Tax Rates

2017 Federal
Individual Income Tax Rates
Single Individuals:
Taxable Income     % on Of the
Over But Not Under Tax + Excess Amount Over
$0 $9,325 $0   10% $0
$9,326 $37,950 $933   15% $9,325
$37,951 $91,900 $5,226   25% $37,950
$91,901 $191,650 $18,714   28% $91,900
$191,651 $416,700 $46,644   33% $191,650
$416,701 $418,400 $120,910   35% $416,700
$418,401 And Over $121,505   39.6% $418,400
Joint Returns and Surviving Spouses:
Taxable Income     % on Of the
Over But Not Under Tax + Excess Amount Over
$0 $18,650 $0   10% $0
$18,651 $75,900 $1,865   15% $18,650
$75,901 $153,100 $10,453   25% $75,900
$153,101 $233,350 $29,753   28% $153,100
$233,351 $416,700 $52,223   33% $233,350
$416,701 $470,700 $112,728   35% $416,700
$470,701 And Over $131,628   39.6% $470,700
Heads of Households:
Taxable Income     % on Of the
Over But Not Under Tax + Excess Amount Over
$0 $13,350 $0   10% $0
$13,351 $50,800 $1,335   15% $13,350
$50,801 $131,200 $6,953   25% $50,800
$131,201 $212,500 $27,053   28% $131,200
$212,501 $416,700 $49,817   33% $212,500
$416,701 $444,550 $117,203   35% $416,700
$444,551 And Over $126,950   39.6% $444,550
Married Filing Separately:
Taxable Income     % on Of the
Over But Not Under Tax + Excess Amount Over
$0 $9,325 $0   10% $0
$9,326 $37,950 $933   15% $9,325
$37,951 $76,550 $5,226   25% $37,950
$76,551 $116,675 $14,876   28% $76,550
$116,676 $208,350 $26,111   33% $116,675
$208,351 $235,350 $56,364   35% $208,350
$235,351 And Over $65,814   39.6% $235,350


2017 Retirement Plan Contribution Limits
Plan Type Under Age 50 Over Age 50
401(k), 403(b), most 457, Salary Reduction SEP $18,000 $24,000
SIMPLE $12,500 $15,500
IRA (Traditional/Roth) $5,500 $6,500
Phase Outs Phase Out Range
Traditional IRA Deduction Phase Outs: Modified Adjustment Income
Married Filing Joint $99,000 $119,000
Married Filing Joint - One Spouse is Covered at Work $186,000 $196,000
Single Or Head of Household $62,000 $72,000
Married or Filing Separately   $10,000
Roth IRA Contribution Phase Outs: Modified Adjustment Income
Married Filing Joint $186,000 $196,000
Single $118,000 $133,000
Employer-sponsored plans may have additional contribution limits. Not all employer plans allow the higher contributions amount for those aged 50 and older.

The IRA limitation caps a person's combined contributions to traditional and Roth IRAs for the year.


2017 Alternate Minimum Tax (AMT) Exemptions
Married Filing Jointly $84,500
Single/Head of Household $54,300
Married Filing Separately $42,250
Trusts & Estates $24,100


2017 Personal Exemption Phase-out Range
Personal Exemption $4,050 each
Filing Status Phaseout begins Phaseout ends
Single $261,500 $384,000
Joint and Surviving Spouse $313,800 $436,300
Head of Household $287,650 $410,150
Married Filing Separately $156,900 $218,150


2017 Standard Deduction and Itemized Deduction Phaseout
Standard Deduction
Single $6,350
Married Filing Jointly $12,700
Head of Household $9,350
Married Filing Separately $6,350
 
Additional Amount for Aged or Blind
Single $1,550
Married Filing Jointly $1,250
   
Standard Deduction for Dependent
Minimum $1,050
Or Earned income plus $350
 
Reduction in Itemized Deductions Phaseout Begins
Single $261,500
Married Filing Jointly $313,800
Head of Household $287,650
Married Filing Separately $156,900
*** If the limitation applies, the total of all itemized deductions will be reduced by the lesser of 3% of the Adjusted Gross Income above the threshold or 80% of the itemized deductions otherwise allowable for the year.


Automobiles - 2017 Maximum Depreciation Deduction
Based on 100% Business Use**
Year Passenger Autos/
1st Yr Bonus
Light Trucks and Vans,
SUV's/1st Yr Bonus
1 $3,160/$11,160 $3,560/$11,560
2 $5,100 $5,700
3 $3,050 $3,450
4 and beyond $1,875 $2,075
**This limit includes claiming a §179 expense deduction. If the business use is less than 100%, you must reduce the maximum deduction above proportionately.


2017 Long-term Capital Gains
Tax Bracket Long-term Capital Gains Rate
0% - 15% 0%
25% - 35% 15%
39.60% 20%
The basic long-term capital gains rate is based on the tax bracket applied. It is not affected by filing status.


2017 Individual Retirement Accounts (IRAs)
Participant of Employer Retirement Plan:
Filing Status Modifed AGI Deduction
Single or Head of Household $62,000 or less Full up to limit
$62,001 - $72,000 Partial
$72,000 or more No deduction
Joint or Surviving Spouse $99,000 or less Full up to limit
$99,001 - $119,000 Partial
$119,000 or more No deduction
Married Filing Separately less than $10,000 Partial
$10,000 or more No deduction
One Spouse Participates - One Does Not:
Filing Status Modified AGI Deduction
Married Filing Jointly $186,000 or less Full up to limit
$184,001 - $196,000 Partial
$196,000 or more No Deduction
Married Filing Separately less than $10,000 Partial
$10,000 or more No deduction
If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the "Single" filing status.
2017 Retirement Plan Contribution Limits
Plan Type Under Age 50 Over Age 50
IRA (Traditional & Roth) $5,500 $6,500

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