Edmond Consulting Group LLC
Edmond Consulting Group LLC

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Edmond Consulting Group LLC

PO Box 1294

PALMETTO, GA 30268

 

 

Or you can reach us at 

(803) 716-9901

 

You can also use our contact form

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Federal Tax Facts

 
 
   
 
2016
2015
2014
2013
Standard Deduction        
  Joint or Qualifying Widow(er)
12,600
12,600
12,400
12,200
  Single
6,300
6,300
6,200
6,100
  Head of Household
9,300
9,250
9,100
8,950
  Married Filing Separately
6,300
6,300
6,200
6,100
  Additional for Elderly/Blind
 
 
 
 
    Married or Qualifying Widow(er)
1,250
1,250
1,200
1,200
    Unmarried
1,550
1,550
1,550
1,500
  Taxpayer Claimed as Dependent
1,050
1,050
1,000
1,000
Personal/Dependent Exemption
4,050
4,000
3,950
3,900
Unearned Income w/o Kiddie Tax
2,100
2,100
2,000
2,000

Beginning of Personal Exempt. &

  Itemized Ded. Phase-out Beg. (AGI)

 
 
 
 
    Joint or Qualifying Widow(er)
311,300
309,900
305,050
300,000
    Single
259,400
258,250
254,200
250,000
    Head of Household
285,350
284,050
279,650
275,000
    Married Filing Separately
155,650
154,950
152,525
150,000
Max.Tax Rate on Net LT Capital Gain
20%
20%
20%
20%
    Taxpayers 10% or 15% bracket
0%
0%
0%
0%
    Taxpayers 25%, 28%, 33% or 35% bracket
15%
15%
15%
15%
    Taxpayers 39.6% bracket
20%
20%
20%
20%
    Unrecaptured Section 1250 Gain
25%
25%
25%
25%
    Collectibles, Gold, Silver, etc.
28%
28%
28%
28%
Net Investment Income Tax 3.8%
 
 
 
 
  Single
200,000
200,000
200,000
200,000
  Joint
250,000
250,000
250,000
250,000
Alternative Minimum Tax Rate
 
 
 
 
  First $186,300 of AMTI (2016)
26%
26%
26%
26%
  AMTI over $186,300 (2016)
28%
28%
28%
28%
Alternative Minimum Tax Exemption
 
 
 
 
    Joint
83,800
83,400
82,100
80,800
    Single & HOH
53,900
53,600
52,800
51,900
    Married Filing Separately
 
 
 
40,400
401(k) Elective Deferral Limit
18,000
18,000
17,500
17,500
  Catch Up Contribution > age 50
6,000
6,000
5,500
5,500
SIMPLE IRA Limit
12,500
12,500
12,000
12,000
  Catch Up Contribution > age 50
3,000
3,000
2,500
2,500
Deductible IRA Contribution
 
 
 
 
  IRA & Roth Contributions
5,500
5,500
5,500
5,500
  Catch Up Contribution > age 50
1,000
1,000
1,000
1,000
  Phase-out Begins (MAGI)
 
 
 
 
    Joint
98,000
98,000
96,000
92,000
    Joint (non-participating spouse)
184,000
183,000
181,000
173,000
    Single, HOH
61,000
61,000
60,000
58,000
    Married Filing Separately
0
0
0
0
Eligible for ROTH IRA
 
 
 
 
  Joint
184,000
183,000
181,000
178,000
  Single and Head of Household
117,000
116,000
114,000
112,000
  Married Filing Separately
0
0
0
0
FICA/SE Tax Information
 
 
 
 
  Social Security Component
 
 
 
 
    Maximum Earnings
118,500
118,500
117,000
113,700
    FICA Tax Rate (Employee)
6.2%
6.2%
6.2%
6.2%
    SE Tax Rate
12.4%
12.4%
12.4%
12.4%
  Medicare Component
  
  
  
  
    Maximum Earnings
Unlimited
Unlimited
Unlimited
Unlimited
    FICA Tax Rate (Employee)
1.45%
1.45%
1.45%
1.45%
    SE Tax Rate
2.9%
2.9%
2.9%
2.9%
    Medicare Payroll Tax - Joint >= 250,000
.9%
.9%
.9%
.9%
    Medicare Payroll Tax - Single >= 200,000
.9%
.9%
.9%
.9%
Auto Standard Mileage Allowances
 
 
 
 
  Business
.54
.575
.56
.565
  Charity Work
.14
.14
.14
.14
  Medical/Moving
.19
.23
.235
.24
Luxury Auto Depreciation Limits
  
  
  
  
  First Year
3,160
3,160
3,160
3,160
  Second Year
5,100
5,100
5,100
5,100
  Third Year
3,050
3,050
3,050
3,050
  Fourth Year and Thereafter
1,875
1,875
1,875
1,875
Self-Employed Health
 
 
 
 
  Insurance Deduction
100%
100%
100%
100%
Section 179 Deduction
500,000
500,000
500,000
500,000
Section 179 Deduction SUV Limit
25,000
25,000
25,000
25,000
Earnings Ceiling for Social Security
 
 
 
 
  Below Full Retirement Age (FRA)
15,720
15,720
15,480
15,120
  Year FRA Reached, Reduce Benefits
41,880
41,880
41,400
40,080
  Full Retirement Age to 69
Unlimited
Unlimited
Unlimited
Unlimited
  Age 70 and Above
Unlimited
Unlimited
Unlimited
Unlimited
  Maximum SS Retirement Benefit per Month
2,639
2,663
2,642
2,533
Estate Tax Unified
 
 
 
 
  Credit Equivalent
5,450,000
5,430,000
5,340,000
5,250,000
Gift Tax Applicable Exclusion Amount
5,450,000
5,430,000
5,340,000
5,250,000
Gift Tax Annual Exclusion
14,000
14,000
14,000
14,000
     
   
2016 Tax Rates
   

Based on Taxable Income

Single

Joint

HOH

MFS

15% begins

9,275 18,550 13,250 9,275

25% begins

37,650 75,300 50,400 37,650

28% begins

91,150 151,900 130,150 75,950

33% begins

190,150 231,450 210,800 115,725

35% begins

413,350 413,350 413,350 206,675

39.6% begins

415,050 466,950 441,000 233,475
   

 

 

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