2012 Exemptions, Standard Deduction, and Tax Table
Each year the personal exemption, standard deduction, and tax rate schedule are indexed for inflation.
Exemptions
For tax year 2012, taxpayers, spouses and each dependent are allowed a $2,240 exemption.
Standard Deduction
The standard deduction is 20% of Montana Adjusted Gross Income, with the following:
Standard Deduction Maximum
| Single | $4,200 |
|
Married Filing Jointly or Head of Household |
$8,400 |
Standard Deduction Minimum
| Single | $1,860 |
|
Married Filing Jointly or Head of Household |
$3,720 |
Tax Liability Table
|
2012 Tax Brackets
|
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If your taxable income is: |
|||
|
More than |
But not more than |
Then your tax is |
Less: |
|
$ 0 |
2,700 |
1% of taxable income |
|
|
2,700 |
4,800 |
2% of taxable income |
minus $27 |
|
4,800 |
7,300 |
3% of taxable income |
minus $75 |
|
7,300 |
9,900 |
4% of taxable income |
minus $148 |
|
9,900 |
12,700 |
5% of taxable income |
minus $247 |
|
12,700 |
16,400 |
6% of taxable income |
minus $374 |
|
|
16,000 or more |
6.9% of taxable income |
minus $522 |
The Department of Revenue collects these taxes. For more information, please call us toll free at 1-866-859-2254 (in Helena, 444-6900).
If you would like tax liability information for a previous year, please refer to a prior year individual income tax instruction booklet in Forms and Resources.
Last updated 1/2/2013 1:10:10 PM