2016 INCOME TAX RATES
| 2016 Tax Rates Schedule X - Single | |||
|---|---|---|---|
| If taxable income is over | But not Over | The tax is | |
| $0 | $9,275 | 10% of the taxable amount | |
| $9,275 | $37,650 | $927.50 plus 15% of the excess over $9,275 | |
| $37,650 | $91,150 | $5,183.75 plus 25% of the excess over $37,650 | |
| $91,150 | $190,150 | $18,558.75 plus 28% of the excess over $91,150 | |
| $190,150 | $413,350 | $46,278.75 plus 33% of the excess over $190,150 | |
| $413,350 | $415,050 | $119,934.75 plus 35% of the excess over $413,350 | |
| Over $415,050 | no limit | $120,529.75 plus 39.6% of the excess over $415,050 | |
| 2016 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er) | |||
|---|---|---|---|
| If taxable income is over | But not Over | The tax is | |
| $0 | $18,550 | 10% of the taxable amount | |
| $18,550 | $75,300 | $1,855 plus 15% of the excess over $18,550 | |
| $75,300 | $151,900 |
$10,367.50 plus 25% of the excess over $75,300 |
|
| $151,900 | $231,450 | $29,517.50 plus 28% of the excess over $151,900 | |
| $231,450 | $413,350 | $51,791.50 plus 33% of the excess over $231,450 | |
| $413,350 | $466,950 | $111,818.50 plus 35% of the excess over $413,350 | |
| $466,950 | no limit | $130,578.50 plus 39.6% of the excess over $466,950 | |
| 2016 Tax Rates Schedule Y-2 - Married Filing Separately | |||
|---|---|---|---|
| If taxable income is over | But not Over | The tax is | |
| $0 | $9,275 | 10% of the taxable amount | |
| $9,275 | $37,650 | $927.50 plus 15% of the excess over $9,275 | |
| $37,650 | $75,950 | $5,183.75 plus 25% of the excess over $37,650 | |
| $75,950 | $115,725 | $14,758.75 plus 28% of the excess over $75,950 | |
| $115,725 | $206,675< | $25,895.75 plus 33% of the excess over $115,725 | |
| $206,675 | $233,475 | $55,909.25 plus 35% of the excess over $206,675 | |
| Over $233,475 | no limit | $65,289.25 plus 39.6% of the excess over $233,475 | |
| 2016 Tax Rates Schedule Z - Head of Household | |||
|---|---|---|---|
| If taxable income is over | But not Over | The tax is | |
| $0 | $13,250 | 10% of the taxable amount | |
| $13,250 | $50,400 | $1,325 plus 15% of the excess over $13,250 | |
| $50,400 | $130,150 | $6,897.50 plus 25% of the excess over $50,400 | |
| $130,150 | $210,800 | $26,835 plus 28% of the excess over $130,150 | |
| $210,800 | $413,350 | $49,417 plus 33% of the excess over $210,800 | |
| $413,350 | $441,000 | $116,258.50 plus 35% of the excess over $413,350 | |
| $441,000 | no limit | $125,936 plus 39.6% of the excess over $441,000 | |
| 2016 Tax Rates Estates & Trusts | |||
|---|---|---|---|
| If taxable income is over | But not Over | The tax is | |
| $0 | $2,550 | 15% of the taxable income | |
| $2,550 | $5,950 | $382.50 plus 25% of the excess over $2,550 | |
| $5,950 | $9,050 | $1,232.50 plus 28% of the excess over $5,950 | |
| $9,050 | $12,400 | $2,100.50 plus 33% of the excess over $9,050 | |
| $12,400 | no limit | $3,206 plus 39.6% of the excess over $12,400 | |
| Social Security 2016 Tax Rates | |
|---|---|
| Base Salary | $118,500 |
| Social Security Tax Rate | 6.2% |
| Maximum Social Security Tax | $7,347.00 |
| Medicare Base Salary | unlimited |
| Medicare Tax Rate | 1.45% |
| Additional Medicare 2016 Tax Rates | |
|---|---|
| Additional Medicare Tax | 0.9% |
| Filing status | Compensation over |
| Married filing jointly | $250,000 |
| Married filing separate | $125,000 |
| Single | $200,000 |
| Head of household (with qualifying person) | $200,000 |
| Qualifying widow(er) with dependent child | $200,000 |
| Education 2016 Credit and Deduction Limits | |
|---|---|
| American Opportunity Tax Credit | $2,500 |
| Lifetime Learning Credit | $2,000 |
| Student Loan Interest Deduction | $2,500 |
| Coverdell Education Savings Contribution | $2,000 |
| Miscellaneous 2016 Tax Rates | |
|---|---|
| Personal Exemption (Adjusted Gross Income below $155,650) | $4,050 |
| Business Equipment Expense Deduction | $500,000 |
| Prior-year safe harbor for estimated taxes of higher-income | 110% of your 2015 tax liability |
| Standard mileage rate for business driving | 54 cents |
| Standard mileage rate for medical/moving driving | 19 cents |
| Standard mileage rate for charitable driving | 14 cents |
| Child Tax Credit | $1,000 per qualifying child |
| Unearned income maximum for children before kiddie tax applies |
$1,050 |
| Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket | 0% |
| Maximum capital gains tax rate for taxpayers in the 25%, 28%, 33%, or 35% bracket | 15% |
| Maximum capital gains tax rate for taxpayers in the 39.6% bracket | 20% |
| Capital gains tax rate for unrecaptured Sec. 1250 gains | 25% |
| Capital gains tax rate on collectibles and qualified small business stock | 28% |
| Maximum contribution for Traditional/Roth IRA | $5,500 if under age 50 $6,500 if 50 or older |
| Maximum employee contribution to SIMPLE IRA | $12,500 if under age 50 $15,500 if 50 or older |
| Maximum Contribution to SEP IRA | 25% of compensation up to $53,000 |
| 401(k) maximum employee contribution limit | $18,000 if under age 50 $24,000 if 50 or older |
| Self-employed health insurance deduction | 100% |
| Estate tax exemption | $5,450,000 |
| Annual Exclusion for Gifts | $14,000 |
| Foreign Earned Income Exclusion | $101,300 |