Maryland Tax Rates
As you may already know there have been some changes to the Maryland State Tax Code for 2012. Maryland Governor Martin O’Malley signed into law the State and Local Revenue and Financing Act of 2012. Here are the updates you need to know.
Individual income tax rate brackets for SINGLE, MFS:
| Taxable income range | **Rate after Jan. 1, 2012 |
| $3,001 through $100,000 | 4.75% |
| $100,001 through $125,000 | 5.00% |
| $125,001 through $150,000 | 5.25% |
| $150,001 through $250,000 | 5.50% |
| in excess of $250,000 | 5.75% |
Individual income tax rate brackets for MFJ, HOH, QW:
| Taxable income range | **Rate after Jan. 1, 2012 |
| $3,001 through $150,000 | 4.75% |
| $150,001 through $175,000 | 5.00% |
| $175,001 through $225,000 | 5.25% |
| $225,001 through $300,000 | 5.50% |
| in excess of $300,000 | 5.75% |
**Does not include your Local County Piggy Back Tax**
Personal Exemption for SINGLE, MFS:
| Exemption limit |
When does it apply? |
| $1,600 (previously $2,400) | If federal adjusted gross income for taxable year exceeds $100,000 but is less than $125,000 |
| $800 (previously $1,800) | If federal adjusted gross income for taxable year exceeds $125,000 but is less than $150,000 |
| $0 | If federal adjusted gross income for taxable year exceeds $150,000 (previously $1,200 if greater than $150,000 up to $200,000; $600 if greater than $200,000) |
Personal Exemption for MFJ, QW, HOH:
| Exemption limit |
When does it apply? |
| $1,600 (previously $2,400) | If federal adjusted gross income for taxable year exceeds $150,000 but is less than $175,000 |
| $800 (previously $1,800) | If federal adjusted gross income for taxable year exceeds $175,000 but is less than $200,000 |
| $0 | If federal adjusted gross income for taxable year exceeds $200,000 (previously $1,200 if greater than $200,000 to $250,000; $600 if greater than $250,000) |