All numbers are adjusted for inflation.
If taxable income is: Tax is: $1 - $18,550 10% of taxable income $18,551 - $75,300 15% of taxable income $75,301 - $151,900 25% of taxable income $151,901 - $231,450 28% of taxable income $231,451 - $413,350 33% of taxable income $413,351- $466,950 35% of taxable Income Over $466,950 39.6% of taxable income
If taxable income is: Tax is: $1 - $13,250 10% of taxable income $13,251 - $50,400 15% of taxable income $50,401 - $130,150 25% of taxable income $130,151 - $210,800 28% of taxable income $210,801 - $413,350 33% of taxable income $413,351 - $441,000 35% of taxable income Over $441,000 39.6% of taxable income
If taxable income is: Tax is: $1 - $9,275 10% of taxable income $9,276 - $37,650 15% of taxable income $37,651 - $91,150 25% of taxable income $91,151 - $190,150 28% of taxable income $190,151 - $413,350 33% of taxable income $413,351 - $415,050 35% of taxable income Over $415,050 39.6% of taxable income
If taxable income is: Tax is: $1 - $9,275 10% of taxable income $9,276 - $37,650 15% of taxable income $37,651 - $75,950 25% of taxable income $75,951 - $115,725 28% of taxable income $115,726 - $206,675 33% of taxable income $206,676 - $233,475 35% of taxable income Over $233,475 39.6% of taxable income
Taxable Income Exclusion $101,300
Single $6,300 Married filing Jointly/Surviving spouses $12,600 Married filing separately $6,300 Head of household $9,300 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%
$4,050 (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 2016 Which phases out once more than $200,000 of assets are placed in service.
$2,100
$2,500
$2,000
Federal $5,450,000 per person and $10,900,000 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 (2016)
Repealed (2016)
Federal Estate, Gift, and Generation Skipping Transfer Taxes have a top rate of 40% in 2016.
$14,000
Business 54.0 cents/mile Charitable activities 14.0 cents/mile Medical expense 19.0 cents/mile Moving expense 19.0 cents/mile
Personal exemption and Itemized Deductions Single $259,400 Joint returns & surviving spouses $311,300 Married filing separately $155,650 Head of household $285,350 College Savings bond interest exclusion Single/Head of Household $77,550/$92,550 Joint $116,300/$146,300 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 $184,000 -194,000 Married filing separately $0-$10,000 Roth IRA eligibility Single/Head of household $117,000 - 132,000 Joint $184,000 - 194,000 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 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 $111,000 - 131,000 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