Due to an editing error, the compilation of provisions of the House Ways and Means Committee's tax bill in yesterday's paper incorrectly stated the current range of individual tax rates. They range from 11 percent to 50 percent.

Here are the highlights of the tax bill approved by the House Ways and Means Committee: INDIVIDUAL TAXES

*Rates: 15 percent for single taxpayers with taxable income up to $12,500, married taxpayers up to $22,500 and heads of household up to $16,000, 25 percent for taxable income from $12,500 to $30,000 for singles, $22,500 to $43,000 for marrieds and $16,000 to $34,000 for heads of households, 35 percent for taxable income of $30,000 to $60,000 for singles, $43,000 to $100,000 for marrieds and $34,000 to $75,000 for heads of household, 38 percent rate applies for taxable income above those upper levels. Effective July 1, 1986. Rates now range from 14 to 50 percent.

*Personal exemption: $2,000 for each taxpayers and dependent. It now is $1,040 and is scheduled to rise to $1,080 in 1986. Effective Jan. 1, 1986.

*Standard deduction: $4,800 for married couples filing jointly and surviving spouses, $4,200 for single heads of household and $2,950 for singles. Effective Jan. 1, 1987.

*Elderly and blind: The current double personal exemption would be replaced by an extra $600 standard deduction for the elderly or blind, effective Jan. 1, 1986. (The tax credit for low-income elderly or those with disabilities would be retained.)

*Deduction limit: Taxpayers could only itemize deductions to the extent they exceeded $500 multiplied by the number of personal exemptions taken. For example, a family of four could itemize only deductions exceeding $2,000. The effect is to give taxpayers who use the standard deduction a $2,000 per person personal exemption while those who itemize would get a $1,500 exemption.

*Capital gains: 42 percent of capital gains -- profits from the sale of an asset -- would be excluded from taxation, so that the top effective rate would be 22 percent.

*Currently, 60 percent is excluded, leaving a top rate of 20 percent. Two-earner deduction: Usually called the marriage penalty deduction because it offsets proportionally higher taxes paid by two-income couples. It would be repealed, but lower tax rates and a higher standard deduction would help offset the loss of the deduction.

*Earned income credit: The credit, designed to offset the costs of the Social Security tax on low-income workers, would be increased to 14 percent of the first $5,000 earned by qualified taxpayers with one or more children, with a maximum credit of $700. It would begin to phase out for taxpayers earning $6,500 after 1987 and could not be taken at all by taxpayers with adjusted gross incomes of $13,500 or more. It would be adjusted for inflation.

*Child care and adoption: The 30 percent credit for employment-related child care would be continued, and could be applied to costs up to $2,400 for a single worker and $4,800 for two or more qualifed workers. Workers would not be taxed on the value of day care provided by the employer. The deduction for adoption expenses up to $1,500 would be repealed.

*Income averaging: Taxpayers no longer would be permitted to use this tax-computation method that benefits those who have large income increases in one year compared with the last three years.

*Scholarships and awards: Only scholarship money spent on tuition and equipment would be free of tax. Prizes and awards would be taxed.

*State and local taxes: Income, property and sales taxes would continue to be fully deductible.

*Charitable contributions: Those who itemize deductions could continue to deduct contributions to charity. Taxpayers who use the standard deduction could deduct the amount of their contributions that exceed $100. Now, they can deduct half of their contributions, and next year that is is scheduled to rise to 100 percent.

*Worker benefit payments: Unemployment compensation would be fully taxed. It is wholly untaxed now. Workers' compensation, black-lung benefits and disability payments would remain untaxed.

*Retirement: The annual limit for tax-deferred contributions to Individual Retirement Accounts (IRA) would remain at $2,000, with an additional $250 for a nonworking spouse. Workers' contributions to employer-sponsored 401(k) retirement savings plans would be limited to $7,000 per year, while total contributions -- including the employers' share -- could not exceed $25,000 a year. Every dollar contributed to a 401(k) plan would be subtracted from the amount that could be contributed to an IRA.

*Tax shelters and interest limits: Taxpayers could fully deduct interest paid on a mortgage loan for two houses, plus other interest up to an amount equal to a taxpayer's investment income, plus $20,000. Interest on loans financing up to six weeks' worth of time-sharing on a vacation house would be deductible. A provision that now lets real-estate investors write off in "losses" more than they actually invest would be repealed, unless the loan for the investment came from a financial institution rather than the seller of the real estate.

*Trusts and estates: Children under 14 would pay tax on unearned (nonsalary) income at their parents' rate if the assets that earn the income were provided by the parents. Clifford trusts and custodial trusts, which parents use to shift income to their children, would be disallowed. Trusts generally would be taxed at the rate of the grantor, or creator, of the trust. A new tax on transfers from grandparents to grandchildren would be imposed in addition to the estate tax. Currently, if grandparents bequeath directly to grandchildren, the estate tax is paid once. If the inheritance goes to children first, then to grandchildren, the estate tax must be paid twice. A $1 million exemption for the giver and $2 million exemption for each recipient means a child could get up to $6 million from two grandparents without paying the tax.

*Energy credits: The 40 percent credit for solar installations up to $10,000 would be phased out over three years rather than expiring at the end of this year. The wind and geothermal credits would expire, as would the 15 percent credit for up to $2,000 spent on residential energy conservation, along with the credit for alcohol fuels. The excise tax exemption for alcohol fuels and gasohol would both be 6 cents per gallon.

*Political: The tax credit of up to $50 for half the amount a taxpayer contributes to a campaign or candidate would be repealed. The $1 checkoff on tax forms for financing presidential campaigns would continue.

*Minimum tax: A new 25 percent minimum tax on individuals and corporations would be imposed. The first $40,000 of taxable income for married taxpayers and $30,000 for singles would be exempt, so that only well-off taxpayers would be affected.

The minimum tax restricts the extent to which certain deductions and credits -- called preferences -- can be claimed. New preferences would be added, including gifts of property to colleges and universities to the extent that they have increased in value. But the gift would only count against the tax if the taxpayer had substantial other preferences. New preferences for individuals and corporations also include interest on newly issued tax-exempt bonds and certain investment losses that exceed the amount invested.

Business taxpayers would not have to include business tax credits in their calculation of the minimum tax if they had operating losses for two of the last three years.

*Compliance: Penalties for nonpayment would be increased to 1 percent per month of that amount owed, limited to 25 percent of the total. Taxpayers who pay estimated taxes four times a year would have to pay 90 percent of their estimated tax bill or 100 percent of the amount they paid last year, whichever is smaller. Companies and individuals who had been determined to owe back taxes could not be awarded government licenses or contracts. BUSINESS TAXES

*Corporate tax rates: 15 percent for companies with taxable income up to $50,000 a year, 25 percent from $50,000 to $75,000 and 36 percent for companies above $75,000. The graduated rates would be phased out beginning at $100,000 so that companies with income over $350,000 would pay a flat rate of 36 percent.

*Business entertainment: 80 percent of the cost of meals and entertainment would remain deductible. Travel and hotels would be fully deductible. Leasing of "skyboxes" for sporting events could not be deducted, although tickets to sporting events could be deducted if bought for business purposes.

*Depreciation: Companies could write off the cost of their assets over 10 different periods ranging from three years to 30 years. Generally, the periods would be longer than in the current system, but more of the tax benefits would be lumped in the early years of the asset's useful life. After 1988, companies could adjust the depreciable value of their assets to account for inflation, with the adjustment calculated on half the excess of the inflation rate over 5 percent. For instance, if the inflation rate were 7 percent, the adjustment would be 1 percent. There would be no "windfall" tax on depreciation claimed in earlier years.

*Investment tax credit: The credit allows a subtraction from taxes owed of up to 10 percent of the cost of a new piece of equipment. It would be repealed as of Jan. 1, although those with binding contracts to purchase equipment on Sept. 25, 1985, could use current law. Unused credits could be applied only against the minimum tax.

*Corporate dividends: Companies could deduct from income 10 percent of the dividends they pay with the deduction phased in at 1 percentage point a year. There is now no deduction for dividends paid. Individuals could no longer exclude from income the first $100 in dividends for a single taxpayer, $200 for a married couple.

*Employe stock ownership: The employer tax credit for contributions to employe stock ownership plans (ESOPs) would be repealed at the end of this year. Other tax benefits enacted for ESOPs in 1984 would be eliminated in three years.

*Research: The existing 25 percent credit for increases in research and development spending would be retained, rather than expiring as under current law. It would be cut to 20 percent, although its use would be expanded to include university contracts.

*Rehabilitation: The tax credits for rehabilitation of old and historic structures, now 15, 20 or 25 percent, would be retained but cut back to two credits of 10 and 20 percent.

*Oil and gas: Producers and royalty owners for wells producing less than 10 barrels per day could continue to take the depletion allowance, which allows them to deduct a flat percentage of gross income. It would be phased out for other producers over three years. Producers could deduct in one year certain "intangible" drilling costs such as drilling mud, but only those costs incurred before the drilling pipe is sunk into the ground. Costs after that must be written off over 26 months. All costs for dry holes can be deducted in one year.

*Minerals and timber: Capital-gains treatment would be accorded to individual producers of timber but not corporations. All producers of 50,000 acres or less could write off preproduction expenses in five years rather than over the life of the tree. Percentage depletion would be phased down to 5 percent per year for hard minerals, including coal, with the exception of agricultural minerals and certain types of stone.

*Financial institutions: Small banks could continue to set aside a specific percentage of their loans in a special tax-deductible fund to cover losses. Banks with more than $500 million in assets would have to base deductions on actual losses. Banks and thrifts would not be allowed to deduct interest on borrowed money used to buy tax-exempt bonds, except for bonds to finance local projects.

*Tax-exempt bonds: Traditional municipal and state bonds could continue to pay tax-free interest. Fewer quasi-governmental bonds would be tax exempt. Sports facilities, for example, could no longer be financed with tax-exempt bonds. But these bond-financed activities would retain tax-exempt status: multifamily rental housing, airports, ports, transit, sewage, water and solid waste facilities, qualified mortgages and veterans' mortgages, student loans, hospitals and other nonprofits and certain industrial-development projects. The dollar amount of bonds that could be issued in a state each year would be limited to $175 multiplied by the population of the state.

*Accounting: Defense contractors, construction companies and others engaged in long-term contracts could no longer defer taxation on income from those contracts until they are completed. Small construction firms with contracts of between one and two years would be exempt. Law, accounting and other professional firms could still use an accounting method that lets them report income and expenses when they are received or paid, rather than when they are earned or accrued.

*Insurance: Blue Cross and Blue Shield health-insurance plans would lose their tax exemption and be taxed like commercial insurance providers. Plans offered by such fraternal organizations as the Knights of Columbus would remain tax-exempt. Loans by life-insurance companies to policyholders would not be taxed.

*Foreign tax provisions: Companies doing business in Puerto Rico and other U.S. possessions could still claim the tax credit for those operations. Americans working abroad could earn $75,000 free of U.S. tax, rather than the current $80,000. That amount would not rise over time, as it is now scheduled to do. Companies could continue to average their earnings and tax payments in foreign countries where they operate to calculate the foreign tax credit.

*Low-income housing: Depreciation would be more generous to provide a stronger incentive to build low-income housing. The rate of depreciation would depend on the proportion of units allocated to low-income renters. Tax-exempt bonds would be permitted for qualifying projects, subject to the overall limit on such bonds.

*Miscellaneous tax credits: The targeted jobs tax credit for companies that hire economically or physically disadvantaged employes would be extended rather than allowed to expire as under current law. It would be cut to 40 percent of the first $6,000 of wages, and would cover one year rather than the current two.

The 15 percent tax credit for business installation of solar and geothermal equipment would be extended for three years rather than expire, but energy credits for wind, ocean thermal, biomass, intercity buses and hydroelectric would expire at the end of this year. So would credits for fuels mixed with alcohol, although 6-cents-a-gallon exemptions from gasoline taxes for those fuels would continue.

All business tax credits can be used to reduce tax liability by no more than 75 percent on amounts over $25,000.

*Effective dates: They vary by provision, with phase-ins included in many cases. Except as noted above for rates and the standard deduction, the effective date for most provisions is Jan. 1, 1986, with exceptions for binding contracts in place as of Sept. 25, 1985. But the bill has many exceptions, and Congress also is likely to make many changes in effective dates.