Tax Rates
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 |
