2017 Federal Tax Schedules

All numbers are adjusted for inflation.

 

Married individuals filing joint returns and surviving spouses

If taxable income is: Tax is:
$1 - $18,650 10% of taxable income
$18,651 - $75,900 15% of taxable income
$75,901 - $153,100 25% of taxable income
$153,101 - $233,350 28% of taxable income
$233,351 - $416,700 33% of taxable income
$416,701- $470,700 35% of taxable Income
Over $470,700 39.6% of taxable income

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Heads of Households

If taxable income is: Tax is:
$1 - $13,350 10% of taxable income
$13,351 - $50,500 15% of taxable income
$50,501 - $130,200 25% of taxable income
$130,201 - $212,500 28% of taxable income
$212,501 - $416,700 33% of taxable income
$416,701 - $444,550 35% of taxable income
Over $444,550 39.6% of taxable income

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Single individuals (other than surviving spouses and heads of households)

If taxable income is: Tax is:
$1 - $9,325 10% of taxable income
$9,326 - $37,950 15% of taxable income
$37,951 - $91,900 25% of taxable income
$91,901 - $191,650 28% of taxable income
$191,651 - $416,700 33% of taxable income
$416,701 - $418,400 35% of taxable income
Over $418,400 39.6% of taxable income

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Married individuals filing separate returns

If taxable income is: Tax is:
$1 - $9,325 10% of taxable income
$9,326 - $37,950 15% of taxable income
$37,951 - $76,550 25% of taxable income
$76,551 - $116,675 28% of taxable income
$116,676 - $208,350 33% of taxable income
$208,351 - $235,350 35% of taxable income
Over $235,350 39.6% of taxable income

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U.S. Taxpayers Working Abroad

Taxable Income Exclusion $102,100

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Standard Deduction

Single $6,350
Married filing Jointly/Surviving spouses $12,700
Married filing separately $6,350
Head of household $9,350
Additional for elderly or blind (married) $1,250
Additional for elderly or blind (head of household) $1,550
Additional for elderly or blind (single) $1,550
Taxpayer dependent of another greater of $1050 or $350 plus earned income, not to exceed regular standard deduction

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Maximum/minimum rate for net long-term capital gains

Over 12 month holding period 15%
Exception for 0%-15% tax bracket 0%
Taxpayers in the new 39.6% tax bracket 20%

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Personal exemption

$4,050 (zero for individual who is dependent of another taxpayer)

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FICA & self-employment tax

Taxable wages for social security up to $127,200
Maximum social security - employer $7,886
Maximum social security - employee $7,886
Social Security tax rate - employer 6.2%
Social Security tax rate - employee 6.2%
Social Security tax rate - self-employed 12.4%
Taxable wages for Medicare All
Maximum Medicare tax No limit
Medicare tax rate for both employers and employees 1.45%
Medicare tax rate for self-employed 2.9%
Self-employed health insurance deduction 100%

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Social security earnings limit

Under Full Retirement Age $16,920
Year of Social Security eligibility $44,880
Year after Social Security eligibility No limit

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Retirement plan limitations

IRA Contribution Limit $5,500
     50 & over catch-up $1,000
SIMPLE Deferral Limit $12,500
     50 & over catch-up $3,000
401(k) Deferral Limit $18,000
     50 & over catch-up $6,000

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Retirement plan Cost of Living Adjustments (COLAs)

Category  
Compensation Cap for Plan Purposes $270,000
Compensation for Highly Compensated Definition $120,000
Key Employee Compensation $175,000
Deferral Limit for 401(k) & SAR-SEPs $18,000
Deferral Limit for 403(b) Plans $18,000
Deferral Limit for 457(b) Plans $18,000
Deferral Limit for SIMPLE IRA Plans $12,500
Maximum Match for SIMPLE IRA Plans $12,500
Minimum Earnings for SEP Contribution Plans $600
Social Security Wage Base OASDI $127,200
Medicare Wage Base Unlimited

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Section 179 Deduction

$510,000 for eligible property placed in service in calendar year 2017
$2,030,000 spending cap on equipment before deduction begins to be reduced on a dollar-for-dollar basis.

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Kiddie tax unearned income maximum

$2,100

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Education Loan Interest Deduction

$2,500

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Education Savings Account Contribution

$2,000

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Estate Tax Exemption

Federal $5,490,000 per person and $10,980,000 per couple. The Executor of a deceased spouse's estate is allowed to transfer any unused exemption to the surviving spouse.
State of Tennessee Tennessee Estate Tax Repealed in 2016

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Top Estate Tax Rate

Federal Estate, Gift, and Generation Skipping Transfer Taxes have a top rate of 40% in 2017.

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Annual Gift Exclusion

$14,000

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Standard mileage allowance

Business 53.5 cents/mile
Charitable activities 14.0 cents/mile
Medical expense 17.0 cents/mile
Moving expense 17.0 cents/mile

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Phase-out income levels (based on adjusted or modified adjusted gross income)

Personal exemption and Itemized Deductions
Single $261,500
Joint returns & surviving spouses $313,800
Married filing separately $156,900
Head of household $287,650
College Savings bond interest exclusion
Single/Head of Household $78,150/$93,150
Joint $117,250/$147,250
Married filing separately $0
IRA deductibility (with company pension)
Single/Head of Household $62,000 - 72,000
Joint, when taxpayer has company pension $99,000 - 119,000
Joint, when spouse has company pension $186,000 -196,000
Married filing separately $0-$10,000
Roth IRA eligibility
Single/Head of household $118,000 - 133,000
Joint $186,000 - 196,000
Married filing separately $0 - 10,000
Rollover of regular IRA to Roth IRA No income limit
Child credit
$1,000 per child for 2016 for one or more qualifying children
Single/Head of household starts at $75,000
Joint starts at $110,000
Married filing separately starts at $55,000
Education IRA
Single/Head of household
$95,000 - 110,000
Married filing separately $95,000 - 110,000
Joint $190,000 - 220,000
HOPE Credit
Single/Head of household $80,000 - 90,000
Joint $160,000 - 180,000
Married filing separately $0
Lifetime Learning Credit
Single/Head of household $56,000 - 66,000
Joint $112,000 - 132,000
Married filing separately $0
Education loan interest deduction
Single/Head of Household $65,000 - $80,000
Joint $135,000 - 165,000
Married filing separately $0


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