Tax Rates

2016 Federal
Individual Income Tax Rates
Joint Returns and Surviving Spouses:
Taxable Income     % on Of the
Over But Not Under Tax + Excess Amount Over
$0 $18,550 $0   10% $0
$18,550 $75,300 $1,855   15% $18,550
$75,300 $151,900 $10,368   25% $75,300
$151,900 $231,450 $29,518   28% $151,900
$231,450 $413,350 $51,792   33% $231,450
$413,3500 $466,950 $111,819   35% $413,350
$466,950 And Over $130,579   39.6% $466,950
Married Filing Separately:
Taxable Income     % on Of the
Over But Not Under Tax + Excess Amount Over
$0 $9,275 $0   10% $0
$9,275 $37,650 $928   15% $9,275
$37,650 $75,950 $5,184   25% $37,650
$75,950 $115,725 $14,759   28% $75,950
$115,725 $206,675 $25,896   33% $115,725
$206,675 $233,475 $55,909   35% $206,675
$233,475 And Over $65,289   39.6% $233,475
Heads of Households:
Taxable Income     % on Of the
Over But Not Under Tax + Excess Amount Over
$0 $13,250 $0   10% $0
$13,250 $50,400 $1,325   15% $13,250
$50,400 $130,150 $6,898   25% $50,400
$130,150 $210,800 $26,898   28% $130,150
$210,800 $413,350 $49,417   33% $210,800
$413,350 $441,000 $116,259   35% $413,350
$441,000 And Over $125,936   39.6% $441,000
Single Individuals:
Taxable Income     % on Of the
Over But Not Under Tax + Excess Amount Over
$0 $9,275 $0   10% $0
$9,275 $37,650 $928   15% $9,275
$37,650 $91,150 $5,184   25% $37,650
$91,150 $190,150 $18,670   28% $91,150
$190,150 $413,350 $46,279   33% $190,150
$413,350 $415,050 $119,935   35% $413,350
$415,050 And Over $120,530   39.6% $415,050


2016 Retirement Plan Contribution Limits
Plan Type Under Age 50 Over Age 50
401(k), 403(b), 457, Salary Reduction SEP $18,000 $24,000
SIMPLE $12,500 $15,500
IRA (Traditional/Roth) $5,500 $6,500
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.


2016 Alternate Minimum Tax (AMT) Exemptions
Married Filing Jointly $83,800
Single/Head of Household $53,900
Married Filing Separately $41,900


2016 Personal Exemption Phase-out Range
Filing Status Phaseout begins Phaseout ends
Joint and Surviving Spouce $311,300 $433,800
Head of Household $285,350 $407,850
Single $259,400 $381,900
Married Filing Separately $155,650 $278,150
For 2016, the personal exemption amount is $4,050.


2016 Individual Retirement Accounts (IRAs)
Participant of Employer Retirement Plan:
Filing Status 2016 Modifed AGI Deduction
Single or Head of Household $61,000 or less Full up to limit
$61,001 - $71,000 Partial
$71,000 or more No deduction
Joint or Surviving Spouse $98,000 or less Full up to limit
$98,001 - $118,000 Partial
$118,000 or more No deduction
Married Filing Separately less than $10,000 Partial
$10,000 or more No deduction
Spouse Participates - You Do Not:
Filing Status 2016 Modified AGI Deduction
Married Filing Jointly $184,000 or less Full up to limit
$184,001 - $194,000 Partial
$194,000 or more None
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.
2016 Retirement Plan Contribution Limits
Plan Type Under Age 50 Over Age 50
IRA (Traditional & Roth) $5,500 $6,500


2016 Standard Deduction and Itemized Deduction Phaseout
Standard Deduction
Single $6,300
Married Filing Jointly $12,600
Head of Household $9,300
Married Filing Separately $6,300
 
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 $259,400
Married Filing Jointly $311,300
Head of Household $285,350
Married Filing Separately $155,650


Automobiles - 2016 Maximum Depreciation Deduction
Based on 100% Business Use**
Year Passenger Autos Light Trucks and Vans
SUVs
(Built on Truck Chassis)
1 $3,160* $3,560*
2 $5,100 $5,700
3 $3,050 $3,350
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.


2016 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.

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