Tax Calculators, Tax Rates

Tax Rates 2011 TAX RATES 2011
Tax Rates 2010 TAX RATES 2010
Tax Calculator, Federal 2011 TAX CALCULATOR 2011
Tax Calculator, Federal 2010 TAX CALCULATOR 2010
Tax Rates, Florida 2010 FLORIDA TAX SUMMARY 2010
Tax Calculator, Illinois 2010 ILLINOIS TAX CALCULATOR 2010
Tax Calculator, Michigan 2010 MICHIGAN TAX CALCULATOR 2010
Tax Calculator, New York 2010 NEW YORK TAX CALCULATOR 2010
Tax Rates, Texas 2010 TEXAS TAX SUMMARY 2010
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FEDERAL TAX TABLES FOR 2011

The Federal Government and the Obama Administration recently extended the Bush Era Tax Cut through 2012. This means that the tax rates we have had for several years remain unchanged.
Single Married Filing Jointly
Widow/Widower
Married Filing
Separately
Head of Household Tax Rate
0 to 8,500 0 to 17,000 0 to 8,500 0 to 12,150 10%
8,501 to 34,500 17,001 to 69,000 8,501 to 34,500 12,151 to 46,250 15%
34,501 to 83,600 69,001 to 139,350 34,501 to 69,675 46,251 to 119,400 25%
83,601 to 174,400 139,351 to 212,300 69,676 to 106,150 119,401 to 193,350 28%
174,401 to 379,150 212,301 to 379,150 106,151 to 189,575 193,351 to 379,150 33%
379,151+ 379,151+ 189,576+ 379,151+ 35%

SOCIAL SECURITY AND MEDICARE TAXES

For the year 2011 only, Social Security taxes have been reduced to 4.2% from 6.2%.  This will increase next year to the normal rate of 6.2%  The cap on taxable gross income for Social Security taxes this year is $106,800. Medicare taxes are simply 1.45% of all gross income.  Your employer also must match your Social Security and Medicare taxes, meaning that they must pay too.  For 2011, your employer will pay Social Security taxes at the 6.2 rate, even though you will only pay 4.2%.

If you are self employed, you must pay the match for Social Security and Medicare taxes that an employer normally would.  That means that for 2010, if you are self employed, you Social Security taxes would be 10.4% of your gross income up to $106,800, and your Medicare taxes would be 2.9% of your total gross income.

Social Security and Medicare Tax Tables for 2011
Employment Status Social Security Tax Rate
(Up to 106,800 of Gross Income)
Medicare Tax Rate
(On all Gross Income)
Non Self Employed 4.2% 1.45%
Self Employed 10.4% 2.9%


Links:
en.wikipedia.org/wiki/Income_tax_in_the_United_States
www.irs.gov


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