TAX RATES

2016 Tax Rates Schedule X - Single

If taxable income is over

But not over

The tax is

$0

$9,275

$37,650

$91,150

$190,150

$413,350

Over $415,050

$9,275

$37,650

$91,150

$190,150

$413,350

$415,050

no limit

10% of the taxable amount

$927.50 plus 15% of the excess over $9,275

$5,183.75 plus 25% of the excess over $37,650

$18,558.75 plus 28% of the excess over $91,150

$46,278.75 plus 33% of the excess over $190,150

$119,934.75 plus 35% of the excess over $413,350

$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

$75,300

$151,900

$231,450

$413,350

$466,950

$18,550

$75,300

$151,900

$231,450

$413,350

$466,950

no limit

10% of the taxable amount

$1,855 plus 15% of the excess over $18,550

$10,367.50 plus 25% of the excess over $75,300

$29,517.50 plus 28% of the excess over $151,900

$51,791.50 plus 33% of the excess over $231,450

$111,818.50 plus 35% of the excess over $413,350

$130,578.50 plus 39.6% of the excess over $466,950

2018 Tax Rates Schedule Y-2 - Married Filing Separately

If taxable income is over

But not over

The tax is

$0

$9,525

$38,700

$82,500

$157,500

$200,000

Over $300,000

$9,275

$37,650

$75,950

$115,725

$206,675

$233,475

no limit

10% of the taxable amount

$927.50 plus 15% of the excess over $9,275

$5,183.75 plus 25% of the excess over $37,650

$14,758.75 plus 28% of the excess over $75,950

$25,895.75 plus 33% of the excess over $115,725

$55,909.25 plus 35% of the excess over $206,675

$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

$50,400

$130,150

$210,800

$413,350

$441,000

$13,250

$50,400

$130,150

$210,800

$413,350

$441,000

no limit

10% of the taxable amount

$1,325 plus 15% of the excess over $13,250

$6,897.50 plus 25% of the excess over $50,400

$26,835 plus 28% of the excess over $130,150

$49,417 plus 33% of the excess over $210,800

$116,258.50 plus 35% of the excess over $413,350

$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

$5,950

$9,050

$12,400

$2,550

$5,950

$9,050

$12,400

no limit

15% of the taxable income

$382.50 plus 25% of the excess over $2,550

$1,232.50 plus 28% of the excess over $5,950

$2,100.50 plus 33% of the excess over $9,050

$3,206 plus 39.6% of the excess over $12,400

Social Security 2016 Tax Rates

Base Salary

Social Security Tax Rate

Maximum Social Security Tax

Medicare Base Salary

Medicare Tax Rate

$118,500

6.2%

$7,347.00

unlimited

1.45%

Additional Medicare 2016 Tax Rates

Additional Medicare Tax

Filing status

Married filing jointly

Married filing separate

Single

Head of household (with qualifying person)

Qualifying widow(er) with dependent child

0.9%

Compensation over

$250,000

$125,000

$200,000

$200,000

$200,000

Education 2016 Credit and Deduction Limits

American Opportunity Tax Credit (Hope)

Lifetime Learning Credit

Student Loan Interest Deduction

Coverdell Education Savings Contribution

$2,500

$2,000

$2,500

$2,000

Miscellaneous 2016 Tax Rates

Personal Exemption (Adjusted Gross Income below $155,650)

Business Equipment Expense Deduction

Prior-year safe harbor for estimated taxes of higher-income

Standard mileage rate for business driving

Standard mileage rate for medical/moving driving

Standard mileage rate for charitable driving

Child Tax Credit

Unearned income maximum for children before kiddie tax applies

Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket

Maximum capital gains tax rate for taxpayers in the 25%, 28%, 33%, or 35% bracket

Maximum capital gains tax rate for taxpayers in the 39.6% bracket

Capital gains tax rate for unrecaptured Sec. 1250 gains

Capital gains tax rate on collectibles and qualified small business stock

Maximum contribution for Traditional/Roth IRA

Maximum employee contribution to SIMPLE IRA

Maximum Contribution to SEP IRA

401(k) maximum employee contribution limit

Self-employed health insurance deduction

Estate tax exemption

Annual Exclusion for Gifts

Foreign Earned Income Exclusion

$4,050

$500,000

110% of your 2015 tax liability

54 cents

19 cents

14 cents

$1,000 per qualifying child

$1,050

0%

15%

20%

25%

28%

$5,500 if under age 50 - $6,500 if 50 or older

$12,500 if under age 50 - $15,500 if 50 or older

25% of compensation up to $53,000

$18,000 if under age 50 - $24,000 if 50 or older 

100%

$5,450,000

$14,000

$101,300

CONTACT

WANT TO LEARN MORE?

SIGN UP TO SEE THE LATEST