2016 Tax Rates

2016 Tax Rates Schedule X - Single

If taxable income is over

But not over

The tax is

$0

$9,275

10% of the taxable amount

$9,275

$37,650

$927.50 plus 15% of the excess over $9,275

$37,650

$91,150

$5,183.75 plus 25% of the excess over $37,650

$91,150

$190,150

$18,558.75 plus 28% of the excess over $91,150

$190,150

$413,350

$46,278.75 plus 33% of the excess over $190,150

$413,350

$415,050

$119,934.75 plus 35% of the excess over $413,350

Over $415,050

no limit

$120,529.75 plus 39.6% of the excess over $415,050

2016 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)

If taxable income is over

But not over

The tax is

$0

$18,550

10% of the taxable amount

$18,550

$75,300

$1,855 plus 15% of the excess over $18,550

$75,300

$151,900

$10,367.50 plus 25% of the excess over $75,300

$151,900

$231,450

$29,517.50 plus 28% of the excess over $151,900

$231,450

$413,350

$51,791.50 plus 33% of the excess over $231,450

$413,350

$466,950

$111,818.50 plus 35% of the excess over $413,350

$466,950

no limit

$130,578.50 plus 39.6% of the excess over $466,950

2016 Tax Rates Schedule Y-2 - Married Filing Separately

If taxable income is over

But not over

The tax is

$0

$9,275

10% of the taxable amount

$9,275

$37,650

$927.50 plus 15% of the excess over $9,275

$37,650

$75,950

$5,183.75 plus 25% of the excess over $37,650

$75,950

$115,725

$14,758.75 plus 28% of the excess over $75,950

$115,725

$206,675

$25,895.75 plus 33% of the excess over $115,725

$206,675

$233,475

$55,909.25 plus 35% of the excess over $206,675

Over $233,475

no limit

$65,289.25 plus 39.6% of the excess over $233,475

2016 Tax Rates Schedule Z - Head of Household

If taxable income is over

But not over

The tax is

$0

$13,250

10% of the taxable amount

$13,250

$50,400

$1,325 plus 15% of the excess over $13,250

$50,400

$130,150

$6,897.50 plus 25% of the excess over $50,400

$130,150

$210,800

$26,835 plus 28% of the excess over $130,150

$210,800

$413,350

$49,417 plus 33% of the excess over $210,800

$413,350

$441,000

$116,258.50 plus 35% of the excess over $413,350

$441,000

no limit

$125,936 plus 39.6% of the excess over $441,000

2016 Tax Rates Estates & Trusts

If taxable income is over

But not over

The tax is

$0

$2,550

15% of the taxable income

$2,550

$5,950

$382.50 plus 25% of the excess over $2,550

$5,950

$9,050

$1,232.50 plus 28% of the excess over $5,950

$9,050

$12,400

$2,100.50 plus 33% of the excess over $9,050

$12,400

no limit

$3,206 plus 39.6% of the excess over $12,400

Social Security 2016 Tax Rates

Base Salary

$118,500

Social Security Tax Rate

6.2%

Maximum Social Security Tax

$7,347.00

Medicare Base Salary

unlimited

Medicare Tax Rate

1.45%

Additional Medicare 2016 Tax Rates

Additional Medicare Tax

0.9%

Filing status

Compensation over

Married filing jointly

$250,000

Married filing separate

$125,000

Single

$200,000

Head of household (with qualifying person)

$200,000

Qualifying widow(er) with dependent child

$200,000

Education 2016 Credit and Deduction Limits

American Opportunity Tax Credit

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Miscellaneous 2016 Tax Rates

Personal Exemption (Adjusted Gross Income below $155,650)

$4,050

Business Equipment Expense Deduction

$500,000

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2015 tax liability

Standard mileage rate for business driving

54 cents

Standard mileage rate for medical/moving driving

19 cents

Standard mileage rate for charitable driving

14 cents

Child Tax Credit

$1,000 per qualifying child

Unearned income maximum for children before kiddie tax applies

$1,050

Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket

0%

Maximum capital gains tax rate for taxpayers in the 25%, 28%, 33%, or 35% bracket

15%

Maximum capital gains tax rate for taxpayers in the 39.6% bracket

20%

Capital gains tax rate for unrecaptured Sec. 1250 gains

25%

Capital gains tax rate on collectibles and qualified small business stock

28%

Maximum contribution for Traditional/Roth IRA

$5,500 if under age 50

$6,500 if 50 or older

Maximum employee contribution to SIMPLE IRA

$12,500 if under age 50

$15,500 if 50 or older

Maximum Contribution to SEP IRA

25% of compensation up to $53,000

401(k) maximum employee contribution limit

$18,000 if under age 50

$24,000 if 50 or older

Self-employed health insurance deduction

100%

Estate tax exemption

$5,450,000

Annual Exclusion for Gifts

$14,000

Foreign Earned Income Exclusion

$101,300

 

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