2016 Tax Rates – Single Taxpayers – Standard Deduction $6,300

10% 0 to $9,275
15% $9,275 to $37,650
25% $37,650 to $91,150
28% $91,150 to $190,150
33% $190,150 to $413,350
35% $413,350 to $415,050
39.6% Over $415,050

2016 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $12,600

10% 0 to $18,550
15% $18,550 to $75,300
25% $75,300 to $151,900
28% $151,900 to $231,450
33% $231,450 to $413,350
35% $413,350 to $466,950
39.6% Over $466,950

2016 Tax Rates – Married Filing Separately – Standard Deduction $6,300

10% 0 to $9,275
15% $9,275 to $37,650
25% $37,650 to $75,950
28% $75,950 to $115,725
33% $115,725 to $206,675
35% $206,675 to $233,475
39.6% Over $233,475

2016 Tax Rates – Head of Household – Standard Deduction $9,300

15% 0 to $2,550
25% $2,550 to $5,950
28% $5,950 to $9,050
33% $9,050 to $12,400
39.6% Over $12,400

2016 Tax Rates – Estates & Trusts

Social Security 2016 Tax Rates
Social Security Tax Rate: Employers 6.2%
Social Security Tax Rate: Employees 6.2%
Social Security Tax Rate: Self-Employed 12.4%
Maximum Taxable Earnings $118,500
Medicare Base Salary Unlimited
Medicare Tax Rate 1.45%
Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers) 0.9%
Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers) 3.8%

 

Miscellaneous 2016 Tax Rates
Personal Exemption $4,050
Business expensing limit: Cap on equipment purchases $2,000,000
Business expensing limit: New and Used Equipment and Software $500,000
Prior-year safe harbor for estimated taxes of higher-income 110% of your 2016 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
Unearned income maximum for children under 19 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 above the 15% bracket but below the 39.6% 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 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 eligible compensation
up to $53,000
401(k) maximum employee contribution limit $18,000 if under age 50
$24,000 if 50 or older
Estate tax exemption $5,450,000
Annual Exclusion for Gifts $14,000

 

Education 2016 Tax Rates
American Opportunity Credit (Hope) American Opportunity Credit (Hope)
Lifetime Learning Credit $2,000
Student Loan Interest Deduction $2,500
Coverdell Education Savings Contribution $2,000

Standard Meal Rates for Family Child Care Providers for 2015 income tax returns

Continental U.S. 2015 Tax Rates
For each breakfast $1.66
For each lunch or supper $3.07
For each snack (up to 3 per day for each child) $0.84
Alaska 2015 Tax Rates
For each breakfast $2.66
For each lunch or supper $4.99
For each snack (up to 3 per day for each child) $1.37
Hawaii 2015 Tax Rates
For each breakfast $1.94
For each lunch or supper $3.60
For each snack (up to 3 per day for each child) $0.99