PERSONAL EXEMPTION:

-Each personal or dependent exemption is worth $3,700.

STANDARD DEDUCTION:

-$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

Maximum credit:

-$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

CAPITAL GAINS:

-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:

Business use

-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

Charitable purposes

-14 cents a mile

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