2011 Tax Rates
Tax rates are constantly changing. But ever since the the Tax Relief Act of 2010 it temporarily extended the tax rate for two more years. This means that the same rates used in 2011 will be used in 2012. To learn more about the tax rates consult with McAllen CPAs from Gonzalez & Arrambide at (956) 351- 6537.
Tax rates change depending on your status and the income you receive a year. For instance, a person who is single and receives an income from $0 to $8,500 will receive a 10% rate, vs. the married filing jointly or widows who qualify will receive a 10% rate on their income up to $17,000.
Rates may vary depending on their type it’s always better to stay informed. To learn more about tax rates contact the McAllen CPAs from Gonzalez & Arrambide at (956) 351- 6537
| 2011 Tax Rates - Single Taxpayers - Standard Deduction $5,800 | |
| 10% | 0 to $8,500 |
| 15% | $8,500 to $34,500 |
| 25% | $34,500 to $83,600 |
| 28% | $83,600 to $174,400 |
| 33% | $174,400 to $379,150 |
| 35% | Over $379,150 |
| 2011 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $11,600 | |
| 10% | 0 to $17,000 |
| 15% | $17,000 to $69,000 |
| 25% | $69,000 to $139,350 |
| 28% | $139,350 to $212,300 |
| 33% | $212,300 to $379,150 |
| 35% | Over $379,150 |
| 2011 Tax Rates - Married Filing Separately - Standard Deduction $5,800 | |
| 10% | 0 to $8,500 |
| 15% | $8,500 to $34,500 |
| 25% | $34,500 to $69,675 |
| 28% | $69,675 to $106,150 |
| 33% | $106,150 to $189,575 |
| 35% | Over $189,575 |
| 2011 Tax Rates - Head of Household - Standard Deduction $8,500 | |
| 10% | 0 to $12,150 |
| 15% | $12,150 to $46,250 |
| 25% | $46,250 to $119,400 |
| 28% | $119,400 to $193,350 |
| 33% | $193,350 to $379,150 |
| 35% | Over $379,150 |
| 2011 Tax Rates - Estates & Trusts | |
| 15% | 0 to $2,300 |
| 25% | $2,300 to $5,450 |
| 28% | $5,450 to $8,300 |
| 33% | $8,300 to $11,350 |
| 35% | Over $11,350 |
| Social Security | 2011 Tax Rates |
| Social Security Tax Rate: Employers | 6.2% |
| Social Security Tax Rate: Employees | 4.2% |
| Social Security Tax Rate: Self-Employed | 10.4% |
| Maximum Taxable Earnings | $106,800 |
| Medicare Base Salary | Unlimited |
| Medicare Tax Rate | 1.45% |
| Miscellaneous | 2011 Tax Rates |
| Personal Exemption | $3,700 |
| Business expensing deduction: New Equipment | $2,000,000 |
| Business expensing deduction: Used Equipment and Software | $500,000 |
| Prior-year safe harbor for estimated taxes of higher-income | 110% of your 2010 tax liability |
| Standard mileage rate for business driving 1/1/2011 to 6/30/2011 | 51 cents |
| Standard mileage rate for business driving 7/1/2011 to 12/31/2011 | 55.5 cents |
| Standard mileage rate for medical/moving driving 1/1/2011 to 6/30/2011 | 19 cents |
| Standard mileage rate for medical/moving driving 7/1/2011 to 12/31/2011 | 23.5 cents |
| Standard mileage rate for charitable driving | 14 cents |
| Child Tax Credit | $1,000 |
| Unearned income maximum for children under 19 before kiddie tax applies | $950 |
| Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket | 0% |
| Maximum capital gains tax rate for taxpayers above the 15% bracket | 15% |
| Capital gains tax rate for unrecaptured Sec. 1250 gains | 25% |
| Capital gains tax rate on collectibles | 28% |
| Maximum contribution for Traditional/Roth IRA | $5,000 if under age 50 $6,000 if 50 or older |
| Maximum employee contribution to SIMPLE IRA | $11,500 if under age 50 $14,000 if 50 or older |
| Maximum Contribution to SEP IRA | 25% of eligible compensation up to $49,000 |
| 401(k) maximum employee contribution limit | $16,500 if under age 50 $22,000 if 50 or older |
| Self-employed health insurance deduction | 100% |
| Estate tax exemption | $5,000,000 |
| Annual Exclusion for Gifts | $13,000 |
| Education | 2011 Tax Rates |
| American Opportunity Credit (Hope) | $2,500 |
| Lifetime Learning Credit | $2,000 |
| Student Loan Interest Deduction | $2,500 |
| Coverdell Education Savings Contribution | $2,000 |
