2016 Tax Rates - Single Taxpayers - Standard Deduction $6,300
10% 0 to $9,275
15% $9,275 to $37,650
25% $37,650 to $91,150
28% $91,150 to $190,150
33% $190,150 to $413,350
35% $413,350 to $415,050
39.6% Over $415,050
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2016 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $12,600
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10% 0 to $18,550
15% $18,550 to $75,300
25% $75,300 to $151,900
28% $151,900 to $231,450
33% $231,450 to $413,350
35% $413,350 to $466,950
39.6% Over $466,950
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2016 Tax Rates - Married Filing Separately - Standard Deduction $6,300
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10% 0 to $9,275
15% $9,275 to $37,650
25% $37,650 to $75,950
28% $75,950 to $115,725
33% $115,725 to $206,675
35% $206,675 to $233,475
39.6% Over $233,475
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2016 Tax Rates - Head of Household - Standard Deduction $9,300
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10% 0 to $13,250
15% $13,250 to $50,400
25% $50,400 to $130,150
28% $130,150 to $210,800
33% $210,800 to $413,350
35% $413,350 to $441,000
39.6% Over $441,000
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2016 Tax Rates - Estates & Trusts
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15% 0 to $2,550
25% $2,550 to $5,950
28% $5,950 to $9,050
33% $9,050 to $12,400
39.6% Over $12,400
Social Security - 2016 Tax Rates
Social Security Tax Rate: Employers 6.2%
Social Security Tax Rate: Employees 6.2%
Social Security Tax Rate: Self-Employed 12.4%
Maximum Taxable Earnings $118,500
Medicare Base Salary Unlimited
Medicare Tax Rate 1.45%
Additional Medicare Tax for income
above $200,000 (single filers)
or $250,000 (joint filers) 0.9%
Medicare tax on net investment
income ($200,000 single filers,
$250,000 joint filers) 3.8%
Miscellaneous 2016 Tax Rates
Personal Exemption $4,050
Business expensing limit:
Cap on equipment purchases $2,000,000
Business expensing limit: New
and Used Equipment and Software $500,000
Prior-year safe harbor for estimated
taxes of higher-income 110% of your 2016 tax liability
Standard mileage rate for
business driving 54 cents
Standard mileage rate for
medical/moving driving 19 cents
Standard mileage rate for
charitable driving 14 cents
Child Tax Credit $1,000
Unearned income maximum
for children under 19 before
kiddie tax applies $1,050
Maximum capital gains tax rate
for taxpayers in the
10% or 15% bracket 0%
Maximum capital gains tax rate
for taxpayers above the 15%
bracket but below the 39.6% bracket 15%
Maximum capital gains tax rate for
taxpayers in the 39.6% bracket 20%
Capital gains tax rate for unrecaptured
Sec. 1250 gains 25%
Capital gains tax rate on collectibles 28%
Maximum contribution for
Traditional/Roth IRA $5,500 if under age 50
$6,500 if 50 or older
Maximum employee contribution
to SIMPLE IRA $12,500 if under age 50
$15,500 if 50 or older
Maximum Contribution 25% of eligible compensation
to SEP IRA up to $53,000
401(k) maximum employee $18,000 if under age 50
contribution limit $24,000 if 50 or older
Estate tax exemption $5,450,000
Annual Exclusion for Gifts $14,000
Education 2016 Tax Rates
American Opportunity Credit (Hope) $2,500
Lifetime Learning Credit $2,000
Student Loan Interest Deduction $2,500
Coverdell Education Savings Contribution $2,000
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