what is the latest operating system compatible with mac mini late 2012

A Mac Mini Late 2012 should be able to run macOS Catalina. It is not, however, compatible with macOS Big Sur.

See these articles from Apple for more information -

https://support.apple.com/en-us/HT210222 (macOS Catalina compatibility)

https://support.apple.com/en-us/HT211238 (macOS Big Sur compatibility)

macOS Catalina - Technical Specifications

General Requirements

• OS X 10.9 or later
• 4GB of memory
• 12.5GB of available storage (OS X El Capitan 10.11.5 or later)*
• Some features require an Apple ID; terms apply.
• Some features require a compatible internet service provider; fees may apply.

Mac Hardware Requirements

For details about your Mac model, click the Apple icon at the top left of your screen and choose About This Mac. These Mac models are compatible with macOS Catalina:

• MacBook (Early 2015 or newer)
• MacBook Air (Mid 2012 or newer)
• MacBook Pro (Mid 2012 or newer)
• Mac mini (Late 2012 or newer)
• iMac (Late 2012 or newer)
• iMac Pro (2017)
• Mac Pro (Late 2013 or newer)

https://support.apple.com/en-us/HT210190

https://apps.apple.com/gb/app/macos-catalina/id1466841314?ls=1&mt=12

How to upgrade to macOS Catalina – Apple Support

And caution on 10.15 or higher, to see which Apps will no longer work in 10.15 get Go64...

https://www.stclairsoft.com/Go64/

👍