YoungAssociates

Miscellaneous 2013 Tax Rates

Personal exemption $3,900
Business equipment expense deduction $500,000
Prior-year safe harbor for estimated taxes of higher-income 110% of your 2011 tax liability
Child tax credit $500
Maximum unearned income for children before kiddie tax applies $950
Self-employed health insurance deduction 100%
Estate tax exemption $5,250,000
Annual exclusion for gifts $14,000
Standard Mileage Rates
Business driving 56.5 cents
Medical/moving driving 24 cents
Charitable driving 14 cents
Capital Gains & Dividends
Taxpayers in the 10% or 15% brackets 0%
Taxpayers in the 25%, 28%, 33%, 35% brackets 15%
Taxpayers in the 39.6% bracket 20%
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 IRA 25% 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