|
|
|
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
|
|