Fast tax facts 2012.

• Position: AS OF NOV. 15, 2012

The online version of fast tax facts will be updated for tax law changes. check it out at www.calcpa.orgnasttaxfacts.

special thanks to: Brooke Sigler, CPA and Bella Wang, CPA of Windes & McClaughry Accountancy Corporation, and the FIB for compiling this information.

Welcome to our annual at-a-glance compilation of federal and state tax information. Jser-friendly tax rate schedules, facts, figures and assorted data make this time-saving section a handy companion. Keep it within arm's reach as you enter the upcoming busy season.

2012 TAX DATA SCHEDULE 2011 2012 Federal California Standard Deductions Single $5,950 $3,841 Married Filing jointly; Surviving Spouse 11,900 7,682 Married Filing Separately 5,950 3,841 Head of Household 8,700 7,682 Additional for Age 65 and older or Blind 1,150 Married Additional for Age 65 and Older or Blind 1,450 Unmarried (per individual for each situation, age or blind) Taxpayer Claimed as a Dependent 950 950 Personal or Dependent Exemption 3,800 (Social Security Number required) California Exemption Credits Single, Married Filing Separately, Head of $ 104 Household Married Filing jointly, Surviving Spouse 208 Dependent 321 Blind or Age 6j and Older 104 Senior Head of Household Credit 2% of California taxable income, maximum $1, 251 California AGI of $66,39 with maximum credit of California Joint Custody Head of Hoi Credit and Dependent Parent Credit Each is 30% of net tax with maximum credit $409 of Child and Dependent Care Credit Percentage of federal credit for California AGI limits $O-40,000 50% 40,001 70,000 43% 70,001 100,000 34% 100,001 or more 0% California Renter's Credit Married Filing jointly. Head of Household, $120 Surviving Spouse if AGI is below $72,674 Single or Married Filing Separately if AGI is 60 below $36.337 IRC Section 179 Deduction $125,000 $25,000 Sec. I79 Purchase Phaseout $1500,000 $200.000 Beginning of Personal Exemption Phaseout Range--Based on Federal AGI Single no phaseout $169,730 Married Filing Jointly, Surviving Spouse no phaseout 339,464 Married Filing Separately no phaseout 169,730 Head of Household no phaseout 254,509 Beginning of Itemized Deduction Phaseout Range--Based on Federal AGI Single no $169.730 limitation Married Filing; Jointly. Surviving Spouse no 339,464 limitation Married Filing Separately no 169,730 limitation Head of Household no 254,599 limitation Rate Reduced over federal AGI limits N/A 6% Schedule A Medical Deduction Based on federal AGI 7.5% 7.5% Schedule A...