Tax Rates

Current Federal 2016 IRS Tax schedule

If you have any questions or concerns regarding which category you should file, contact us and we will guide you giving our best advice.

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