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发帖数: 5456 | 1 Here’s a detailed summary of the most-important changes for individual
taxpayers.
Payroll Tax Holiday Is Dead
For 2010-2012, the Social Security tax withholding rate on your salary was
temporarily reduced from the normal 6.2% to 4.2%. If you’re self-employed,
the Social Security tax component of the self-employment tax was reduced
from the normal 12.4% to 10.4%. Last year, this so-called payroll tax
holiday could have saved one person up to $2,202 or a working couple up to $
4,404. Somewhat surprisingly, the new law does not extend the holiday
through 2013. (For this year, the Social Security tax can hit up to $113,700
of salary or self-employment income.)
How Your Taxes Will Change in 2013
The bill approved in Congress to avert the fiscal cliff would bring the
first major tax increase on high earners in 20 years. Laura Saunders breaks
down how new tax increases will impact people across different tax brackets.
• Cracking the 2013 tax code
• Cliff deal spares retirees -- for now
• What cliff deal means for your taxes
• How the messy cliff deal came together
Rates on Ordinary Income: For most individuals, the federal income tax rates
for 2013 will be the same as last year: 10%, 15%, 25%, 28%, 33%, and 35%.
However, the maximum rate for higher-income folks increases to 39.6% (up
from 35%). This change only affects singles with taxable income above $400,
000, married joint-filing couples with income above $450,000, heads of
households with income above $425,000, and married individuals who file
separate returns with income above $225,000.
Rates on Long-Term Gains and Dividends: The tax rates on long-term capital
gains and dividends will also remain the same as last year for most
individuals. However, the maximum rate for higher-income folks increases to
20% (up from 15%). This change only affects singles with taxable income
above $400,000, married joint-filing couples with income above $450,000,
heads of households with income above $425,000, and married individuals who
file separate returns with income above $225,000. Remember: these higher-
income folks can also get socked with the new 3.8% Medicare surtax on
investment income, which can result in a maximum 23.8% federal tax rate on
long-term gains and dividends.
Personal and Dependent Exemption Deduction Phase-Out: The last time we saw a
phase-out rule for personal and dependent exemption deductions was 2009.
Sadly, the phase-out deal is back. As a result, your personal and dependent
exemption write-offs can be reduced or even completely eliminated. Phase-out
starts at the following adjusted gross income (AGI) thresholds: $250,000
for single filers, $300,000 for married joint-filing couples, $275,000 for
heads of households, and $150,000 for married individuals who file separate
returns.
Itemized Deduction Phase-Out: The last time we saw a phase-out rule for
itemized deductions was also in 2009. Unfortunately, this phase-our
provision is back too. As a result, you can potentially lose up to 80% of
your write-offs for mortgage interest, state and local income and property
taxes, and charitable contributions if your AGI exceeds the applicable
threshold. The thresholds are $250,000 for single filers, $300,000 for
married joint-filing couples, $275,000 for heads of households, or $150,000
for married individuals who file separate returns. More specifically, the
total amount of your affected itemized deductions is reduced by 3% of the
amount by which your AGI exceeds the threshold. However, the reduction
cannot exceed 80% of the total affected deductions that you started off with.
Key Point: All the aforementioned changes are permanent, so we at least have
the illusion of tax-regime stability — until further notice.
Alternative Minimum Tax Patch Made Permanent
It had become an annual ritual for Congress to “patch” the AMT rules to
prevent millions more households from getting socked with this add-on tax.
The patch job consisted of allowing bigger AMT exemptions and allowing
various personal tax credits to offset the AMT. Amazingly, the new law makes
the patch permanent, starting with 2012. The change will keep about 30
million households out of the dreaded AMT zone.
Relatively Favorable Gift and Estate Tax Rules Made Permanent
For 2013 and beyond, the new law permanently installs a unified federal
estate and gift tax exemption of $5 million (adjusted annually for inflation
) and a 40% maximum tax rate (up from last year’s 35% rate). The right to
leave your unused estate and gift tax exemption to your surviving spouse (
the so-called exemption portability deal) was also made permanent.
Child Tax Credit Extended
The $1,000 maximum credit for each eligible under-age-17 child was extended
through 2017. |
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