Tax Rates 2016

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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