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Monday, April 29, 2013

FISCAL CLIFF NOTES - INCOME AND CAPITAL GAINS TAX RATES

FISCAL CLIFF NOTES - CAPITAL GAINS

Under the new American Taxpayer Relief Act ("ATRA"), taxpayers whose ordinary income is generally taxed at a rate below 25%, capital gains and dividends will permanently be subject to a 0% rate.  Taxpayers who are subject to a 25%-or-greater rate on ordinary income, but whose income levels fall below the $400,000/$450,000 thresholds, will continue to be subject to a 15% rate on capital gains and dividends.

Income Tax Rates    

Rate

Single

Married Joint

Head of Household

10% $0 to $8,950 $0 to $17,900 $0 to $12,750
15% $8,950 to $36,250 $17,900 to $72,500 $12,750 to $48,600
25% $36,250 to $87,850 $72,500 to $146,400 $48,600 to $125,450
28% $87,850 to $183,250 $146,400 to $223,050 $125,450 to $203,150
33% $183,250 to $398,350 $223,050 to $398,350 $203,150 to $398, 350
35% $398,350 and up $398,350 and up $398,350 and up

 

Capital Gains

Rate Single Married Joint Head of Household
0% Up to $36,250 Up to $72,500 Up to $48,600
15% $36,250 to $400,000 $72,500 to $450,000 $48,600 to $425,000
20% $400,000+1 $450, 000+1  

1Plus an additional 3.8% investment income surtax for Health Care Reform Act funding, for a total effective rate of 23.8%.


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Attorney Lindsey Warren Duvall assists clients throughout Anne Arundel County and Prince Georges County, including but not limited to Annapolis, Davidsonville, Gambrills, Crofton, Severna Park, Crownsville, South River, Millersville, Waugh Chapel, Odenton, Piney Orchard, Severn, Upper Marlboro, Bowie, Glenndale, Galesville, Gibson Island, Arundel Mills, Columbia, Edgewater, Deale, Harwood, Lothian, Churchton, Shady Side, Cape St. Claire, Broadneck, Arnold, Jessup, Laurel, Linthicum, Mitchellville, Pasadena, and Lake Shore, MD.



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