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 |