| |
|
| |
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
|
|
Edmond Consulting Group LLC
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