Tax Rates

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 2015 income tax returns
Continental U.S.
2015 Tax Rates

For each breakfast
$1.66

For each lunch or supper
$3.07

For each snack (up to 3 per day for each child)
$0.84

Alaska
2015 Tax Rates
For each breakfast
$2.66

For each lunch or supper
$4.99

For each snack (up to 3 per day for each child)
$1.37

Hawaii
2015 Tax Rates
For each breakfast
$1.94

For each lunch or supper
$3.60

For each snack (up to 3 per day for each child)
$0.99