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Taxpayers are allowed a credit for certain research expenses paid or incurred in a trade or business. Generally, the research credit is allowed for increasing research activities.
The credit had expired for amounts paid or incurred after December 31, 2011. ATRA, 301, provides that this provision now expires for amounts paid or incurred after December 31, 2013.

The work opportunity credit allows employers a 40 % credit for qualified first-year wages paid or incurred during the tax year to individuals who are members of a targeted group of employees.
The credit had generally terminated for amounts paid or incurred for employees who began work for an employer after December 31, 2011. ATRA, extended the credit, and it now terminates for amounts paid or incurred for employees who begin work for an employer after December 31, 2013.

Certain small business employers that make differential wage payments to employees who are members of the military are allowed a credit for a percentage of the eligible differential wage payments made to each qualified employee.
The credit had expired for payments made after December 31, 2011. ATRA, extended the credit. It now expires for payments made after December 31, 2013.

The 2012 social security tax rate is 6.2% of your earnings (or 12.4% for self employed tax),The employer will still need to pay 6.2%
The 2011 Payroll Tax Cut temporarily lowered the social security tax rate for the employee to 4.2% in 2011.The employer will still need to pay 6.2%

Everyone born in 1929 or later needs 40 Social Security credits to be eligible for retirement benefits. You can earn up to four credits per year, so you will need to work at least 10 years to become eligible for retirement benefits.
Each year the amount of earnings needed for a credit rises as average earnings levels rise. In 2012, you receive one credit for each $1,130 of earnings, up to the maximum of four credits per year.

Everyone born in 1929 or later needs 40 Social Security credits to be eligible for retirement benefits. You can earn up to four credits per year, so you will need to work at least 10 years to become eligible for retirement benefits.
Each year the amount of earnings needed for a credit rises as average earnings levels rise. In 2012, you receive one credit for each $1,130 of earnings, up to the maximum of four credits per year.
If you become disabled before age 62, the number of credits needed for entitlement to disability benefits depends on your age at the time you become disabled.
If you die before age 62, the number of credits needed for survivors to receive benefits on your record depends on your age at the time you die.

Beginning in tax year 2013 (generally for tax returns filed in 2014), a new tax rate of 39.6 percent has been added for individuals whose income exceeds $400,000 ($450,000 for married taxpayers filing a joint return). The other marginal rates of 10, 15, 25, 28, 33 and 35 % remain the same as in prior years.

ATRA, extends the current capital gains and dividends rates on income at or below $400,000 (individual filers), $425,000 (heads of households), and $450,000 (married filing jointly) for tax years beginning after December 31, 2012.
For income in excess of $400,000 (individual filers), $425,000 (heads of households) and $450,000 (married filing jointly), the rate for both capital gains and dividends is 20 percent.

Personal exemptions allow a certain amount per person to be exempt from tax. Due to the personal exemption phaseout , the exemptions are phased out for taxpayers with adjusted gross income (AGI) above a certain level.
ATRA, permanently extends the repeal of the personal exemption phaseout on incomes at or Below $250,000 (individual filers), $275,000 (heads of households) and $300,000 (married filing jointly) for tax years beginning after December 31, 2012.
Taxpayers with income above the listed amounts will be subject to the phaseout

The American Taxpayer Relief Act of 2012 permanently extends the repeal of the Itemized Deduction Phaseout on incomes at or Below $250,000 (individual filers), $275,000 (heads of households) and $300,000 (married filing jointly) for tax years beginning after December 31, 2012.
Taxpayers with income Above the above amounts will be subject to the phaseout.