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If Congress does not agree by the end of 2012, the estate tax is set to revert to pre-2001 levels. As of this date, estate tax rates for 2013 and beyond are set to increase to a maximum of 55% (up from 35% in 2011 and 2012), and only the first $1 million of one’s estate (down from $5.12 million in 2012 and $5 million in 2011) would be exempt.
In 2011, For an estate or gift(s) with:
Taxable income of $1 but not over $10,000 the tax is $0 plus 18 % over $0
T.I. of $100,000 but not over $150,000 the tax is $23,820 plus 30 % over $100,000
T.I. of $150,000 but not over $250,000 the tax is $38,800 plus 32 % over $150,000
T.I. of $250,000 but not over $500,000 the tax is $70,800 plus 34 % over $250,000
T.I. of $500,000 the tax is $155,800 plus 35 % over $500,000 Any gift tax that you would owe is eliminated or reduced by a tax credit. The credit against taxable gifts for 2011 and 2012 is $1,730,800 effectively exempting $5 million of taxable estates.

For qualified property acquired and placed in service in 2016, a 50% bonus first-year depreciation allowance applies under Code Sec. 168(k).,

For 2012, the Personal and Dependency Exemptions increased by $100 to $3,800.
in 2013 ATRA, permanently extends the repeal of the personal exemption phase-out on incomes at or below $250,000 (individual filers), $275,000 (heads of households) and $300,000 (married filing jointly).,br> Exemptions will be phased out for taxpayers with adjusted gross income (AGI) above the AGI's mentioned above.

The Annual Gift Exclusion remains at $14,000 per donee.

Rent from Real estate (except RE dealers), Dividends and Interest except dealers in securities) and Capital gains (except traders in securities) are not considered income subject to SE tax.

You are subject to self-employment tax on all earnings even though you can exclude from gross income your foreign earned income of up to $92,900 in 2011.

The amount in Box 1 can be unlimited but the amount in Box 3 and 7 should never exceed $ 106,800 in 2011. Also;
Elective salary deferrals to a 401(k), 403(b) Simple, Salary reduction SEP as well as payments of adoption expenses and deferred amounts under a nonqualified plan or 457 plan are included in Box 3 and not in Box 1 Taxable wages.

Reimbursements from your employer and the value of employer care services are included in Box 10
Generally, amounts up to $5,000 are tax free and the excess over $5,000 are included on Form 1040 line 7 as taxable wages.

Elective deferrals from retirement plans and adjustments or deductions are listed with a code and an amount in Box 12.
CODES:
A = Uncollected SS or RRTA tax on tips
B = Uncollected Medicare tax on tips
C = Taxable cost of group life insurance over 50K
D through H,S,AA,BB,EE = Elective Deferrals and Roth contributions
J = Nontaxable sick pay
K = 20% excise tax on golden paachute payments
L = Employee business expense reimbursements
M = Uncollected SS or RRTA tax on life insurance
N = Uncollected Medicare tax on life insurance
P =excludable moving expense reimbursements
Q =Nontaxable combat pay
R = Employer contributions to Archer MSA
S = salary reduction under 408(p) Simple
T = Adoption benefits
V= income from stock option
W = HSA employer contribution
Y = 409A deferral
Z = 409A income
AA = Roth contribution under 401(k)
BB =Roth contribution under 403(b)
DD = employer health coverage
EE =Roth contribution under 457(b)

If you worked in a restaurant employing 10 or more people, your employer will report in Box 8 your share of taxable tip income.
The amount in Box 8 is includable in Form 1040 Line 7.