U.S. Federal Tax Resources

*For more information regarding federal tax law and government bodies that handle tax issues, be sure to check out U.S. Federal Government Links.

Federal Tax Law

Federal Income TAX

  • Federal Individual Income Tax Rates, Standard Deductions, and Personal Exemptions (1990-2013)
  • Corporate Income Tax Rates (2001-2012)
    • 2013-14 follow the same rate schedule as 2001-2012.
  • Federal Capital Gains Tax Rates
    • 2011-2012
    • 2013-2014:
      • For Non-Corporate Taxpayers in the 39.6% Income Tax Bracket: 20%
      • For Non-Corporate Taxpayers in the 25%, 28%, 33%, or 35% Income Tax Brackets: 15%
      • For Non-Corporate Taxpayers in the 10% or 15% Tax Brackets: 0%
  • Foreign Earned Income Exclusion
    • For 2011: $92,900
    • For 2012: $95,100
    • For 2013: $97,600
    • For 2014: $99,200
  • Section 179 Expense Allowance
    • 2013:
      • Maximum Deduction: $500,000
      • Investment Limitation: $2,000,000
    • 2014:
      • Maximum Deduction: $25,000
      • Investment Limitation: $200,000

Federal Estate, Gift, and Generation-Skipping Transfer Taxes

    • Estate and Gift Tax Rates
      • 2001-2009
      • Gift Tax Rates for 2010: Same as Unified Rates for 2009
      • 2011-2013 (2014 is the same)
    • Estate Tax Credits and Exemptions (for U.S. Residents and Citizens)
Year of Transfer Credit Exemption
2001 $220,550 $675,000
2002-2003 $345,800 $1,000,000
2004-2005 $555,800 $1,500,000
2006-2008 $780,800 $2,000,000
2009 $1,455,800 $3,500,000
2010 Can elect to (a) pay no estate tax, but beneficiaries will receive decedent’s property with modified carry-over basis; or (b) receive a $5,000,000 estate tax exemption, pay estate tax at a top rate of 35 percent, and have beneficiaries receive decedent’s property with a basis that is stepped up or down to market value.
2011 $1,730,800 $5,000,000 (with portability)
2012 $1,772,800 $5,120,000 (with portability)
2013 $2,045,800 $5,250,000 (with portability)
2014 $2,081,800 $5,340,000 (with portability)
    • Gift Tax Annual Exclusions (Married couples who elect to gift split may exclude double the exclusion amount)
Year of Transfer Exclusion
2001 $10,000
2002 $11,000
2003 $11,000
2004 $11,000
2005 $11,000
2006 $12,000
2007 $12,000
2008 $12,000
2009 $13,000
2010 $13,000
2011 $13,000
2012 $13,000
2013 $14,000
2014 $14,000
    • Gift Tax Credits and Exemptions
Year of Transfer Credit Exemption
2001 $220,550 $675,000
2002-2009 $345,800 $1,000,000
2010 $330,800 $1,000,000
2011 $1,730,800 $5,000,000
2012 $1,772,800 $5,120,000
2013 $2,045,800 $5,250,000
2014 $2,081,800 $5,340,000
    • Generation-Skipping Transfer Tax Rates and Exemptions
Year Rate Exemption
2001 55% $1,060,000
2002 50% $1,100,000
2003 49% $1,120,000
2004 48% $1,500,000
2005 47% $1,500,000
2006 46% $2,000,000
2007-2008 45% $2,000,000
2009 45% $3,500,000
2010 0% $5,000,000
2011 35% $5,000,000
2012 35% $5,120,000
2013 40% $5,250,000
2014 40% $5,340,000
  • Special Rules for nonresidents who are not U.S. citizens:
    • For 2011-2014: Unified Credit: $13,000; Exemption Amount: $60,000 (of U.S.-situated assets and no treaty provision)
  •  Annual Gift Tax Exclusion to Spouse Who Is Not a U.S. Citizen:
    • For 2011: $136,000
    • For 2012: $139,000
    • For 2013: $143,000
    • For 2014: $145,000

Applicable Federal Rates

PROPERTY EXEMPT FROM LEVY

  • For 2011, $8,370 of personal property; $4,180 of property necessary for a trade or business
  • For 2012, $8,570 of personal property; $4,290 of property necessary for a trade or business
  • For 2013, $8,790 of personal property; $4,400 of property necessary for a trade or business
  • For 2014, $8,940 of personal property; $4,470 of property necessary for a trade or business

IRS INTEREST RATES FOR TAX OVERPAYMENT, UNDERPAYMENT, AND LARGE CORPORATE UNDERPAYMENT

  • IR-2012-55 (Interest Rates Remain the Same for 3rd Quarter of 2012)
  • IR-2012-68 (Interest Rates Remain the Same for 4th Quarter of 2012)
  • IR-2012-99 (Interest Rates Remain the Same for 1st Quarter of 2013)
  • IR-2013-24 (Interest Rates Remain the Same for 2nd Quarter of 2013)
  • IR-2013-55 (Interest Rates Remain the Same for 3rd Quarter of 2013)
  • IR-2013-74 (Interest Rates Remain the Same for 4th Quarter of 2013)
  • IR-2013-96 (Interest Rates Remain the Same for 1st Quarter of 2014)
  • IR-2014-29 (Interest Rates Remain the Same for 2nd Quarter of 2014)
  • IR-2014-70 (Interest Rates Remain the Same for 3rd Quarter of 2014)
  • IR-2014-86 (Interest Rates Remain the Same for 4th Quarter of 2014)
  • IR-2014-111 (Interest Rates Remain the Same for 1st Quarter of 2015)

Social Security AND MEDICARE Taxes

A person is liable for Social Security (known as Old-Age, Survivors, and Disability Insurance, or “OASDI”) tax and Medicare (known as Hospital Insurance or “HI”) tax on her wages as an employee, on the wages she, as an employer, pays to an employee, and on her self-employment income.

The employer and employee are each liable for a portion of  each of OASDI tax and HI tax on wages from an employer to an employee, and the government collects these taxes through the Federal Insurance Contributions Act (“FICA”).

A self-employed person pays the 100 percent of both OASDI tax and HI tax that are due on his wages from self-employment, and the government collects these taxes through the Self-Employment Contributions Act (“SECA”).

  • Social Security and Medicare Tax Rates
    • 2011 OASDI tax rates are as follows:
      • FICA (for employers and employees):
        • Employee Contribution: 4.2 percent on up to $106,800 of wages
        • Employer Contribution: 6.2 percent on up to $106,800 of wages
      • SECA (for self-employed persons):
        • 10.4 percent on up to $106,800 of wages
    • 2012 OASDI tax rates are as follows:
      • FICA (for employers and employees):
        • Employee Contribution: 4.2 percent on up to $110,100 of wages
        • Employer Contribution: 6.2 percent on up to $110,100 of wages
      • SECA (for self-employed persons):
        • 10.4 percent on up to $110,100 of wages
    • 2013  OASDI tax rates are as follows:
      •   FICA (for employers and employees):
        • Employee Contribution:  6.2 percent on up to $113,700 of wages
        • Employer Contribution: 6.2 percent on up to $113,700 of wages
    • 2014 OASDI tax rates are as follows:
      • FICA (for employers and employees)
        • Employee Contribution: 6.2 percent on up to $117,000
      • SECA (for self-employed persons)
        • 12.4 percent on up to $117,000 of wages
    • 2011-2012 HI (Medicare) tax rates are as follows:
      • FICA (for employers and employees):
        • Employee Contribution: 1.45 percent on all wages
        • Employer Contribution: 1.45 percent on all wages
      • SECA (for self-employed persons):
        • 2.9 percent on all wages
    • 2013-14 HI (Medicare) tax rates are the same under FICA and SECA, but an additional HI tax of 0.9 percent (not eligible for the deduction of one-half of self-employment taxes) is assessed on wages, compensation, or self-employment income (together with that of spouse if filing joint return) above the following thresholds:
      • Married Filing Jointly: $250,000
      • Married Filing Separately: $125,000
      • Single: $200,000
      • Head of Household (with Qualifying Person): $200,000
      • Qualifying Widow/Widower with Dependent Child: $200,000
  • Social Security Tax Contribution and Benefit Base

Standard Mileage Rates

  • Standard Mileage Rates
    • 2011 standard mileage rates, pursuant to IRS Notice 2010-88 and Announcement 2011-40, are as follows:
      • For business use: 51 cents per mile (before July 1); 55.5 cents per mile (on or after July 1)
      • For charitable use (rendering gratuitous services to a charitable organization under § 170 of the Internal Revenue Code): 14 cents per mile (all year)
      • For medical care described under § 213 of the Internal Revenue Code: 19 cents per mile (before July 1); 23.5 cents per mile (on or after July 1)
      • For a move for which the expenses are deductible under § 217 of the Internal Revenue Code: 19 cents per mile (before July 1); 23.5 cents per mile (on or after July 1)
    • 2012 Standard Mileage Rates, pursuant to IRS Notice 2012-01 and IR-2011-116, are as follows:
      • For business use: 55.5 cents per mile
      • For charitable use (rendering gratuitous services to a charitable organization under § 170 of the Internal Revenue Code): 14 cents per mile
      • For medical care described under § 213 of the Internal Revenue Code:  23 cents per mile
      • For a move for which the expenses are deductible under § 217 of the Internal Revenue Code: 23 cents per mile
    • 2013 Standard Mileage Rates, pursuant to IRS Notice 2012-72 and IR-2012-95, are as follows:
      • For business use: 56.5 cents per mile
      • For charitable use (rendering gratuitous services to a charitable organization under § 170 of the Internal Revenue Code): 14 cents per mile
      • For medical care described under § 213 of the Internal Revenue Code:  24 cents per mile
      • For a move for which the expenses are deductible under § 217 of the Internal Revenue Code: 24 cents per mile
    • 2014 Standard Mileage Rates, pursuant to IRS Notice 2013-80 and IR-2013-95, are as follows:
      • For business use: 56 cents per mile
      • For charitable use (rendering gratuitous services to a charitable organization under § 170 of the Internal Revenue Code): 14 cents per mile
      • For medical care described under § 213 of the Internal Revenue Code:  23.5 cents per mile
      • For a move for which the expenses are deductible under § 217 of the Internal Revenue Code: 23.5 cents per mile
    • 2015 Standard Mileage Rates, pursuant to Notice 2014-79 and IR-2014-114, are as follows
      • For business use: 57.5 cents per mile
      • For charitable use (rendering gratuitous services to a charitable organization under § 170 of the Internal Revenue Code): 14 cents per mile
      • For medical care described under § 213 of the Internal Revenue Code: 23 cents per mile
      • For a move for which the expenses are deductible under § 217 of the Internal Revenue Code: 23 cents per mile

Per Diem Rates

Tax-Exempt/Non-Profit Organizations/Charities

Innocent Spouse Relief

Rumbak Law, P.A., makes every attempt to provide the most accurate information possible. Nevertheless, because laws constantly change and because Rumbak Law, P.A, cannot control content available through a link on this page, Rumbak Law, P.A., cannot guarantee the accuracy of any information available on this page or through any of the links on this page.