Latest Updates

-- Due to high volume, our cut-off date is April 5th, any documents received after that we are accepting them to file for an extension in case, we are not able to complete by the April 18th deadline. Our turn around time is 5 days right now after you received acknowledement from us about your tax document being received.

Tax Rates

 

2013 Tax Rates - Single Taxpayers - Standard Deduction $6,100

2012 Rates

10%

0 to $8,925

15%

$8,925 to $36,250

25%

$36,250 to $87,850

28%

$87,850 to $183,250

33%

$183,250 to $398,350

35%

$398,350 to $400,000

39.6%

Over $400,000

2013 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $12,200

10%

0 to $17,850

15%

$17,850 to $72,500

25%

$72,500 to $146,400

28%

$146,400 to $223,050

33%

$223,050 to $398,350

35%

$398,350 to $450,000

39.6%

Over $450,000

2013 Tax Rates - Married Filing Separately - Standard Deduction $6,100

10%

0 to $8,925

15%

$8,925 to $36,250

25%

$36,250 to $73,200

28%

$73,200 to $111,525

33%

$111,525 to $199,175

35%

$199,175 to $225,000

39.6%

Over $225,000

2013 Tax Rates - Head of Household - Standard Deduction $8,950

10%

0 to $12,750

15%

$12,750 to $48,600

25%

$48,600 to $125,450

28%

$125,450 to $203,150

33%

$203,150 to $398,350

35%

$398,350 to $425,000

39.6%

Over $425,000

2013 Tax Rates - Estates & Trusts

15%

0 to $2,450

25%

$2,450 to $5,700

28%

$5,700 to $8,750

33%

$8,750 to $11,950

39.6%

Over $11,950

 

Social Security

2013 Tax Rates

Social Security Tax Rate: Employers

6.2%

Social Security Tax Rate: Employees

6.2%

Social Security Tax Rate: Self-Employed

12.4%

Maximum Taxable Earnings

$113,700

Medicare Base Salary

Unlimited

Medicare Tax Rate

1.45%

Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)

0.9%

Medicare tax on investment income ($200,000 single filers, $250,000 joint filers)

3.8%

 

Miscellaneous

2013 Tax Rates

Personal Exemption $3,900

Business expensing limit: Cap on equipment purchases

$2,000,000

Business expensing limit: New and Used Equipment and Software

$500,000

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2013 tax liability

Standard mileage rate for business driving

56.5 cents

Standard mileage rate for medical/moving driving

24 cents

Standard mileage rate for charitable driving

14 cents

Child Tax Credit

$1,000

Unearned income maximum for children under 19 before kiddie tax applies

$1,000

Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket

0%

Maximum capital gains tax rate for taxpayers above the 15% bracket but below the 39.6% bracket

15%

Maximum capital gains tax rate for taxpayers in the 39.6% bracket

20%

Capital gains tax rate for unrecaptured Sec. 1250 gains

25%

Capital gains tax rate on collectibles

28%

Maximum contribution for Traditional/Roth IRA

$5,500 if under age 50
$6,500 if 50 or older

Maximum employee contribution to SIMPLE IRA

$12,000 if under age 50
$14,500 if 50 or older

Maximum Contribution to SEP IRA

25% of eligible compensation
up to $51,000

401(k) maximum employee contribution limit

$17,500 if under age 50
$23,000 if 50 or older

Estate tax exemption

$5,250,000

Annual Exclusion for Gifts

$14,000

 

Education

2013 Tax Rates

American Opportunity Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

 

Standard Meal Rates for Family Child Care Providers for 2013 income tax returns

Continental U.S.

2013 Tax Rates

For each breakfast

$1.27

For each lunch or supper

$2.38

For each snack (up to 3 per day for each child)

$0.71

Alaska

2013 Tax Rates

For each breakfast

$2.03

For each lunch or supper

$3.86

For each snack (up to 3 per day for each child)

$1.15

Hawaii

2013 Tax Rates

For each breakfast

$1.48

For each lunch or supper

$2.79

For each snack (up to 3 per day for each child)

$0.83

Contact us

Bhandari Tax Service.
3700 E. Douglas Ave Suite 48, Wichita, Kansas

Tax Hours: Monday - Friday, 10:00 am - 6:00 pm (CST)
Saturday , 10:00 am - 6:00 pm
Closed on Sundays and all other holidays

  • Hot line: (316) 681-1332
  • Fax line: (316) 681-3103