All numbers are adjusted for inflation.
If taxable income is: Tax is: $1 - $17,850 10% of taxable income $17,851 - $72,500 15% of taxable income $72,501 - $146,400 25% of taxable income $146,401 - $223,050 28% of taxable income $223,051 - $398,350 33% of taxable income $398,351 - $450,000 35% of taxable Income Over $450,000 39.6% of taxable income
If taxable income is: Tax is: $1 - $12,750 10% of taxable income $12,751 - $48,600 15% of taxable income $48,601 - $125,450 25% of taxable income $125,451 - $203,150 28% of taxable income $203,151 - $398,350 33% of taxable income $398,351 - $425,000 35% of taxable income Over $125,000 39.6% of taxable income
If taxable income is: Tax is: $1 - $8,925 10% of taxable income $8,926 - $36,250 15% of taxable income $36,251 - $87,850 25% of taxable income $87,851 - $183,250 28% of taxable income $183,251 - $398,350 33% of taxable income $398,351 - $400,000 35% of taxable income Over $400,000 39.6% of taxable income
If taxable income is: Tax is: $1 - $8,925 10% of taxable income $8,926 - $36,250 15% of taxable income $36,251 - $73,200 25% of taxable income $73,201 - $111,525 28% of taxable income $111,526 - $199,575 33% of taxable income $199,176 - $225,000 35% of taxable income Over $225,000 39.6% of taxable income
Taxable Income Exclusion $97,600
Single $6,100 Married filing Jointly/Surviving spouses $12,200 Married filing separately $6,100 Head of household $8,950 Additional for elderly or blind (married) $1,200 Additional for elderly or blind (head of household) $1,500 Additional for elderly or blind (single) $1,500 Taxpayer dependent of another greater of $1000 or $350 plus earned income, not to exceed regular standard deduction
Over 12 month holding period 15% Exception for 0%-15% tax bracket 0% Taxpayers in the new 39.6% tax bracket 20%
$3,900 (zero for individual who is dependent of another taxpayer)
Taxable wages for social security up to $113,700 Maximum social security - employer $7,049 Maximum social security - employee $7,049 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%
Year before Social Security eligibility $15,120 Year of Social Security eligibility $40,080 Year after Social Security eligibility No limit
IRA Contribution Limit $5,500 50 & over catch-up $1,000 SIMPLE Deferral Limit $12,000 50 & over catch-up $2,500 401(k) Deferral Limit $17,500 50 & over catch-up $5,500
Category Compensation Cap for Plan Purposes $255,000 Compensation for Highly Compensated Definition $115,000 Compensation for HCE Definition and Top Paid 20% $115,000 Key Employee Compensation - Officer $165,000 Key Employee Compensation - 1% Owner $165,000 Deferral Limit for 401(k) & SAR-SEPs $17,500 Deferral Limit for 403(b) Plans $17,500 Deferral Limit for 457(b) Plans $17,500 Deferral Limit for SIMPLE IRA Plans $12,000 Maximum Match for SIMPLE IRA Plans $12,000 Minimum Earnings for SEP Contribution Plans $550 Social Security Wage Base OASDI $113,700 Medicare Wage Base Unlimited
50% bonus depreciation for new assets placed in use in 2013 that have useful lives of 20 years or less. Investment Limitation - $2 million for qualified property placed in service during 2013.
$500,000 for property placed in service in calendar year 2013 (and retroactively for 2012) Investment Limitation - $2 million for qualified property placed in service during 2013.
$2,000
$2,500
$2,000
Federal $5,250,000 per person and $10,500,000 per couple. The Executor of a deceased spouse's estate is allowed to transfer any unused exemption to the surviving spouse. State of Tennessee $1,250,000 (2013)
$2,000,000 (2014)
$5,000,000 (2015)
Repealed (2016)
Federal Estate, Gift, and Generation Skipping Transfer Taxes have a top rate of 40% in 2013.
$14,000
Business 56.5 cents/mile Charitable activities 14 cents/mile Medical expense 24 cents/mile Moving expense 24 cents/mile
Personal exemption and Itemized Deductions Single $250,000 Joint returns & surviving spouses $300,000 Married filing separately $150,000 Head of household $275,000 College Savings bond interest exclusion Single/Head of Household $74,700/$89,700 Joint $112,050/$142,050 Married filing separately $0 IRA deductibility (with company pension) Single/Head of Household $59,000 - 69,000 Joint, when taxpayer has company pension $95,000 - 115,000 Joint, when spouse has company pension $178,000 -188,000 Married filing separately $0-$10,000 Roth IRA eligibility Single/Head of household $112,000 - 127,000 Joint $178,000 - 188,000 Married filing separately $0 - 10,000 Rollover of regular IRA to Roth IRA No income limit Child credit
$1,000 per child for 2012 for one or more qualifying childrenSingle/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 $53,000 - 63,000 Joint $107,000 - 127,000 Married filing separately $0 Education loan interest deduction Single/Head of Household $60,000 - $75,000 Joint $125,000 - 155,000 Married filing separately $0