Tax Brackets Filing Status Tax Cuts Extended Tax Cuts Expire Obama Proposals Single $0 to $8,875: 10% $8,875 to $36,050: 15% $36,050 to $87,300: 25% $87,300 to $182,100: 28% $182,100 to $395,850: 33% $395,850+: 35% $0 to $36,050: 15% $36,050 to $87,300: 28% $87,300 to $182,100: 31% $182,100 to $395,850: 36% $395,850+: 39.6% $0 to $8,875: 10% $8,875 to $36,050: 15% $36,050 to $87,300: 25% $87,300 to $182,100: 28% $182,100 to $202,350: 33% $202,350 to $395,850: 36% $395,850+: 39.6% MFJ $0 to $17,750: 10% $17,750 to $72,100: 15% $72,100 to $145,450: 25% $145,450 to $221,650: 28% $221,650 to $395,850: 33% $395,850+: 35% $0 to $60,200: 15% $60,200 to $145,450: 28% $145,450 to $221,650: 31% $221,650 to $395,850: 36% $395,850+: 39.6% $0 to $17,750: 10% $17,750 to $72,100: 15% $72,100 to $145,450: 25% $145,450 to $221,650: 28% $221,650 to $245,500: 33% $245,500 to $395,850: 36% $395,850+: 39.6% HOH $0 to $12,650: 10% $12,650 to $48,300: 15% $48,300 to $124,650: 25% $124,650 to $201,900: 28% $201,900 to $395,850: 33% $395,850+: 35% $0 to $48,300: 15% $48,300 to $124,650: 28% $124,650 to $201,900: 31% $201,900 to $395,850: 36% $395,850+: 39.6% $0 to $12,650: 10% $12,650 to $48,300: 15% $48,300 to $124,650: 25% $124,650 to $201,900: 28% $201,900 to $225,900: 33% $225,900 to $395,850: 36% $395,850+: 39.6% Tax Parameters Name Tax Cuts Extended Tax Cuts Expire Obama Proposals Ordinary Taxable Income Rates 10%, 15%, 25%, 28%, 33%, 35% 15%, 28%, 31%, 36%, 39.6% 10%, 15%, 25%, 28%, 33%, 36%, 39.6% Standard Deduction Single: $6,050 MFJ: $12,100 HOH: $8,900 Single: $6,050 MFJ: $10,100 HOH: $8,900 Single: $6,050 MFJ: $12,100 HOH: $8,900 Long-Term Capital Gains Rate Single: $0 to $36,050: 0% $36,050+: 15% MFJ: $0 to $72,100: 0% $72,100+: 15% HOH: $0 to $48,300: 0% $48,300+: 15% Single: $0 to $36,050: 10% $36,050+: 20% MFJ: $0 to $60,200: 10% $60,200+: 20% HOH: $0 to $48,300: 10% $48,300+: 20% Single: $0 to $36,050: 0% $36,050 to $202,350: 15% $202,350+: 20% MFJ: $0 to $72,100: 0% $72,100 to $245,500: 15% $245,500+: 20% HOH: $0 to $48,300: 0% $48,300 to $225,900: 15% $225,900+: 20% Qualified Dividends Rate Taxed as capital gains Taxed as ordinary income Dividends taxed as capital gains until taxable income exceeds: Single: $202,350 MFJ: $245,500 HOH: $225,900 Personal Exemption Phaseout Threshold No phaseout Single: $177,000 MFJ: $265,550 HOH: $221,300 Single: $212,250 MFJ: $265,550 HOH: $212,250 Itemized Deduction Phaseout Threshold No phaseout Single: $177,000 MFJ: $177,000 HOH: $177,000 Single: $212,250 MFJ: $265,350 HOH: $212,250 Child Tax Credit (per child) $1,000 $500 $1,000 Refundable Child Tax Credit Refundable to the extent of 15% of AGI in excess of $3,000 Refundable against payroll taxes for families with 3 or more children Refundable to the extent of 15% of AGI in excess of $3,000 Child and Dependent Care Credit Limited to $3,000 ($6,000 for two or more children) in expenses, top credit percentage of 35%, phase-out begins at $15,000 in earned income Limited to $2,400 ($4,800 for two or more children) in expenses, top credit percentage of 30%, phase-out begins at $10,000 in earned income Limited to $3,000 ($6,000 for two or more children) in expenses, top credit percentage of 35%, phase-out begins at $15,000 in earned income AMT Exemption Level Single: $48,450 MFJ: $74,450 HOH: $48,450 Single: $48,450 MFJ: $74,450 HOH: $48,450 Single: $48,450 MFJ: $74,450 HOH: $48,450 AMT Bracket $175,000 $175,000 $175,000 AMT Exemption Phaseout Threshold Single: $112,500 MFJ: $150,000 HOH: $112,500 Single: $112,500 MFJ: $150,000 HOH: $112,500 Single: $112,500 MFJ: $150,000 HOH: $112,500 EITC Parameters Tax Cuts Extended Tax Cuts Expire Obama Proposals No Children Married Filing Jointly Other Taxpayers Married Filing Jointly Other Taxpayers Married Filing Jointly Other Taxpayers Credit Rate 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% Phase-out Rate 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% Earned Income Threshold $6,330 $6,330 $6,330 $6,330 $6,330 $6,330 Maximum Credit $484 $484 $484 $484 $484 $484 Phase-Out Threshold $12,920 $7,920 $7,920 $7,920 $12,920 $7,920 Phase-Out Limit $19,250 $14,250 $14,250 $14,250 $19,250 $14,250 One Child Married Filing Jointly Other Taxpayers Married Filing Jointly Other Taxpayers Married Filing Jointly Other Taxpayers Credit Rate 34% 34% 34% 34% 34% 34% Phase-out Rate 15.98% 15.98% 15.98% 15.98% 15.98% 15.98% Earned Income Threshold $9,500 $9,500 $9,500 $9,500 $9,500 $9,500 Maximum Credit $3,230 $3,230 $3,230 $3,230 $3,230 $3,230 Phase-Out Threshold $22,420 $17,420 $17,420 $17,420 $22,420 $17,420 Phase-Out Limit $42,633 $37,633 $37,633 $37,633 $42,633 $37,633 2 Children Married Filing Jointly Other Taxpayers Married Filing Jointly Other Taxpayers Married Filing Jointly Other Taxpayers Credit Rate 40% 40% 40% 40% 40% 40% Phase-out Rate 21.06% 21.06% 21.06% 21.06% 21.06% 21.06% Earned Income Threshold $13,340 $13,340 $13,340 $13,340 $13,340 $13,340 Maximum Credit $5,336 $5,336 $5,336 $5,336 $5,336 $5,336 Phase-Out Threshold $22,420 $17,420 $17,420 $17,420 $22,420 $17,420 Phase-Out Limit $47,757 $42,757 $42,757 $42,757 $47,757 $42,757 3 Children Married Filing Jointly Other Taxpayers Married Filing Jointly Other Taxpayers Married Filing Jointly Other Taxpayers Credit Rate 45% 45% Same as credit for 2 or more children. Same as credit for 2 or more children. 45% 45% Phase-out Rate 21.06% 21.06% Same as credit for 2 or more children. Same as credit for 2 or more children. 21.06% 21.06% Earned Income Threshold $13,340 $13,340 Same as credit for 2 or more children. Same as credit for 2 or more children. $13,340 $13,340 Maximum Credit $6,003 $6,003 Same as credit for 2 or more children. Same as credit for 2 or more children. $6,003 $6,003 Phase-Out Threshold $22,420 $17,420 Same as credit for 2 or more children. Same as credit for 2 or more children. $22,420 $17,420 Phase-Out Limit $50,924 $45,924 Same as credit for 2 or more children. Same as credit for 2 or more children. $50,924 $45,924
