2016 Tax Rates – Single Taxpayers – Standard Deduction
$6,300
2015 Rates
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
10%
0 to $13,250
15%
$13,250 to $50,400
25%
$50,400 to $130,150
28%
$130,150 to $210,800
33%
$210,800 to $413,350
35%
$413,350 to $441,000
39.6%
Over $441,000
2016 Tax Rates – Estates & Trusts
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
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)
$2,500
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
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