All numbers are adjusted for inflation.
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
Top
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
Top
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
Top
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
Top
U.S. Taxpayers Working Abroad
Taxable Income Exclusion
$104,100
Top
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
Top
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.
Top
Personal exemption
Repealed by the Tax Act
Top
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%
Top
Social security earnings limit
Under Full Retirement Age
$17,040
Year of Social Security eligibility
$45,360
Year after Social Security eligibility
No limit
Top
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
Top
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
Top
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.
Top
Unearned Income Maximum for Children under 19 Before Kiddie Tax Applies
Top
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
Top
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
Top
Annual Gift Exclusion
Top
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
Top
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
Top