2016 Tax Rates – Single Taxpayers – Standard Deduction $6,300
|
2015 Rates |
|
10%
|
0 to $9,275
|
15%
|
$9,275 to $37,650
|
25%
|
$37,650 to $91,150
|
28%
|
$91,150 to $190,150
|
33%
|
$190,150 to $413,350
|
35%
|
$413,350 to $415,050
|
39.6%
|
Over $415,050
|
2016 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $12,600
|
10%
|
0 to $18,550
|
15%
|
$18,550 to $75,300
|
25%
|
$75,300 to $151,900
|
28%
|
$151,900 to $231,450
|
33%
|
$231,450 to $413,350
|
35%
|
$413,350 to $466,950
|
39.6%
|
Over $466,950
|
2016 Tax Rates – Married Filing Separately – Standard Deduction $6,300
|
10%
|
0 to $9,275
|
15%
|
$9,275 to $37,650
|
25%
|
$37,650 to $75,950
|
28%
|
$75,950 to $115,725
|
33%
|
$115,725 to $206,675
|
35%
|
$206,675 to $233,475
|
39.6%
|
Over $233,475
|
2016 Tax Rates – Head of Household – Standard Deduction $9,300
|
10%
|
0 to $13,250
|
15%
|
$13,250 to $50,400
|
25%
|
$50,400 to $130,150
|
28%
|
$130,150 to $210,800
|
33%
|
$210,800 to $413,350
|
35%
|
$413,350 to $441,000
|
39.6%
|
Over $441,000
|
2016 Tax Rates – Estates & Trusts
|
15%
|
0 to $2,550
|
25%
|
$2,550 to $5,950
|
28%
|
$5,950 to $9,050
|
33%
|
$9,050 to $12,400
|
39.6%
|
Over $12,400
|
Social Security
|
2016 Tax Rates
|
Social Security Tax Rate: Employers
|
6.2%
|
Social Security Tax Rate: Employees
|
6.2%
|
Social Security Tax Rate: Self-Employed
|
12.4%
|
Maximum Taxable Earnings
|
$118,500
|
Medicare Base Salary
|
Unlimited
|
Medicare Tax Rate
|
1.45%
|
Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)
|
0.9%
|
Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers)
|
3.8%
|
Miscellaneous
|
2016 Tax Rates
|
Personal Exemption |
$4,050 |
Business expensing limit: Cap on equipment purchases
|
$2,000,000
|
Business expensing limit: New and Used Equipment and Software
|
$500,000
|
Prior-year safe harbor for estimated taxes of higher-income
|
110% of your 2016 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
|
Unearned income maximum for children under 19 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 above the 15% bracket but below the 39.6% 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
|
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 eligible compensation up to $53,000
|
401(k) maximum employee contribution limit
|
$18,000 if under age 50 $24,000 if 50 or older
|
Estate tax exemption
|
$5,450,000
|
Annual Exclusion for Gifts
|
$14,000
|
Education
|
2016 Tax Rates
|
American Opportunity Credit (Hope)
|
$2,500
|
Lifetime Learning Credit
|
$2,000
|
Student Loan Interest Deduction
|
$2,500
|
Coverdell Education Savings Contribution
|
$2,000
|
Standard Meal Rates for Family Child Care Providers for 2016 income tax returns
|
Continental U.S.
|
2016 Tax Rates
|
For each breakfast
|
$1.31
|
For each lunch or supper
|
$2.46
|
For each snack (up to 3 per day for each child)
|
$0.73
|
Alaska
|
2016 Tax Rates
|
For each breakfast
|
$2.09
|
For each lunch or supper
|
$3.99
|
For each snack (up to 3 per day for each child)
|
$1.19
|
Hawaii
|
2016 Tax Rates
|
For each breakfast
|
$1.53
|
For each lunch or supper
|
$2.88
|
For each snack (up to 3 per day for each child)
|
$0.86
|
|