Some key numbers to know when filing your 2011 tax returns, according to the Internal Revenue Service:
?Each personal or dependent exemption is worth $3,700.
?$11,600 for married couples filing a joint return, and qualifying widows and widowers.
?$5,800 for singles and married individuals filing separate returns.
?$8,500 for heads of household.
?Taxpayers who are 65 or older or who are blind may be eligible for a higher standard deduction.
ALTERNATIVE MINIMUM TAX THRESHOLD:
?$74,450 for a married couple filing a joint return, and qualifying widows and widowers.
?$48,450 for singles and heads of household.
?$37,225 for married individuals filing separately.
Income tax brackets:
?10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent.
EARNED INCOME TAX CREDIT:
To qualify income can be no greater than:
?$43,998 ($49,078 married filing jointly) with three or more qualifying children
?$40,964 ($46,044 married filing jointly) with two qualifying children
?$36,052 ($41,132 married filing jointly) with one qualifying child
?$13,660 ($18,740 married filing jointly) with no qualifying children
?$5,751 with three or more qualifying children
?$5,112 with two qualifying children
?$3,094 with one qualifying child
?$464 with no qualifying children
?0 percent if taxed in the 10 percent or 15 percent brackets.
?Top rate of 15 percent if taxed in higher brackets.
STANDARD MILEAGE RATES:
?51 cents a mile, Jan 1 – June 30, 2011
?55.5 cents a mile, July 1 – Dec. 31, 2011
Medical reasons or qualified move
?19 cents a mile, Jan 1 – June 30, 2011
?23.5 cents a mile, July 1 – Dec. 31, 2011
?14 cents a mile