 to $122,300 $6,482.50 + 25% of the excess over $47,350
Over $122,300 to $198,050 $25,220 + 28% of the excess over $122,300
Over $198,050 to $388,350 $46,430 + 33% of the excess over $198,050
Over $388,350 $109,229 + 35% of the excess over $388,350
Trusts and estates
If taxable income is: Your tax is:
Not over $2,400 15% of taxable income
Over $2,400 to $5,600 $360 + 25% of the excess over $2,400
Over $5,600 to $8,500 $1,160+ 28% of the excess over $5,600
Over $8,500 to $11,650 $1,972 + 33% of the excess over $8,500
Over $11,650 $3,011.50 + 35% of the excess over $11,650
2011 Federal Income Tax Rate Schedules
(Individuals, Trusts, and Estates)
Unmarried taxpayers
If taxable income is: Your tax is:
Not over $8,500 10% of taxable income
Over $8,500 to $34,500 $850 + 15% of the excess over $8,500
Over $34,500 to $83,600 $4,750 + 25% of the excess over $34,500
Over $83,600 to $174,400 $17,025 + 28% of the excess over $83,600
Over $174,400 to $379,150 $42,449 + 33% of the excess over $174,400
Page 9 of 26, see disclaimer on final page
10. Over $379,150 $110,016.50 + 35% of the excess over
$379,150
Married filing jointly and surviving spouses
If taxable income is: Your tax is:
Not over $17,000 10% of taxable income
Over $17,000 to $69,000 $1,700 + 15% of the excess over $17,000
Over $69,000 to $139,350 $9,500 + 25% of the excess over $69,000
Over $139,350 to $212,300 $27,087.50 + 28% of the excess over $139,350
Over $212,300 to $379,150 $47,513.50 + 33% of the excess over $212,300
Over $379,150 $102,574 + 35% of the excess over $379,150
Married individuals filing separately
If taxable income is: Your tax is:
Not over $8,500 10% of taxable income
Over $8,500 to $34,500 $850 + 15% of the excess over $8,500
Over $34,500 to $69,675 $4,750 + 25% of the excess over $34,500
Over $69,675 to $106,150 $13,543.75 + 28% of the excess over $69,675
Over $106,150 to $189,575 $23,756.75 + 33% of the excess over $106,150
Over $189,575 $51,287 + 35% of the excess over $189,575
Heads of household
If taxable income is: Your tax is:
Not over $12,150 10% of taxable income
Over $12,150 to $46,250 $1,215 + 15% of the excess over $12,150
Over $46,250 to $119,400 $6,330 + 25% of the excess over $46,250
Over $119,400 to $193,350 $24,617.50 + 28% of the excess over $119,400
Over $193,350 to $379,150 $45,323.50 + 33% of the excess over $193,350
Over $379,150 $106,637.50 + 35% of the excess over
$379,150
Trusts and estates
If taxable income is: Your tax is:
Not over $2,300 15% of taxable income
Over $2,300 to $5,450 $345 + 25% of the excess over $2,300
Over $5,450 to $8,300 $1,132.50 + 28% of the excess over $5,450
Over $8,300 to $11,350 $1,930.50 + 33% of the excess over $8,300
Over $11,350 $2,937 + 35% of the excess over $11,350
Page 10 of 26, see disclaimer on final page
11. Business Planning
Adoption Assistance Programs
2011 2012
Maximum amount that can be $13,360 $12,650
excluded from employee's
gross income
Phaseout threshold amount $185,210 $189,710
Completed phaseout amount $225,210 $229,710
after
Earnings subject to FICA taxes (taxable wage base)
2011 2012
Maximum annual earnings $106,800 $110,100
subject to Social Security taxes
Social Security and Medicare 13.30%1 13.30% / 15.30%2
combined tax rate
OASDI portion (Social 10.40%1 10.40% / 12.40%2
Security)
Hospital Insurance portion 2.90% 2.90%
(Medicare)
1 The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
included a 2% reduction in the Social Security (OASDI) portion of FICA tax for 2011.
2The Temporary Payroll Tax Cut Continuation Act of 2011 extended the 2% reduction in the
Social Security (OASDI) portion of FICA tax through February of 2012.
Health insurance deduction for self-employed
2011 2012
Deduction for health insurance 100% 100%
premiums paid by
self-employed persons
Qualified transportation fringe benefits
2011 2012
Commuter vehicles and transit $230 $125
pass monthly exclusion
amount
Qualified parking monthly $230 $240
exclusion amount
Qualified bicycle commuting $20 $20
reimbursement fringe benefit
(monthly amount)
Page 11 of 26, see disclaimer on final page
12. Section 179 expensing
2011 2012
Maximum amount that may be $500,000 $139,000
deducted under section 179
Deduction reduced by the $2,000,000 $560,000
amount by which the cost of
§179 property placed in
service during the year
exceeds this amount
Small business tax credit for providing health-care coverage
2011 2012
Maximum credit percentage 35% 35%
Partial credit 2011 2012
Number of full-time equivalent 25 25
employees (FTEs) fewer than:
Maximum average annual $50,000 $50,000
wages less than:
Full credit 2011 2012
Number of full-time equivalent 10 10
employees (FTEs) no more
than:
Maximum average annual $25,000 $25,000
wages less than or equal to:
Special additional first-year depreciation allowance
2011 2012
"Bonus" depreciation for 100%2 50%
qualified property acquired and
placed in service during
specified time periods
2 100% "bonus" depreciation applies to qualifying property purchased and placed in service after
9/8/10.
Standard mileage rate (per mile)
2011 2012
Use of auto for business $0.51 for first half of 2011; $0.555
purposes $0.555 for second half
Page 12 of 26, see disclaimer on final page
13. Tax on accumulated earnings and personal holding company
income
2011 2012
Maximum tax on these items 15% 15%
(prior to the 2003 Tax Act,
these items were taxed at the
highest marginal personal
income tax rate)
Education Planning
Coverdell education savings accounts (formerly known as
education IRAs)
2011 2012
Annual contribution limit $2,000 $2,000
MAGI phaseout range for 2011 2012
Coverdell education savings
accounts
Single--phaseout threshold $95,000 $95,000
amount
Single--completed phaseout $110,000 $110,000
amount after
Married filing jointly--phaseout $190,000 $190,000
threshold amount
Married filing jointly--completed $220,000 $220,000
phaseout threshold amount
Deduction for qualified higher education expenses
2011 2012
Maximum deduction $4,000 N/A
MAGI maximum for full 2011 2012
$4,000 deduction
Single $65,000 N/A
Married filing jointly $130,000 N/A
2011 2012
Reduced deduction available $2,000 N/A
MAGI range for $2,000 2011 2012
deduction
Single--MAGI greater than this $65,000 N/A
amount:
Page 13 of 26, see disclaimer on final page
14. Single--MAGI does not exceed $80,000 N/A
this amount:
Married filing jointly--MAGI $130,000 N/A
greater than this amount:
Married filing jointly--MAGI $160,000 N/A
does not exceed this amount:
Education loans--interest deduction
2011 2012
Maximum deduction for $2,500 $2,500
interest paid on qualified
education loans
MAGI phaseout range 2011 2012
Single--phaseout threshold $60,000 $60,000
amount
Single--completed phaseout $75,000 $75,000
amount after
Married filing jointly--phaseout $120,000 $125,000
threshold amount
Married filing jointly--completed $150,000 $155,000
phaseout amount after
Gift tax exclusion
2011 2012
Annual gift tax exclusion-- $13,000 $13,000
single individual
Annual gift tax exclusion-- joint $26,000 $26,000
gift
Lump-sum gift to 529 plan-- $65,000 $65,000
single individual
Lump-sum gift to 529 plan-- $130,000 $130,000
joint gift
Hope1 and Lifetime Learning Credits
2011 2012
Maximum Lifetime Learning $2,000 $2,000
credit
Maximum Hope credit $2,500 $2,500
1 For 2010 through 2012, the Hope credit is renamed the American Opportunity tax credit
Page 14 of 26, see disclaimer on final page
15. MAGI phaseout range for 2011 2012
Lifetime Learning Credit
Single--phaseout threshold $51,000 $52,000
amount
Single--completed phaseout $61,000 $62,000
amount after
Married filing jointly--phaseout $102,000 $104,000
threshold amount
Married filing jointly--completed $122,000 $124,000
phaseout amount after
MAGI phaseout range for 2011 2012
Hope Credit
Single--phaseout threshold $80,000 $80,000
amount
Single--completed phaseout $90,000 $90,000
amount after
Married filing jointly--phaseout $160,000 $160,000
threshold amount
Married filing jointly--completed $180,000 $180,000
phaseout amount after
Kiddie tax
2011 2012
Generally, children pay federal $1,900 $1,900
income tax at their parents'
rate on any investment income
over ...
U.S. savings bonds--interest exclusion for higher education
expenses:
Joint returns 2011 2012
Phaseout threshold for joint $106,650 $109,250
returns
Completed phaseout amount $136,650 $139,250
after
Other returns 2011 2012
Phaseout threshold for other $71,100 $72,850
returns
Completed phaseout amount $86,100 $87,850
after
Page 15 of 26, see disclaimer on final page
16. Protection Planning
Eligible long-term care premium deduction limits:
2011 2012
Age 40 or under $340 $350
Age 41-50 $640 $660
Age 51-60 $1,270 $1,310
Age 61-70 $3,390 $3,500
Over age 70 $4,240 $4,370
Per diem limit:
2011 2012
Periodic payments for qualified $300 $310
long-term care
insurance/certain life
insurance:
Archer Medical Savings Accounts
High deductible health 2011 2012
plan--self-only coverage
Annual deductible--minimum $2,050 $2,100
Annual deductible--maximum $3,050 $3,150
Annual out-of-pocket expenses $4,100 $4,200
required to be paid (other than
for premiums) can't exceed
High deductible health 2011 2012
plan--family coverage
Annual deductible--minimum $4,100 $4,200
Annual deductible--maximum $6,150 $6,300
Annual out-of-pocket expenses $7,500 $7,650
required to be paid (other than
for premiums) can't exceed
Health Savings Accounts (HSAs)
Annual contribution limit 2011 2012
Self-only coverage $3,050 $3,100
Family coverage $6,150 $6,250
High deductible health 2011 2012
plan--self-only coverage
Annual deductible--minimum $1,200 $1,200
Page 16 of 26, see disclaimer on final page
17. Annual out-of-pocket expenses $5,950 $6,050
required to be paid (other than
for premiums) can't exceed
High deductible health 2011 2012
plan--family coverage
Annual deductible--minimum $2,400 $2,400
Annual out-of-pocket expenses $11,900 $12,100
required to be paid (other than
for premiums) can't exceed
2011 2012
Annual catch up contribution $1,000 $1,000
limit for individuals age 55 or
older
Estate Planning
2011 2012
Annual gift exclusion: $13,000 $13,000
Estate tax applicable $5,000,000 + DSUEA1 $5,120,000 + DSUEA1
exclusion amount:
Gift tax applicable exclusion
amount:
Noncitizen spouse annual $136,000 $139,000
gift exclusion:
Generation-skipping transfer $5,000,0002 $5,120,0002
(GST) tax exemption:
Special use valuation limit $1,020,000 $1,040,000
(qualified real property in
decedent's gross estate):
1 Basic exclusion amount plus deceased spousal unused exclusion amount (exclusion is portable
for 2011 and 2012)
2 The GST tax exemption is not portable
2011 through 2012 gift and estate tax rate schedule
Taxable Estate Tentative Tax Equals Plus Of Amount Over
0 - $10,000 $0 18% $0
$10,000 - $20,000 $1,800 20% $10,000
$20,000 - $40,000 $3,800 22% $20,000
$40,000 - $60,000 $8,200 24% $40,000
$60,000 - $80,000 $13,000 26% $60,000
$80,000 - $100,000 $18,200 28% $80,000
$100,000 - $150,000 $23,800 30% $100,000
$150,000 - $250,000 $38,800 32% $150,000
Page 17 of 26, see disclaimer on final page
18. $250,000 - $500,000 $70,800 34% $250,000
$500,000+ $155,800 35% $500,000
Credit shelter Credit amount $1,730,800 in 2011, $1,772,800 in 2012
amount $5,000,000 in
2011, $5,120,000 in
2012
Under the sunset provision of The Tax Relief, Unemployment Insurance Reauthorization, and
Job Creation Act of 2010, the gift and estate and GST tax exemptions referenced above will
revert to $1 million in 2013, and the maximum tax rate will revert to 55%.
Government Benefits
Social Security
Social Security 2011 2012
Cost-of-living adjustment
(COLA)
For Social Security and 0.00% 3.60%
Supplemental Security Income
(SSI) beneficiaries
Tax rate--employee 2011 2012
FICA tax -- Employee 5.65%1 5.65% / 7.65%2
Social Security (OASDI) 4.20%1 4.20% / 6.20%2
portion of tax )
Medicare (HI) portion of tax 1.45% 1.45%
Tax rate--self-employed 2011 2012
Self-Employed 13.30%1 13.30% / 15.30%2
Social Security (OASDI) 10.40%1 10.40% / 12.40%2
portion of tax
Medicare (HI) portion of tax 2.90% 2.90%
1 The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
included a 2% reduction in the Social Security (OASDI) portion of FICA tax for 2011.
2The Temporary Payroll Tax Cut Continuation Act of 2011 extended the 2% reduction through
February of 2012.
Maximum taxable earnings 2011 2012
Social Security (OASDI only) $106,800 $110,100
Medicare (HI only) No limit No limit
Quarter of coverage 2011 2012
Earnings required $1,120 $1,130
Page 18 of 26, see disclaimer on final page
19. Retirement earnings 2011 2012
test--exempt
amounts--Under full
retirement age--Benefits
reduced by $1 for each $2
earned above:
Yearly figure $14,160 $14,640
Monthly figure $1,180 $1,220
Retirement earnings 2011 2012
test--exempt amounts--Year
individual reaches full
retirement age--Benefits
reduced by $1 for each $3
earned above (applies only
to earnings for months prior
to attaining full retirement
age):
Yearly figure $37,680 $38,880
Monthly figure $3,140 $3,240
Retirement earnings 2011 2012
test--exempt
amounts--Beginning the
month individual attains full
retirement age
No limit on earnings No limit on earnings
Social Security disability 2011 2012
thresholds
Substantial gainful activity $1,000 $1,010
(SGA): for the sighted (monthly
figure)
Substantial gainful activity: for $1,640 $1,690
the blind (monthly figure)
Trial work period (TWP) $720 $720
(monthly figure)
SSI federal payment 2011 2012
standard
Individual (monthly figure) $674 $698
Couple (monthly figure) $1,011 $1,048
SSI resource limits 2011 2012
Individual $2,000 $2,000
Couple $3,000 $3,000
SSI student exclusion limits 2011 2012
Monthly limit $1,640 $1,700
Annual limit $6,600 $6,840
Page 19 of 26, see disclaimer on final page
20. Maximum Social Security 2011 2012
benefit
Worker retiring at full $2,366 $2,513
retirement age (monthly figure)
Formula for Monthly Primary 2011 2012
Insurance Amount (PIA)
(90% of first X of AIME + 32% X=$749 Y=$4,517 X=$767 Y=$4,624
of the AIME over X and
through Y + 15% of AIME over
Y)
Medicare
Medicare monthly premium 2011 2012
amounts--Part A (hospital
insurance) premium
Individuals with 40 or more $0 $0
quarters of Medicare-covered
employment
Individuals with 30 to 39 $248 $248
quarters of Medicare-covered
employment who are not
otherwise eligible for
premium-free hospital
insurance
Individuals with less than 30 $450 $451
quarters of Medicare-covered
employment who are not
otherwise eligible for
premium-free hospital
insurance
Medicare monthly premium 2011 2012
amounts--Part B (medical
insurance) monthly
premium--For beneficiaries
who file an individual
income tax return with
income that is:
Less than or equal to $85,000 $96.40 $110.50 or $115.402 $99.90
$85,001 - $107,000 $161.50 $139.90
$107,001 - $160,000 $230.70 $199.80
$160,001 - $214,000 $299.90 $259.70
Greater than $214,000 $369.10 $319.70
Page 20 of 26, see disclaimer on final page
21. Medicare monthly premium 2011 2012
amounts--Part B (medical
insurance) monthly
premium--For beneficiaries
who file a joint income tax
return with income that is:
Less than or equal to $170,000 $96.40 $110.50 or $115.402 $99.90
$170,001 - $214,000 $161.50 $139.90
$214,001 - $320,000 $230.70 $199.80
$320,001 - $428,000 $299.90 $259.70
Greater than $428,000 $369.10 $319.70
Medicare monthly premium 2011 2012
amounts--Part B (medical
insurance) monthly
premium--For beneficiaries
who are married, but file a
separate tax return from
their spouse and lived with
spouse at some time during
the taxable year with income
that is:
Less than or equal to $85,000 $96.40 $110.50 or $115.402 $99.90
$85,001 - $129,000 $299.90 $259.70
Greater than $129,000 $369.10 $369.10
2Most beneficiaries paid the same $96.40 or $110.50 premium in 2011 as they did in 2010.
However, new enrollees or beneficiaries who did not have their premium withheld paid $115.40.
Original Medicare plan 2011 2012
deductible and coinsurance
amounts--Part A (hospital
insurance)
Deductible per benefit period $1,132 $1,156
Coinsurance per day for 61st $283 $289
to 90th day of each benefit
period
Coinsurance per day for 91st $566 $578
to 150th day for each lifetime
reserve day (total of 60 lifetime
reserve days--nonrenewable)
Original Medicare plan 2011 2012
deductible and coinsurance
amounts
Skilled nursing facility $141.50 $144.50
coinsurance per day for 21st to
100th day of each benefit
period
Page 21 of 26, see disclaimer on final page
22. Original Medicare plan 2011 2012
deductible and coinsurance
amounts--Part B (medical
insurance) annual deductible
Individual pays 20 percent of $162 $140
the Medicare-approved
amount for services after
deductible is met
Medicaid
2011 2012
Monthly income threshold for $2,022 $2,094
income-cap states ("300
percent cap limit")
Monthly maintenance needs 2011 2012
allowance for at-home
spouse
Minimum3 $1,822 $1,838.75
Maximum $2,739 $2,841
Spousal resource allowance 2011 2012
Minimum $21,912 $22,278
Maximum $109,560 $113,640
3Amounts listed actually effective as of July of prior year; different amounts apply to Alaska and
Hawaii.
Retirement Planning
Employee/individual contribution limits
Elective deferral limits 2011 2012
401(k) plans, 403(b) plans, Lesser of $16,500 or 100% of Lesser of $17,000 or 100% of
457(b) plans, and SAR-SEPs1 participant's compensation participant's compensation
(Includes Roth 401(k) and
Roth 403(b) contributions)
SIMPLE 401(k) plans and Lesser of $11,500 or 100% of Lesser of $11,500 or 100% of
SIMPLE IRA plans1 participant's compensation participant's compensation
1 Must aggregate employee contributions to all 401(k), 403(b), SAR-SEP, and SIMPLE plans of
all employers. 457(b) plan contributions are not aggregated. For SAR-SEPs, the percentage limit
is 25% of compensation reduced by elective deferrals (effectively, a 20% maximum contribution).
IRA contribution limits 2011 2012
Traditional IRAs Lesser of $5,000 or 100% of Lesser of $5,000 or 100% of
earned income earned income
Roth IRAs Lesser of $5,000 or 100% of Lesser of $5,000 or 100% of
earned income earned income
Page 22 of 26, see disclaimer on final page
23. Additional "catch-up" limits 2011 2012
(individuals age 50 or older)
401(k) plans, 403(b) plans, $5,500 $5,500
457(b) plans, and SAR-SEPs2
SIMPLE 401(k) plans and $2,500 $2,500
SIMPLE IRA plans
IRAs (traditional and Roth) $1,000 $1,000
2 Special catch-up limits may also apply to 403(b) and 457(b) plan participants.
Employer contribution/benefit3 limits
Defined benefit plan limits 2011 2012
Annual contribution limit per No predetermined limit. No predetermined limit.
participant Contributions based on Contributions based on
amount needed to fund amount needed to fund
promised benefits promised benefits
Annual benefit limit per Lesser of $195,000 or 100% of Lesser of $200,000 or 100% of
participant average compensation for average compensation for
highest three consecutive highest three consecutive
years years
Defined contribution plan 2011 2012
limits (qualified plans, 403(b)
plans, SEP, and SIMPLE
plans)
Annual addition limit per Lesser of $49,000 or 100% Lesser of $50,000 or 100%
participant (employer (25% for SEP) of participant's (25% for SEP) of participant's
contributions; employee compensation compensation
pretax, after-tax, and Roth
contributions; and forfeitures)
(does not apply to SIMPLE IRA
plans)
Maximum tax-deductible 25% of total compensation of 25% of total compensation of
employer contribution (not employees covered under the employees covered under the
applicable to 403(b) plans) plan (20% if self employed) plan (20% if self employed)
plus any employee pretax and plus any employee pretax and
Roth contributions; 100% for Roth contributions; 100% for
SIMPLE plans SIMPLE plans
3 For self-employed individuals, compensation generally means earned income. This means that,
for qualified plans, deductible contributions for a self-employed individual are limited to 20% of
net earnings from self-employment (net profits minus self-employment tax deduction), and
special rules apply in calculating the annual additions limit.
Compensation limits/thresholds
Retirement plan 2011 2012
compensation limits
Maximum compensation per $245,000 $250,000
participant that can be used to
calculate tax-deductible
employer contribution
(qualified plans and SEPs)
Page 23 of 26, see disclaimer on final page
24. Compensation threshold used $110,000 (When 2011 is the $115,000 (When 2012 is the
to determine a look-back year) look-back year)
highly-compensated employee
Compensation threshold used $1 for more-than-5% owners $1 for more-than-5% owners
to determine a key employee $160,000 for officers $150,000 $165,000 for officers $150,000
in a top-heavy plan for more-than-1% owners for more-than-1% owners
Compensation threshold used $5,000 $5,000
to determine a qualifying
employee under a SIMPLE
plan
Compensation threshold used $550 $550
to determine a qualifying
employee under a SEP plan
Traditional deductible IRA 2011 2012
income limits--Income
phase-out range for
determining deductibility of
traditional IRA contributions
for taxpayers covered by an
employer-sponsored plan
and filing as:
Single $56,000-$66,000 $58,000-$68,000
Married filing jointly $90,000-$110,000 $92,000-$112,000
Married filing separately $0-$10,000 $0-$10,000
Traditional deductible IRA 2011 2012
income limits--Income
phase-out range for
determining deductibility of
traditional IRA contributions
for taxpayers not covered by
an employer-sponsored
retirement plan but filing a:
Joint return with a spouse who $169,000-$179,000 $173,000-$183,000
is covered by an
employer-sponsored
retirement plan
Roth IRA compensation 2011 2012
limits--Income phase-out
range for determining ability
to fund Roth IRA for
taxpayers filing as:
Single $107,000-$122,000 $110,000-$125,000
Married filing jointly $169,000-$179,000 $173,000-$183,000
Married filing separately $0-$10,000 $0-$10,000
Page 24 of 26, see disclaimer on final page
25. Investment Planning
Tax on long-term capital gains
2011 2012
Taxpayers in tax rate brackets 15% 15%
greater than 15%
Taxpayers in tax rate brackets 0% 0%
15% or less
Tax on dividends
Maximum tax rate on 2011 2012
dividends received by an
individual shareholder from
domestic and qualified
foreign corporations
Taxpayers in tax rate brackets 15% 15%
greater than 15%
Taxpayers in tax rate brackets 0% 0%
15% or less
Page 25 of 26
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2012
26. Disclosure Information -- Important -- Please Review
IMPORTANT DISCLOSURES
Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The
information presented here is not specific to any individual's personal circumstances.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be
used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should
seek independent advice from a tax professional based on his or her individual circumstances. NMB Consultants LLC
Justin M. Angelson
These materials are provided for general information and educational purposes based upon publicly Managing Partner & Sr.
available information from sources believed to be reliable—we cannot assure the accuracy or completeness Consultant
of these materials. The information in these materials may change at any time and without notice. 217 North Warren Avenue
Columbus, OH 43204
angelsonj@nmbconsultants.com
800-557-0673 x101
Page 26 of 26
February 09, 2012
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2012