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Topolinski
& Associates, Inc.
G-8305 S. Saginaw
Grand Blanc, MI
810-695-6990
Fax: 810-695-6150
Info@Topolinski.com
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Key 2011 Exemptions and Deductions
Listed here for your reference are key deduction rates for 2011.
Personal Exemptions:
The personal exemption for each qualifying dependent in 2011 is:
| |
2011 |
2010 |
| Exemption |
$3,700 |
$3,650 |
Standard Deductions:
Standard deductions in 2011 for those who do not itemize are presented here. Unlike 2010, most Standard Deductions increase slightly versus last year.
| |
2011 |
2010 |
| Single |
$5,800 |
$5,700 |
| Married Filing Sep. |
$5,800 |
$5,700 |
| Married Filing Joint |
$11,600 |
$11,400 |
| Head of Household |
$8,500 |
$8,400 |
If 65 or over and/or blind add:
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2011 |
2010 |
| Single / Head of Household |
$1,450 |
$1,400 |
| Married / Surviving Spouse |
$1,150 |
$1,100 |
Standard Mileage Rates:
The standard mileage rates for 2011 are:
| Mileage |
1/1-6/30 |
7/1-12/31 |
| Business Travel |
50¢ |
55.5¢ |
| Medical / Moving |
19¢ |
23.5¢ |
| Charitable Work |
14¢ |
14¢ |
2011 Alert: Personal Exemptions - The deduction phase-out calculation for clients above certain income thresholds does not apply in 2011.
2011 Alert: Standard Decduction - The deduction phase-out calculation for clients above certain income thresholds does not apply in 2011.
2011 Tax Rates
The income brackets and their corresponding tax rates are:
| Single |
Married Jointly |
Head of Household |
Married Filing Seperately |
Tax Rate |
| $1 - 8,500 |
$1 - 17,000 |
$1 - 12,150 |
$1 - 8,500 |
10% |
| $8,501 - 34,500 |
$17,001 - 69,000 |
$12,151 - 46,250 |
$8,501 - 34,500 |
15% |
| $34,501 - 83,600 |
$69,001 - 139,350 |
$46,251 - 119,400 |
$34,501 - 69,675 |
25% |
| $83,601 - 174,400 |
$139,351 - 212,300 |
$119,401 - 193,350 |
$69,676 - 160,150 |
28% |
| $174,401 - 379,150 |
$212,301 - 379,150 |
$193,351 - 379,150 |
$106,151 - 189,575 |
33% |
| Over $379,150 |
Over $379,150 |
Over $379,150 |
Over $189,575 |
35% |
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Your Tax Bracket
"What's my tax bracket?" is a very important and commonly
asked question. There are two tax brackets for everyone:
Overall Tax Bracket
Marginal Tax Bracket
How the Audit System Works
For most businesses, the chance of an audit is fairly low. On average,
less than 1% of all business returns filed in a given year are audited.
Audit Probability
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