Personal Federal Income Tax Brackets for 2011, 2012

Each year the income tax brackets are adjusted along with the standard deductions amount and marginal tax rates based on inflation changes.

Although the numbers aren’t exact yet, here is a good view of how the 2011 federal income tax brackets may appear if you are married filing jointly:

• $17,000 and under- If you are in this income bracket, you will be taxed at about 10%.
• $17,001-$69,000- This income bracket will be taxed at around 15%.
• $69,001-$139,350- This middle class income will be taxed at about 25%.
• $139,351-$212,300- The tax rate for this bracket will increase to 28%.
• $212,301-$379,150- The tax rate for this higher income level will be about 33%
• If you earn anything above $379,151 then you will be taxed at 35%.

These amounts are actually a decrease in percentage amount from the previous years and you could find yourself saving some money on your federal taxes this year.

Standard Deduction Amounts

• Standard Deduction for single filers and married filing separately is $5,700
• Standard Deduction for married filing jointly is $11,400
• Standard Deduction for Head of Household is $8,400

If you find that any of these new changes will affect the way you currently file your return, then visit TurboTax Online. It is very important to start your tax planning early so there are no surprises come April 17^th.

You can also use the free tax return calculator by TurboTax to see what tax bracket you are in.

TurboTax Online offers all of the up-to-date tax information and free tax support to help you get the biggest refund guaranteed.