TAX NEWS Key 2011 Exemptions and Deductions Personal Exemptions – The personal exemption for each qualifying dependent is increased to $3700. Standard Deductions - The new standard deductions for those who do not itemize are as follows: Married Filing Jointly - $11,600 Single - $5,800 Head of Household - $8,500 Married Filing Separately - $5,800 If 65 or over and/or blind add: Single/ Head of Household - $1,450 Married/ Surviving Spouse - $1,150 Standard Mileage Rates - The standard mileage rates for 2011 are: Mileage / 2011 Rate/Mile 1/1-6/30                                           7/12/-12/31 Business Travel  - 0.51                           .555      Charitable Work - 0.14                           .14   Medical/Moving  - 0.19                            .235 2011 Tax Rates The Income Tax Brackets for each tax rate are: Single                                Married Jointly                           Head of Household                       Tax Rate $1-8,500                            $1-17,00                                      $1-12,150                                10% $8,501-34,500                $17,001-69,000                          $12,951-46,250                            15% $34,501-83,600             $69,001-139,350                        $46,251-119,400                           25% $83,601-174,000           $139,351-212,300                     $119,401-193,350                          28% $174,401-379,150        $212,301-379,150                      $193,551-379,150                          33% Over $379,150             Over $379,150                               Over $379,150                             35%
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