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Ask A CPA - Tax Law Highlights - 2012

2012 Tax Rate Brackets

The Tax Relief Act of 2010 extended the current tax rate structure through the end of 2012. For 2012, there will be six tax rate brackets for ordinary income of: 10%, 15%, 25%, 28%, 33%, and 35%. All taxpayers will pay 35% of any taxable income over $388,350 except MFS pays 35% over $194,175.

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