What is the Income Tax Rate 2013 in USA? Income tax Rates, Standard Deduction and Allowances for 2013 United States of America

USA Income Tax Rates 2013 and Standard Deduction as per IRS Announcement

 

 

Income Tax Rate for Individual Tax Payers

Taxable Income	Tax Rate %
$0-$8,925	10%
$8,926-$36,250	$892.50+15% on amount excess over $8,925
$36,251-$87,850	$4,991.25+25% on amount excess over $36,250
$87,851-$183,250	$17,891.25+28% on amount excess over $87,850
$183,251-$398,350	$44,603.25+33% on amount excess over $183,250
$398,351-$400,000	$115,586.25+35% on amount excess over $398,350
$400,001 and above	$116,163.75+39.60% on amount excess over $4,00,000

 

 USA Income Tax Rate 2013 for Household Head

Taxable Income	Tax Rate %
$0-$12,750	10%
$12,751-$48,600	$1275+15% on amount excess over $12,750
$48,601-$125,450	$6,652.50+25% on amount excess over $48,600
$125,451-$203,150	$25,865+28% on amount excess over $125,450
$203,051-$398,350	$47,621+33% on amount excess over $203,150
$398,351-$425,000	$112,037+35% on amount excess over $398,350
$425,001 and above	$121,364.50+39.60% on amount excess over $4,25,000

 

USA Income Tax Rate 2013 for Married Tax Payers filing Returns Separately

Taxable Income	Tax Rate %
$0-$8,925	10%
$8,926-$36,250	$892.50+15% on amount excess over $8,925
$36,251-$73,200	$4,991.25+25% on amount excess over $36,250
$73,201-$111,525	$14,228.75+28% on amount excess over $73,200
$111,526-$199,175	$24,959.25+33% on amount excess over $111,525
$199,176-$225,000	$53,884.25+35% on amount excess over $1,99,175
$2,25,000 and above	$62,923+39.60% on amount excess over $2,25,000

 

 

USA Income tax Rates 2013 for Joint filing by married tax payers

Taxable Income	Tax Rate %
$0-$17,850	10%
$17,851-$72,500	$1,785+15% on amount excess over $17,850
$72,501-$1,46,400	$9,982.50+25% on amount excess over $72,500
$1,46,401-$223,050	$28,457.50+28% on amount excess over $146,400
$223,051-$398,350	$49,919.50+33% on amount excess over $223,050
$398,351-$450,000	$107,768.50+35% on amount excess over $398,350
$450,001 and above	$125,846+39.6% on amount excess over $4,50,000

Standard Deduction Rates for 2013 in USA

Married Tax Payers Filing Jointly                              - $12,200

Head of Household                                                  -$8,950

Individual Tax Payers                                               -$6,100

Married Tax Payers filing separate                              -$6,100

Additional Tax Deduction for the Blind or Aged           -$1,200

Tax payer is single and not surviving a wife                 -$1,500

For purposes of the standard deduction, the amount under Section 63(c)(5) for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of $1,000 OR ($350 + the individual?s earned income).

USA Itemized Income Tax Deduction Amount for 2013

Married Tax Payers filing Jointly                             -$2,75,000

Household Head                                                    -$2,50,000

Individual Tax Payers                                             -$1,50,000

Married Tax Payer filing Separately                          -$1,50,000

USA Alternative Minimum Tax Amount for 2013

Married Tax Payers filing jointly                                -$80,800

Household Head                                                      -$51,900

Individual Tax Payers                                               -$40,400

Married Tax Payer filing separately                            -$40,400

USA Personal Exemption Amount for 2013

The personal exemption amount is $3,900. PEP (personal exemption phase outs)

USA Foreign Earned Income Exclusion 2013

Foreign Earned Income Exclusion (FEIE)                 -$97,600 ($95,100 for 2012)

USA Earned Income Credit (EITC) for 2013

Particulars	0 Kid	1 Kid	2 Kids	3 Kids and More
Earned Income	$6,370	$9,560	$13,430	$13,430
Maximum Credit	$487	$3,250	$5,372	$6,044
Phase out for Single or Household Head	$7,970-$14,340	$17,530-$37,870	$17,530-$43,038	$17,530-$46,227
Phase out Married Persons filing Jointly	$13,310-$19,680	$22,870-$43,210	$22,870-$48,378	$22,870-$51,567

USA Adoption Credit 2013

The maximum credit allowable is $12,970. Phase outs apply for taxpayers with modified adjusted gross income (MAGI) over $194,580 and the credit is completely phased out for taxpayers with MAGI of more than $234,580. By way of explanation, your MAGI is generally your adjusted gross income (AGI), found at line 37 of your federal form 1040, with certain tax preference items like deductions for student loan interest and IRA contributions added back in.

USA Child Credit 2013

The used to determine the amount of refundable credit is $3,000.

American Opportunity Credit 2013

American Opportunity Tax Credit will be limited to $2,500. Phase outs apply for the credit beginning with MAGI over $80,000 ($160,000 for married taxpayers filing jointly).

Note: Taxes mentioned above are indicative only. Please check from the particular department for accurate tax rate

Assessments under Income tax Law

What is Assessment under Section 143(1) of Income Tax Act, 1961? What is Summary Assessment? What is the time limit to complete summary assessment?

What is Assessment under Section 143(3) of Income Tax Act, 1961? What is Scrutiny Assessment? What is the time limit to complete scrutiny assessment?

What is Assessment under Section 144 of Income Tax Act, 1961? What is Judgment Assessment? What is the time Limit to complete Judgment Assessment?

What is Assessment under Section 147 of Income Tax Act, 1961? What is Escaped Assessment? How to prepare Return under Section 148? What is the time Limit to complete Escaped Assessment?