All numbers are adjusted for inflation.
If taxable income is: Tax is: $1 - $18,450 10% of taxable income $18,451 - $74,900 15% of taxable income $74,901 - $151,200 25% of taxable income $151,201 - $230,450 28% of taxable income $230,451 - $411,500 33% of taxable income $411,501- $464,850 35% of taxable Income Over $464,850 39.6% of taxable income
If taxable income is: Tax is: $1 - $13,150 10% of taxable income $13,151 - $50,200 15% of taxable income $50,201 - $129,600 25% of taxable income $129,601 - $209,850 28% of taxable income $209,851 - $411,500 33% of taxable income $411,501 - $439,000 35% of taxable income Over $439,000 39.6% of taxable income
If taxable income is: Tax is: $1 - $9,225 10% of taxable income $9,226 - $37,450 15% of taxable income $37,451 - $90,750 25% of taxable income $90,751 - $189,300 28% of taxable income $189,301 - $411,500 33% of taxable income $411,501 - $413,200 35% of taxable income Over $413,200 39.6% of taxable income
If taxable income is: Tax is: $1 - $9,225 10% of taxable income $9,226- $37,450 15% of taxable income $37,451 - $75,600 25% of taxable income $75,601 - $115,225 28% of taxable income $115,226 - $205,750 33% of taxable income $205,751 - $232,425 35% of taxable income Over $232,425 39.6% of taxable income
Taxable Income Exclusion $100,800
Single $6,300 Married filing Jointly/Surviving spouses $12,600 Married filing separately $6,300 Head of household $9,250 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
Over 12 month holding period 15% Exception for 0%-15% tax bracket 0% Taxpayers in the new 39.6% tax bracket 20%
$4,000 (zero for individual who is dependent of another taxpayer)
Taxable wages for social security up to $118,500 Maximum social security - employer $7,347 Maximum social security - employee $7,347 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 $15,720 Year of Social Security eligibility $41,880 Year after Social Security eligibility No limit
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
Category Compensation Cap for Plan Purposes $265,000 Compensation for Highly Compensated Definition $120,000 Key Employee Compensation $170,000 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 $118,500 Medicare Wage Base Unlimited
$25,000 for property placed in service in calendar year 2015 Which phases out once more than $200,000 of assets are placed in service.
$2,100
$2,500
$2,000
Federal $5,430,000 per person and $10,860,000 per couple. The Executor of a deceased spouse's estate is allowed to transfer any unused exemption to the surviving spouse. State of Tennessee $5,000,000 (2015)
Repealed (2016)
Federal Estate, Gift, and Generation Skipping Transfer Taxes have a top rate of 40% in 2015.
$14,000
Business 57.5 cents/mile Charitable activities 14.0 cents/mile Medical expense 23.0 cents/mile Moving expense 23.0 cents/mile
Personal exemption and Itemized Deductions Single $258,250 Joint returns & surviving spouses $309,900 Married filing separately $154,950 Head of household $284,050 College Savings bond interest exclusion Single/Head of Household $77,200/$92,200 Joint $115,750/$145,750 Married filing separately $0 IRA deductibility (with company pension) Single/Head of Household $61,000 - 71,000 Joint, when taxpayer has company pension $98,000 - 118,000 Joint, when spouse has company pension $183,000 -193,000 Married filing separately $0-$10,000 Roth IRA eligibility Single/Head of household $116,000 - 131,000 Joint $183,000 - 193,000 Married filing separately $0 - 10,000 Rollover of regular IRA to Roth IRA No income limit Child credit
$1,000 per child for 2015 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 $55,000 - 65,000 Joint $110,000 - 130,000 Married filing separately $0 Education loan interest deduction Single/Head of Household $65,000 - $80,000 Joint $130,000 - 160,000 Married filing separately $0