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IRS Tax Rates 2012

With tax season fast approaching, you might be wondering what the IRS Tax Rates 2012 are. Your federal tax calculation is based on your income level and your status. The IRS tax rates 2012 have six brackets for the four types of taxpayers. These brackets range between 10 percent and 35 percent. The lowest marginal tax rate applies to single filers and married couples who file separately and has a maximum income level of $8,700; while the highest marginal tax rate of 35 percent applies to those who have a taxable income of up to $388,350. Other changes in the IRS tax rates 2012 are on standard deductions, exemptions, estate and gift tax, and education. Specifically, the standard deduction for heads of households will increase by $200; while the exclusion from estate tax increases by $5,000,000 as provisioned in the 2010 Tax Relief Act. For a more detailed report on various tax rates, deduction, and exemptions, there’s plenty of news and information from the IRS web site and other web sites dedicated to taxation.