Tax Rates, Standard Deductions, Personal Exemptions for 2013

Tax rates for 2013 range from 10% to 39.6%. Married taxpayers whose income is less than $72,500 will find the majority of their income taxed at 15%; those with income less then $146,400 will see nearly half their income taxed at 25%. For singles, the similar income breaks are at $36,250 and $87,850.

The 2013 standard deductions rise a bit. Marrieds get $12,200. If one spouse is 65 or older – $13,400. If both are – $14,600. Singles can claim $6,100, $7,600 if over 65. Head of Households get $8,950 plus $1,500 once over 65. Those that are blind receive $1,200 more ($1,500 if unmarried and not a surviving spouse).

Each filer and dependent will receive $3,900 in the way of a personal exemption. This is phased out for high income earners as are some itemized deductions in 2013.

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