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Tax Rates

2017 Tax Rates - Single Taxpayers - Standard Deduction $6,350

2016 Rates

10%

0 to $9,325

15%

$9,326 to $37,950

25%

$37,951 to $91,900

28%

$91,901 to $190,650

33%

$190,651 to $416,700

35%

$416,701 to $418,400

39.6%

Over $418,401

2017 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $12,700

10%

0 to $18,650

15%

$18,651 to $75,900

25%

$75,901 to $153,100

28%

$153,101 to $233,350

33%

$233,351 to $416,700

35%

$416,701 to $470,700

39.6%

Over $470,701

2017 Tax Rates - Married Filing Separately - Standard Deduction $6,350

10%

0 to $9,325

15%

$9,326 to $37,950

25%

$37,951 to $76,550

28%

$76,551 to $116,675

33%

$116,676 to $208,350

35%

$208,351 to $235,350

39.6%

Over $235,351

2017 Tax Rates - Head of Household - Standard Deduction $9,350

10%

0 to $13,350

15%

$13,251 to $50,800

25%

$50,801 to $131,200

28%

$131,201 to $212,500

33%

$212,501 to $416,700

35%

$416,701 to $444,550

39.6%

Over $444,551

2017 Tax Rates - Estates & Trusts

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

 

Pease Limitation (Itemized deductions)

2017 Tax Rates

Filing Staus

Pease Threshold Begins:

Individual

$261.500

Married Filing Jointly & Surviving Spouses

$313.800

Head of Household

$287.650

Married Filing Separately

$156.900

 

Social Security

2017 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

$127.200

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

2017 Tax Rates

Personal Exemption $4,050 subject to phase-out that begins with AGI of $261,500 (single) $313,800 (married filing jointly)

Business expensing limit: Cap on equipment purchases

$2.030.000

Business equipment - maximum Section 179

$510.000

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2016 tax liability

Standard mileage rate for business driving

53.5 cents

Standard mileage rate for medical/moving driving

17 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 to SEP IRA

25% of eligible compensation
up to $54,000

401(k) maximum employee contribution limit

$18,000 if under age 50
$24,000 if 50 or older

Estate tax exemption

$5.490.000

Annual Exclusion for Gifts

$14.000

 

Education

2017 Tax Rates

American Opportunity Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500