United States Capitol

Taxes

Miscellaneous 2013 Tax Rates

Personal exemption$3,900
Business equipment expense deduction$500,000
Prior-year safe harbor for estimated taxes of higher-income110% of your 2011 tax liability
Child tax credit$500
Maximum unearned income for children before kiddie tax applies$950
Self-employed health insurance deduction100%
Estate tax exemption$5,250,000
Annual exclusion for gifts$14,000
Standard Mileage Rates
Business driving56.5 cents
Medical/moving driving24 cents
Charitable driving14 cents
Capital Gains & Dividends
Taxpayers in the 10% or 15% brackets0%
Taxpayers in the 25%, 28%, 33%, 35% brackets15%
Taxpayers in the 39.6% bracket20%
IRAs &401(k)s
Charitable distributions from IRAs are reinstated for 2012 and 2013 only
Maximum contribution for Traditional/Roth IRA$5,500 if under age 50
$6,500 if 50 or older
Maximum employee contribution to SIMPLE IRA$12,000 if under age 50
$14,000 if 50 or older
Maximum Contribution to SEP IRA25% of compensation up to $51,000
Maximum employee contribution limit to 401(k)$17,500 if under age 50
$22,500 if 50 or older