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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

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