2016 Tax Rates Schedule X – Single |
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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) |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |