All numbers are adjusted for inflation.
- Married individuals filing joint returns and surviving spouses
- Heads of Households
- Single individuals (other than surviving spouses and heads of households)
- Married individuals filing separate returns
- U.S. Taxpayers working abroad
- Standard Deduction
- Maximum/minimum rate for net long-term gains
- Personal exemption
- FICA & self-employment tax
- Social Security earnings limit
- Retirement plan limitations
- Maximized Itemized Deduction for State & Local Taxes
- Section 179 Deduction
- Kiddie tax unearned income maximum
- Estate Tax Exemption
- Tax Rates for Estates and Trusts
- Annual Gift Exclusion
- Standard mileage allowance
- Education Credits & Deductions
Married individuals filing joint returns and surviving spouses
| If taxable income is: | Tax Bracket: |
| $0 – $19,050 | 10% of taxable income |
| $19,051 – $77,400 | 12% of taxable income |
| $77,401 – $165,000 | 22% of taxable income |
| $165,001 – $315,000 | 24% of taxable income |
| $315,001 – $400,000 | 32% of taxable income |
| $400,001 – $600,000 | 35% of taxable income |
| Over $600,000 | 37% of taxable income |
Heads of Households
| If taxable income is: | Tax Bracket: |
| $0 – $13,600 | 10% of taxable income |
| $13,351 – $51,800 | 12% of taxable income |
| $51,801 – $82,500 | 22% of taxable income |
| $82,501 – $157,500 | 24% of taxable income |
| $157,501 – $200,000 | 32% of taxable income |
| $201,000 – $500,000 | 35% of taxable income |
| Over $500,000 | 37% of taxable income |
Single individuals (other than surviving spouses and heads of households)
| If taxable income is: | Tax Bracket: |
| $0 – $9,525 | 10% of taxable income |
| $9,526 – $38,700 | 12% of taxable income |
| $38,701 – $82,500 | 22% of taxable income |
| $82,501- $157,500 | 24% of taxable income |
| $157,501 – $200,000 | 32% of taxable income |
| $200,001 – $500,000 | 35% of taxable income |
| Over $500,000 | 37% of taxable income |
Married individuals filing separate returns
| If taxable income is: | Tax Bracket: |
| $0 – $9,525 | 10% of taxable income |
| $9,526 – $38,700 | 12% of taxable income |
| $38,701 – $82,500 | 22% of taxable income |
| $82,501- $157,500 | 24% of taxable income |
| $157,501 – $200,000 | 32% of taxable income |
| $200,001 – $500,000 | 35% of taxable income |
| Over $500,000 | 37% of taxable income |
U.S. Taxpayers Working Abroad
| Taxable Income Exclusion | $104,100 |
Standard Deduction
| Single | $12,000 |
| Married filing Jointly/Surviving spouses | $24,000 |
| Married filing separately | $12,000 |
| Head of household | $18,000 |
| Additional for elderly or blind | $1,300 |
Maximum/minimum rate for net long-term capital gains
Long term capital gains rates vary from 0% to 28% and pertain to assets held over a year. These rates vary according to the nature of the asset sold and the taxpayer(s) income.
Personal exemption
Repealed by the Tax Act
FICA & self-employment tax
| Taxable wages for social security | up to $128,400 |
| Maximum social security – employer | $7,961 |
| Maximum social security – employee | $7,961 |
| 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% |
Social security earnings limit
| Under Full Retirement Age | $17,040 |
| Year of Social Security eligibility | $45,360 |
| Year after Social Security eligibility | No limit |
Retirement plan limitations
| IRA Contribution Limit | $5,500 |
| 50 & over catch-up | $6,500 |
| SIMPLE Deferral Limit | $12,500 |
| 50 & over catch-up | $15,500 |
| 401(k) Deferral Limit | $18,500 |
| 50 & over catch-up | $24,500 |
Maximized Itemized Deduction for State & Local Taxes
| 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 |
Section 179 Deduction
| $1,000,000 for eligible property placed in service in calendar year 2018 |
| $2,500,000 spending cap on equipment before deduction begins to be reduced on a dollar-for-dollar basis. |
Unearned Income Maximum for Children under 19 Before Kiddie Tax Applies
| $2,000 |
Estate Tax Exemption
| Federal | $11,200,000 per person and $22,400,000 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 |
Tax Rates for Estates and Trusts
| $2,550 – $9,150 | $255 + 24% over $2,550 |
| $9,151 – $12,500 | $1,839 + 35% over $9,150 |
| Over $12,500 | $3,011.50 + 37% over $12,500 |
Annual Gift Exclusion
| $15,000 |
Standard mileage allowance
| Business | 53.5 cents/mile |
| Charitable activities | 14.0 cents/mile |
| Medical expense | 18.0 cents/mile |
| Moving expense | 18.0 cents/mile |
Education Credits & Deductions
| American Opportunity Credit (Home) | $2,500 |
| Lifetime Learning Credit | $2,000 |
| Student Loan Interest Deduction | $2,500 |
| Coverdell Education Savings Contribution | $2,000 |