Tax Rates 2017

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2017 Tax Rates Schedule X – Single

If taxable income is over

But not over

The tax is

$0

$9,325

10% of the taxable amount

$9,325

$37,950

$932.50 plus 15% of the excess over $9,325

$37,950

$91,900

$5,226.25 plus 25% of the excess over $37,950

$91,900

$191,650

$18,713.75 plus 28% of the excess over $91,900

$191,650

$416,700

$46,643.75 plus 33% of the excess over $191,650

$416,700

$418,400

$120,910.25 plus 35% of the excess over $416,700

Over $418,400

no limit

$121,505.25 plus 39.6% of the excess over $418,400

2017 Tax Rates Schedule Y-1 – Married Filing Jointly or Qualifying Widow(er)

If taxable income is over

But not over

The tax is

$0

$18,650

10% of the taxable amount

$18,650

$75,900

$1,865 plus 15% of the excess over $18,650

$75,900

$153,100

$10,452.50 plus 25% of the excess over $75,900

$153,100

$233,350

$29,752.50 plus 28% of the excess over $153,100

$233,350

$416,700

$52,222.50 plus 33% of the excess over $233,350

$416,700

$470,700

$112,728 plus 35% of the excess over $416,700

$470,700

no limit

$131,628 plus 39.6% of the excess over $470,700

2017 Tax Rates Schedule Y-2 – Married Filing Separately

If taxable income is over

But not over

The tax is

$0

$9,325

10% of the taxable amount

$9,325

$37,950

$932.50 plus 15% of the excess over $9,325

$37,950

$76,550

$5,226.25 plus 25% of the excess over $37,950

$76,550

$116,675

$14,876.25 plus 28% of the excess over $76,550

$116,675

$208,350

$26,111.25 plus 33% of the excess over $116,675

$208,350

$235,350

$56,364 plus 35% of the excess over $208,350

Over $235,350

no limit

$65,814 plus 39.6% of the excess over $235,350

2017 Tax Rates Schedule Z – Head of Household

If taxable income is over

But not over

The tax is

$0

$13,350

10% of the taxable amount

$13,350

$50,800

$1,335 plus 15% of the excess over $13,350

$50,800

$131,200

$6,952.50 plus 25% of the excess over $50,800

$131,200

$212,500

$27,052.50 plus 28% of the excess over $131,200

$212,500

$416,700

$49,816.50 plus 33% of the excess over $212,500

$416,700

$444,550

$117,202.50 plus 35% of the excess over $416,700

$444,550

no limit

$126,950 plus 39.6% of the excess over $444,550

2017 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

$6,000

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

$6,000

$9,150

$1,245 plus 28% of the excess over $6,000

$9,150

$12,500

$2,127 plus 33% of the excess over $9,150

$12,500

no limit

$3,232.50 plus 39.6% of the excess over $12,500

Social Security 2017 Tax Rates

Base Salary

$127,200

Social Security Tax Rate

6.2%

Maximum Social Security Tax

$7,886.40

Medicare Base Salary

unlimited

Medicare Tax Rate

1.45%

Additional Medicare 2017 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 2017 Credit and Deduction Limits

American Opportunity Tax Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Miscellaneous 2017 Tax Rates

Personal Exemption (Adjusted Gross Income below $156,900)

$4,050

Business Equipment Expense Deduction

$500,000

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

110% of your 2016 tax liability

Standard mileage rate for business driving

53.5 cents

Standard mileage rate for medical/moving driving

17 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 $54,000

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

$5,490,000

Annual Exclusion for Gifts

$14,000

Foreign Earned Income Exclusion

$102,100