What are some pieces of information on the 2012 tax tables for the 1040EZ?


Quick Answer

The tax tables for Form 1040EZ tax year 2012 supply tax liability for filers who are either single or married filing jointly. Tax liability amounts range from zero for filers with taxable income of $5 or less to $21,454 for single filers with taxable income between $99,950 and $100,000.

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Full Answer

The tax tables for Form 1040EZ calculate the amount of tax liability for a federal tax return based on income tax rates for the year 2012. According to Forbes, tax rates for 2012 ranged from 10 percent to 35 percent. However, only filers with taxable incomes under $100,000 were allowed to use form 1040EZ for 2012, according to the IRS publication Instructions for Form 1040EZ. A single filer reporting taxable income of $100,000 would have fallen in the 28 percent tax bracket in 2012, says Forbes, while a married couple filing a return jointly at the same taxable income would have fallen in the 25 percent tax bracket.

The marginal tax rate system means that filers were taxed at a graduated rate for each portion of taxable income in 2012. The tax liability listed on the Instructions for Form 1040EZ for a single person with taxable income of $100,000 is $21,454, or 21.45 percent. The first $8,700 of a single filer's taxable income was subject to a 10 percent tax, and the taxable income from $8,700 to $35,530 was subject to a 15 percent tax. Income from $35,530 to $85,650 was taxed at 25 percent, and income from $85,650 to $100,000 was taxed at 25 percent.

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