Small Business Taxes & Management--Copyright 2010-2016, A/N Group, Inc.
CAUTION--This page contains data for several years. Please watch all dates carefully.
Contents
Corporate Income Tax Rates--Including rates for personal service corporations, personal holding companies, and accumulated earnings tax.
Miscellaneous Business Data--Section 179 expense limits
2016--Tax Facts for Individuals
2015--Tax Facts for Individuals
2014--Tax Facts for Individuals
2013--Tax Facts for Individuals
Taxable income over Not over Tax rate
$ 0 $ 50,000 15%
50,000 75,000 25%
75,000 100,000 34%
100,000 335,000 39%
335,000 10,000,000 34%
10,000,000 15,000,000 35%
15,000,000 18,333,333 38%
18,333,333 .......... 35%
Phaseout--$2,000,000 for 2010 to 2015; $2,010,000 for 2016. Indexed for inflation beginning in 2016.
Note. An increased Sec. 179 deduction is available to enterprise zone businesses and renewal community business in certain situations. In addition, an increased Sec. 179 deduction is available for certain Sec. 179 Disaster Assistance property. Check the rules in place at the time the property is placed in service. Finally, the maximum deduction for heavy sport utility vehicles and certain other vehicles is restricted to $25,000.
Note. Expensing of qualified real property limited to $250,000; cap to be removed beginning in 2016.
Maximum annual HSA contributions deductible--$3,400 for individual; $6,750 for family coverage
Catch-up contributions for individuals 55 or older (but less than 65) is $1,000.
Contribution limit prorated for partial year (1/12 per month).
Deductible Amounts that define High Deductible Plan:
Annual Deductible Deductibles, Co-Payments and other Amounts
Not Less Than but not Premiums Not to Exceed
Self Only $1,300 $ 6,550
Family Coverage 2,600 13,100
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 9,275 $ 0.00 10 $ 0
9,275 37,650 927.50 15 9,275
37,650 91,150 5,183.75 25 37,650
91,150 190,150 18,558.75 28 91,150
190,150 413,350 46,278.75 33 190,150
413,350 415,050 119,934.75 35 413,350
415,050 ....... 120,529.75 39.6 415,050
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 18,550 $ 0.00 10 $ 0
18,550 75,300 1,855.00 15 18,550
75,300 151,900 10,367.50 25 75,300
151,900 231,450 29,517.50 28 151,900
231,450 413,350 51,791.50 33 231,450
413,350 466,950 111,818.50 35 413,350
466,950 ....... 130,578.50 39.6 466,950
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 9,275 $ 0.00 10 $ 0
9,275 37,650 927.50 15 9,275
37,650 75,950 5,183.75 25 37,650
75,950 115,725 14,758.75 28 75,950
115,725 206,675 25,895.75 33 115,725
206,675 233,475 55,909.25 35 206,675
233,475 ....... 65,289.25 39.6 233,475
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 13,250 $ 0.00 10 $ 0
13,250 50,400 1,325.00 15 13,250
50,400 130,150 6,897.50 25 50,400
130,150 210,800 26,835.00 28 130,150
210,800 413,350 49,417.00 33 210,800
413,350 441,000 116,258.50 35 413,350
441,000 ....... 125,936.00 39.6 441,000
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $2,550 0.00 15 $ 0
2,550 5,950 $ 382.50 25 2,550
5,950 9,050 1,232.50 28 5,950
9,050 12,400 2,100.50 33 9,050
12,400 ..... 3,206.00 39.6 12,400
For taxpayers in the 10% or 15% bracket--0%
For taxpayers in 25%, 28%, 33%, 35% brackets--15%
For taxpayers in 39.6% bracket--20%
Tax on unrecaptured Sec. 1250 gain--25%
Capital gain rate on collectibles--28%
Lesser of 3.8% of net investment income from interest, dividends, annuities, royalties, rents, and gains not generated in active trade or business or modified adjusted gross income in excess of $200,000 ($250,000 for married filing joint; $125,000 for married filing separate).
Additional tax of 0.9% on wages and self-employment income in excess of $200,000 ($250,000 for married joint; $125,000 married separate).
Filing Status Standard Deduction Married filing joint and surviving spouses $12,600 Heads of Household 9,300 Single individuals 6,300 Married, filing separate 6,300Dependent's Standard Deduction--No more than the greater of $1,050 or $350 plus the individual's earned income.
Additional standard deduction for aged or blind--$1,250 each ($1,550 if individual is unmarried and not surviving spouse)
Start of Phaseout--
Married, filing joint $311,300 Head of Household $285,350 Single $259,400 Married, filing separate $155,650Phaseout is lesser of 3% of amount that exceeds threshold or 80% of itemized deductions.
Amount--$4,050
Phaseout--
Filing Status Beginning Completed Married, filing joint and surviving spouses $311,300 $433,800 Heads of Household $285,350 $407,850 Unmarried Individuals $259,400 $381,900 Married, filing separate $155,650 $216,900
Modified adjusted gross income phaseout--married, joint, $116,300--$146,300; all other filing status, $77,550--$92,550
100% of first $2,000 of education expenses; 25% of expenses between $2,000 and $4,000 (maximum credit $2,500)
Phaseout begins at modified adjusted gross income of $160,000 joint return; $80,000 all others.
Credit completely phased out at $180,000 ($90,000).
20% of first $10,000 of qualified education expenses.
Phaseout begins at modified adjusted gross income of $111,000 joint return; $55,000 all others.
Credit completely phased out at $161,000 joint returns; $65,000 all others.
Maximum interest deduction--$2,500
Modified adjusted gross income phaseout range--Married, joint, $130,000--$160,000; all other filing status, $65,000--$80,000
Commuter highway vehicle and transit pass--$130
Qualified parking--$255
Number of Qualifying Children
Item One Two or More Three or More None
Earned Income Amount $ 9,920 $13,930 $13,930 $ 6,610
Maximum Amount of Credit 3,373 5,572 6,269 506
Threshold Phaseout (single, surviving
spouse or head of household) 18,190 18,190 18,190 8,270
Completed Phaseout (single, surviving
spouse or head of household) 39,296 44,648 47,955 14,880
Threshold Phaseout (married, joint) 23,740 23,740 23,740 13,820
Completed Phaseout (married, joint) 44,846 50,198 53,505 20,430
Excessive Investment Income for Earned Income Tax Credit--$3,400
First $186,300 ($93,150 married, separate) of AMTI 26% Over $186,300 ($93,150 married, separate) of AMTI (Alternative Minimum Taxable Income) 28% Exemptions: Joint Filers $83,800 Married, separate $41,900 Single (and head of household) $53,900 Estates & Trusts $23,900 Child subject to Kiddie Tax $7,400 (plus child's earned income)
Exemption Phaseout: 25% of amount AMTI exceeds: $159,700 for married, joint and surviving spouses $119,700 single (and head of household) $79,850 married, filing separate
Unified Credit Against Estate Tax--$5,450,000
Annual Exclusion for Gifts--$14,000
Annual Exclusion for Gifts to Spouse not a Citizen--$148,000
Notice of Large Gifts Received from Foreign Persons--$15,671
Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,480,000
Valuation of Qualified Real Property (special use) in Decendent's Gross Estate (Sec. 2032A)--$1,110,000
IRA (traditional and Roth) maximum contribution--$5,500; age 50 and older catch-up--$1,000
IRA AGI deduction phaseout start for those covered by pension plan--$98,000 ($118,000, phaseout end)(MFJ, qualifying widow); $61,000 ($71,000) all others except MFS ($0-$10,000).
IRA AGI deduction phaseout start where only spouse covered by plan starts at $184,000 ($194,000 phaseout end).
Roth IRA phaseout start $184,000 ($194,000 end) (MFJ, qualifying widow); $117,000 ($132,000 end) all others except MFS.
SIMPLE plan, maximum elective deferral (Sec. 408(k)(2)(C)--$12,500; age 50 catch-up--$2,500.
SEP--Maximum contribution percentage--25%; maximum dollar contribution $53,000; compensation covered $600.
Defined contribution plan limits (Sec. 415(c)(1)(A)--$53,000.
Elective deferral limit (Sec. 401(k); 403(b); most 457 plans; TSP)--$18,000; age 50 catch-up--$6,000.
Elective deferral limit (Sec. 402(g)(1)--$18,000.
Deferrals under state/local/tax exempt plan (Sec. 457(e)(15)--$18,000.
Compensation limit under Secs. 401(a)(17), 404(l), 408(k)(3)(C), 408(k)(6)(D(ii) is $265,000.
Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(i) is $105,000.
Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(iii) is $215,000.
Key employee, top heavy plan (Sec. 416(i)(1)(A)(i))--$170,000
Highly compensated employee (Sec. 414(q)(1)(B))--$120,000
Defined benefit plan maximum annual benefit (Sec. 415(b)(1)(A))--$210,000
Catch-up contributions to SIMPLE 401(k) plans (Sec. 401(k)(11))--$3,000
Child Tax Credit--$1,000; phaseout MAGI $110,000 joint, $75,000 single, $55,000 MFS; refundable $3,000 Sec. 24(d)(1)(B)(i)
Cafeteria Plans (maximum salary reduction)--$2,550
Employer Health Insurance Credit (Sec. 45R)--Average annual wage phaseout--$25,900
Unearned Income of Minor Child (Kiddie Tax)--$1,050 ($10,500 for parental election)
Foreign Earned Income Exclusion--$101,300
Minor Child subject to Kiddie Tax--up to age 18 or full-time student over 18 with earned income no more than 1/2 support under age 24.
Periodic Payments Received under Long-Term Qualified Care Insurance Contracts or Certain Life Insurance Contracts Per Diem Limitation--$340
Loan limit on Agricultural Bonds for First-Time Farmers--$520,000
Home Office Safe Harbor--$5.00 per square foot; maximum 300 sq.ft. or $1,500
Persons Against Which a Federal Tax Lien is Not Valid--
Purchasers in a casual sale for less than $1,530 or a mechanic's lienor that repair or improved certain residential property if the contract price is not more than $7,630.
Property Exempt from Levy--Property exempt from levy under Sec. 6334(a)(2) cannot exceed $9,120. Property exempt from levy under Sec. 6334(a)(3) (books and tools for trade or business) cannot exceed $4,560.
Low-cost article for fully deductible charitable contributions--$10.60; $53; $106.
Maximum credit for child with special needs--$13,460
Maximum credit, other adoptions--$13,460
Other adoptions, gross income exclusion, qualified expenses up to $13,460
Phaseout range, modified adjusted gross income--$201,920 to $241,920
Household income Limitation amount unmarried Limitation for all (% of poverty line) (other than surviving spouses or HOH) other taxpayers Less than 200% $300 $600 200% less than 300% $750 $1,500 300% less than 400% $1,250 $2,500
Attained Age Before the Close of the Tax Year Limitation on Premiums
40 or less $ 390
More than 40 but not more than 50 730
More than 50 but not more than 60 1,460
More than 60 but not more than 70 3,900
More than 70 4,870
Maximum annual HSA contributions deductible--$3,350 for individual; $6,750 for family coverage
Catch-up contributions for individuals 55 or older (but less than 65) is $1,000.
Contribution limit prorated for partial year (1/12 per month).
Deductible Amounts that define High Deductible Plan:
Annual Deductible Deductibles, Co-Payments and other Amounts
Not Less Than but not Premiums Not to Exceed
Self Only $1,300 $ 6,550
Family Coverage 2,600 13,100
Taxable Thresholds--Social security payments includable in income if modified AGI exceeds base amounts.
50% inclusion threshold:
$32,000 no more than $44,000--married filing joint
more than $44,000--married filing joint
Household (domestic) employee cash wages threshold--$2,000
Quarter of coverage--$1,260
Retirement Savings Test--$15,720 (under full retirement age); $41,880 (year of full retirement age)
For a fact sheet on the COLA go to www.socialsecurity.gov/news/press/factsheets/colafacts2016.html
Modified AGI
includes certain excluded income (e.g., tax exempt interest) and 1/2 of social security payments.$25,000 no more than $34,000--single, head of household, married living apart ($0 for married, separate)
85% inclusion threshold:more than $34,000--single, head of household, married living apart ($0 for married, separate)
OASDI Wage Base--$118,500
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 9,225 $ 0.00 10 $ 0
9,225 37,450 922.50 15 9,225
37,450 90,750 5,156.25 25 37,450
90,750 189,300 18,481.25 28 90,750
189,300 411,500 46,075.25 33 189,300
411,500 413,200 119,401.25 35 411,500
413,200 ....... 119,996.25 39.6 413,200
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 18,450 $ 0.00 10 $ 0
18,450 74,900 1,845.00 15 18,450
74,900 151,200 10,312.50 25 74,900
151,200 230,450 29,387.50 28 151,200
230,450 411,500 51,577.50 33 230,450
411,500 464,850 111,324.00 35 411,500
464,850 ....... 129,996.50 39.6 464,850
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 9,225 $ 0.00 10 $ 0
9,225 37,450 922.50 15 9,225
37,450 75,600 5,156.25 25 37,450
75,600 115,225 14,693.75 28 75,600
115,225 205,750 25,788.75 33 115,225
205,750 232,425 55,662.00 35 205,750
232,425 ....... 64,989.25 39.6 232,425
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 13,150 $ 0.00 10 $ 0
13,150 50,200 1,315.00 15 13,150
50,200 129,600 6,872.50 25 50,200
129,600 209,850 26,722.50 28 129,600
209,850 411,500 49,192.50 33 209,850
411,500 439,000 115,737.00 35 411,500
439,000 ....... 125,362.00 39.6 439,000
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $2,500 0.00 15 $ 0
2,500 5,900 $ 375.00 25 2,500
5,900 9,050 1,225.00 28 5,900
9,050 12,300 2,107.00 33 9,050
12,300 ..... 3,179.50 39.6 12,300
For taxpayers in the 10% or 15% bracket--0%
For taxpayers in 25%, 28%, 33%, 35% brackets--15%
For taxpayers in 39.6% bracket--20%
Tax on unrecaptured Sec. 1250 gain--25%
Capital gain rate on collectibles--28%
Lesser of 3.8% of net investment income from interest, dividends, annuities, royalties, rents, and gains not generated in active trade or business or modified adjusted gross income in excess of $200,000 ($250,000 for married filing joint; $125,000 for married filing separate).
Additional tax of 0.9% on wages and self-employment income in excess of $200,000 ($250,000 for married joint; $125,000 married separate).
Filing Status Standard Deduction Married filing joint and surviving spouses $12,600 Heads of Household 9,250 Single individuals 6,300 Married, filing separate 6,300Dependent's Standard Deduction--No more than the greater of $1,050 or $350 plus the individual's earned income.
Additional standard deduction for aged or blind--$1,250 each ($1,550 if individual is unmarried and not surviving spouse)
Start of Phaseout--
Married, filing joint $309,900 Head of Household $284,050 Single $258,250 Married, filing separate $154,950Phaseout is lesser of 3% of amount that exceeds threshold or 80% of itemized deductions.
Amount--$4,000
Phaseout--
Filing Status Beginning Completed Married, filing joint and surviving spouses $309,900 $432,400 Heads of Household $284,050 $406,550 Unmarried Individuals $258,250 $380,750 Married, filing separate $154,950 $216,200
Modified adjusted gross income phaseout--married, joint, $115,750--$145,750; all other filing status, $77,200--$92,200
100% of first $2,000 of education expenses; 25% of expenses between $2,000 and $4,000 (maximum credit $2,500)
Phaseout begins at modified adjusted gross income of $160,000 joint return; $80,000 all others.
Credit completely phased out at $180,000 ($90,000).
20% of first $10,000 of qualified education expenses.
Phaseout begins at modified adjusted gross income of $110,000 joint return; $55,000 all others.
Credit completely phased out at $160,000 joint returns; $65,000 all others.
Maximum interest deduction--$2,500
Modified adjusted gross income phaseout range--Married, joint, $130,000--$160,000; all other filing status, $65,000--$80,000
Commuter highway vehicle and transit pass--$130
Qualified parking--$250
Number of Qualifying Children
Item One Two or More Three or More None
Earned Income Amount $ 9,880 $13,870 $13,870 $ 6,580
Maximum Amount of Credit 3,359 5,548 6,242 503
Threshold Phaseout (single, surviving
spouse or head of household) 18,110 18,110 18,110 8,240
Completed Phaseout (single, surviving
spouse or head of household) 39,131 44,454 47,747 14,820
Threshold Phaseout (married, joint) 23,630 23,630 23,630 13,750
Completed Phaseout (married, joint) 44,651 49,974 53,267 20,330
Excessive Investment Income for Earned Income Tax Credit--$3,400
First $185,400 ($92,700 married, separate) of AMTI 26% Over $185,400 ($92,700) of AMTI (Alternative Minimum Taxable Income) 28% Exemptions: Joint Filers $83,400 Married, separate $41,700 Single (and head of household) $53,600 Estates & Trusts $23,800 Child subject to Kiddie Tax $7,400 (plus child's earned income)
Exemption Phaseout: 25% of amount AMTI exceeds: $158,900 for married, joint and surviving spouses $119,200 single (and head of household) $79,450 married, filing separate
Unified Credit Against Estate Tax--$5,430,000
Annual Exclusion for Gifts--$14,000
Annual Exclusion for Gifts to Spouse not a Citizen--$147,000
Notice of Large Gifts Received from Foreign Persons--$15,601
Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,470,000
Valuation of Qualified Real Property (special use) in Decendent's Gross Estate (Sec. 2032A)--$1,100,000
IRA (traditional and Roth) maximum contribution--$5,500; age 50 and older catch-up--$1,000
IRA AGI deduction phaseout start for those covered by pension plan--$98,000 (MFJ, qualifying widow); $61,000 all others except MFS.
IRA AGI deduction phaseout start where only spouse covered by plan starts at $183,000.
Roth IRA phaseout $183,000 start (MFJ, qualifying widow); $116,000 all others except MFS.
SIMPLE plan, maximum elective deferral (Sec. 408(k)(2)(C)--$12,500; age 50 catch-up--$2,500.
SEP--Maximum contribution percentage--25%; maximum dollar amount $53,000.
Defined contribution plan limits (Sec. 415(c)(1)(A)--$53,000.
Elective deferral limit (Sec. 401(k); 403(b) plans)--$18,000; age 50 catch-up--$6,000.
Elective deferral limit (Sec. 402(g)(1)--$18,000.
Deferrals under state/local/tax exempt plan (Sec. 457(e)(15)--$18,000.
Compensation limit under Secs. 401(a)(17), 404(l), 408(k)(3)(C), 408(k)(6)(D(ii) is $265,000.
Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(i) is $105,000.
Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(iii) is $215,000.
Key employee, top heavy plan (Sec. 416(i)(1)(A)(i))--$170,000
Highly compensated employee (Sec. 414(q)(1)(B))--$120,000
Defined benefit plan maximum accrued amount (Sec. 415(b)(1)(A))--$210,000
Compensation amount for simplified employee pensions (SEPs)(Sec. 408(k)2)) is $600.
Catch-up contributions to SIMPLE 401(k) plans (Sec. 401(k)(11))--$3,000
Child Tax Credit--$1,000; phaseout MAGI $110,000 joint, $75,000 single, $55,000 MFS; refundable $3,000 Sec. 24(d)(1)(B)(i)
Cafeteria Plans (maximum salary reduction)--$2,550
Employer Health Insurance Credit (Sec. 45R)--Average annual wage phaseout--$25,400
Unearned Income of Minor Child (Kiddie Tax)--$1,050 ($10,500 for parental election)
Foreign Earned Income Exclusion--$100,800
Minor Child subject to Kiddie Tax--up to age 18 or full-time student over 18 with earned income no more than 1/2 support under age 24.
Periodic Payments Received under Long-Term Qualified Care Insurance Contracts or Certain Life Insurance Contracts Per Diem Limitation--$330
Employee Health Insurance Expense of Small Employers (Sec. 45R(d)(3)(B))--$25,800
Home Office Safe Harbor--$5.00 per square foot; maximum 300 sq.ft. or $1,500
Persons Against Which a Federal Tax Lien is Not Valid--
Purchasers in a casual sale for less than $1,520 or a mechanic's lienor that repair or improved certain residential property if the contract price is not more than $7,590.
Property Exempt from Levy--Property exempt from levy under Sec. 6334(a)(2) cannot exceed $8,970. Property exempt from levy under Sec. 6334(a)(3) (books and tools for trade or business) cannot exceed $4,540.
Taxable Thresholds--Social security payments includable in income if modified AGI exceeds base amounts.
50% inclusion threshold:
$32,000 no more than $44,000--married filing joint
more than $44,000--married filing joint
Household (domestic) employee cash wages threshold--$1,900
Quarter of coverage--$1,220
Retirement Savings Test--$15,720 (under full retirement age); $41,880 (year of full retirement age)
For a fact sheet on the COLA go to www.socialsecurity.gov/news/press/factsheets/colafacts2015.html
Modified AGI
includes certain excluded income (e.g., tax exempt interest) and 1/2 of social security payments.$25,000 no more than $34,000--single, head of household, married living apart ($0 for married, separate)
85% inclusion threshold:more than $34,000--single, head of household, married living apart ($0 for married, separate)
OASDI Wage Base--$118,500
Maximum annual HSA contributions deductible--$3,350 for individual; $6,650 for family coverage
Catch-up contributions for individuals 55 or older (but less than 65) is $1,000.
Contribution limit prorated for partial year (1/12 per month).
Deductible Amounts that define High Deductible Plan:
Annual Deductible Deductibles, Co-Payments and other Amounts
Not Less Than but not Premiums Not to Exceed
Self Only $1,300 $ 6,450
Family Coverage 2,600 12,900
Maximum credit for child with special needs--$13,400
Maximum credit, other adoptions--$13,400
Other adoptions, gross income exclusion, qualified expenses up to $13,400
Phaseout range, modified adjusted gross income--$201,010 to $241,010
Household income Limitation amount unmarried Limitation for all (% of poverty line) (other than surviving spouses or HOH) other taxpayers Less than 200% $300 $600 200% less than 300% $750 $1,500 300% less than 400% $1,250 $2,500
Attained Age Before the Close of the Tax Year Limitation on Premiums
40 or less $ 380
More than 40 but not more than 50 710
More than 50 but not more than 60 1,430
More than 60 but not more than 70 3,800
More than 70 4,750
Location Breakfast Lunch Dinner Snack 48 Contiguous States $1.31 $2.47 $2.47 $0.73 Alaska 2.09 4.00 4.00 1.19 Hawaii 1.53 2.88 2.88 0.86
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 9,075 $ 0.00 10 $ 0
9,075 36,900 907.50 15 9,075
36,900 89,350 5,081.25 25 36,900
89,350 186,350 18,193.75 28 89,350
186,350 405,100 45,353.75 33 186,350
405,100 406,750 117,541.25 35 405,100
406,750 ....... 118,118.75 39.6 406,750
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 18,150 $ 0.00 10 $ 0
18,150 73,800 1,815.00 15 18,150
73,800 148,850 10,162.50 25 73,800
148,850 226,850 28,925.00 28 148,850
226,850 405,100 50,765.00 33 226,850
405,100 457,600 109,587.50 35 405,100
457,600 ....... 127,962.50 39.6 457,600
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 9,075 $ 0.00 10 $ 0
9,075 36,900 907.50 15 9,075
36,900 74,425 5,081.25 25 36,900
74,425 113,425 14,462.50 28 74,425
113,425 202,550 25,382.50 33 113,425
202,550 228,800 54,793.75 35 202,550
228,800 ....... 63,981.25 39.6 228,800
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 12,950 $ 0.00 10 $ 0
12,950 49,400 1,295.00 15 12,950
49,400 127,550 6,762.50 25 49,400
127,550 206,600 26,300.00 28 127,550
206,600 405,100 48,434.00 33 206,600
405,100 432,200 113,939.00 35 405,100
432,200 ....... 123,424.00 39.6 432,200
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $2,500 0.00 15 $ 0
2,500 5,800 $ 375.00 25 2,500
5,800 8,900 1,200.00 28 5,800
8,900 12,150 2,068.00 33 8,900
12,150 ..... 3,140.50 39.6 12,150
For taxpayers in the 10% or 15% bracket--0%
For taxpayers in 25%, 28%, 33%, 35% brackets--15%
For taxpayers in 39.6% bracket--20%
Tax on unrecaptured Sec. 1250 gain--25%
Capital gain rate on collectibles--28%
Lesser of 3.8% of net investment income from interest, dividends, annuities, royalties, rents, and gains not generated in active trade or business or modified adjusted gross income in excess of $200,000 ($250,000 for married filing joint; $125,000 for married filing separate).
Additional tax of 0.9% on wages and self-employment income in excess of $200,000 ($250,000 for married joint; $125,000 married separate).
Filing Status Standard Deduction Married filing joint and surviving spouses $12,400 Heads of Household 9,100 Single individuals 6,200 Married, filing separate 6,200Dependent's Standard Deduction--No more than the greater of $1,000 or $350 plus the individual's earned income.
Additional standard deduction for aged or blind--$1,200 each ($1,550 if individual is unmarried and not surviving spouse)
Start of Phaseout--
Married, filing joint $305,050 Head of Household $279,650 Single $254,200 Married, filing separate $152,525Phaseout is lesser of 3% of amount that exceeds threshold or 80% of itemized deductions.
Amount--$3,950
Phaseout--
Filing Status Beginning Completed Married, filing joint and surviving spouses $305,050 $427,550 Heads of Household $279,650 $402,150 Unmarried Individuals $254,200 $376,700 Married, filing separate $152,525 $213,775
Modified adjusted gross income phaseout--married, joint, $113,950--$143,950; all other filing status, $76,000--$91,000
100% of first $2,000 of education expenses; 25% of expenses between $2,000 and $4,000 (maximum credit $2,500)
Phaseout begins at modified adjusted gross income of $160,000 joint return; $80,000 all others.
Credit completely phased out at $180,000 ($90,000).
20% of first $10,000 of qualified education expenses.
Phaseout begins at modified adjusted gross income of $108,000 joint return; $54,000 all others.
Credit completely phased out at $128,000 joint returns; $64,000 all others.
$4,000 limit of qualifed expenses.
AGI not in excess of $130,000 (married joint) or $65,000 (all others) maximum deduction is $4,000.
AGI not in excess of $160,000 (married joint) or $80,000 (all others) maximum deduction is $2,000.
No deduction if AGI in excess of $160,000 (married joint) or $80,000 (all others)
Maximum interest deduction--$2,500
Modified adjusted gross income phaseout range--Married, joint, $130,000--$160,000; all other filing status, $65,000--$80,000
Commuter highway vehicle and transit pass--$250
Qualified parking--$250
Number of Qualifying Children
Item One Two or More Three or More None
Earned Income Amount $ 9,720 $13,650 $13,650 $ 6,480
Maximum Amount of Credit 3,305 5,460 6,143 496
Threshold Phaseout (single, surviving
spouse or head of household) 17,830 17,830 17,830 8,110
Completed Phaseout (single, surviving
spouse or head of household) 38,511 43,756 46,997 14,590
Threshold Phaseout (married, joint) 23,260 23,260 23,260 13,540
Completed Phaseout (married, joint) 43,941 49,186 52,427 20,020
Excessive Investment Income for Earned Income Tax Credit--$3,350
First $182,500 ($91,250 married, separate) of AMTI 26% Over $182,500 ($91,250) of AMTI (Alternative Minimum Taxable Income) 28% Exemptions: Joint Filers $82,100 Married, separate $41,050 Single (and head of household) $52,800 Estates & Trusts $23,500 Child subject to Kiddie Tax $7,250 (plus child's earned income)
Exemption Phaseout: 25% of amount AMTI exceeds: $156,500 for married, joint and surviving spouses $117,300 single (and head of household) $78,250 married, filing separate
Unified Credit Against Estate Tax--$5,340,000
Annual Exclusion for Gifts--$14,000
Annual Exclusion for Gifts to Spouse not a Citizen--$145,000
Notice of Large Gifts Received from Foreign Persons--$15,358
Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,450,000
Valuation of Qualified Real Property (special use) in Decendent's Gross Estate (Sec. 2032A)--$1,090,000
IRA (traditional and Roth) maximum contribution--$5,500; age 50 and older catch-up--$1,000
IRA AGI deduction phaseout start for those covered by pension plan--$96,000 (MFJ, qualifying widow); $60,000 all others except MFS.
IRA AGI deduction phaseout start where only spouse covered by plan starts at $181,000.
Roth IRA phaseout $181,000 start (MFJ, qualifying widow); $114,000 all others except MFS.
SIMPLE plan, maximum elective deferral--$12,000; age 50 catch-up--$2,500.
SEP--Maximum contribution percentage--25%; maximum dollar amount $52,000.
Defined contribution plan limits (Sec. 415(c)(1)(A)--$52,000.
Elective deferral limit (Sec. 401(k); 403(b) plans)--$17,500; age 50 catch-up--$5,500.
Elective deferral limit (Sec. 402(g)(1)--$17,500.
Deferrals under state/local/tax exempt plan (Sec. 457(e)(15)--$17,500.
Compensation limit under Secs. 401(a)(17), 404(l), 408(k)(3)(C), 408(k)(6)(D(ii) is $260,000.
Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(i) is $105,000.
Key employee--$170,000
Defined benefit plan maximum accrued amount--$210,000
Child Tax Credit--$1,000; phaseout MAGI $110,000 joint, $75,000 single, $55,000 MFS; refundable $3,000 Sec. 24(d)(1)(B)(i)
Cafeteria Plans (maximum salary reduction)--$2,500
Employer Health Insurance Credit (Sec. 45R)--Average annual wage phaseout--$25,400
Unearned Income of Minor Child (Kiddie Tax)--$1,000 ($10,000 for parental election)
Foreign Earned Income Exclusion--$99,200
Minor Child subject to Kiddie Tax--up to age 18 or full-time student over 18 with earned income no more than 1/2 support under age 24.
Periodic Payments Received under Long-Term Qualified Care Insurance Contracts or Certain Life Insurance Contracts Per Diem Limitation--$330
Loan limit on Agricultural Bonds for First-Time Farmers--$509,600
Home Office Safe Harbor--$5.00 per square foot; maximum 300 sq.ft. or $1,500.
Persons Against Which a Federal Tax Lien is Not Valid--
Purchasers in a casual sale for less than $1,490 or a mechanic's lienor that repair or improved certain residential property if the contract price is not more than $7,470.
Property Exempt from Levy--Property exempt from levy under Sec. 6334(a)(2) cannot exceed $8,970. Property exempt from levy under Sec. 6334(a)(3) (books and tools for trade or business) cannot exceed $4,400.
Taxable Thresholds--Social security payments includable in income if modified AGI exceeds base amounts.
50% inclusion threshold:
$32,000 no more than $44,000--married filing joint
more than $44,000--married filing joint
Household (domestic) employee cash wages threshold--$1,900
Quarter of coverage--$1,200
Retirement Savings Test--$15,480 (under full retirement age); $41,400 (year of full retirement age)
Modified AGI
includes certain excluded income (e.g., tax exempt interest) and 1/2 of social security payments.$25,000 no more than $34,000--single, head of household, married living apart ($0 for married, separate)
85% inclusion threshold:more than $34,000--single, head of household, married living apart ($0 for married, separate)
OASDI Wage Base--$117,000
Maximum annual HSA contributions deductible--$3,300 for individual; $6,550 for family coverage
Catch-up contributions for individuals 55 or older (but less than 65) is $1,000.
Contribution limit prorated for partial year (1/12 per month).
Deductible Amounts that define High Deductible Plan:
Annual Deductible Deductibles, Co-Payments and other Amounts
Not Less Than but not Premiums Not to Exceed
Self Only $1,250 $ 6,350
Family Coverage 2,500 12,700
Maximum credit for child with special needs--$13,190
Maximum credit, other adoptions--$13,190
Other adoptions, gross income exclusion, qualified expenses up to $13,190
Phaseout range, modified adjusted gross income--$197,880 to $237,880
Attained Age Before the Close of the Tax Year Limitation on Premiums
40 or less $ 370
More than 40 but not more than 50 700
More than 50 but not more than 60 1,400
More than 60 but not more than 70 3,720
More than 70 4,660
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 8,925 $ 0.00 10 $ 0
8,925 36,250 892.50 15 8,925
36,250 87,850 4,991.25 25 36,250
87,850 183,250 17,891.25 28 87,850
183,250 398,350 44,603.25 33 183,250
398,350 400,000 115,586.25 35 398,350
400,000 ....... 116,163.75 39.6 400,000
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 17,850 $ 0.00 10 $ 0
17,850 72,500 1,785.00 15 17,850
72,500 146,400 9,982.50 25 72,500
146,400 223,050 28,457.50 28 146,400
223,050 398,350 49,919.50 33 223,050
398,350 450,000 107,768.50 35 398,350
450,000 ....... 125,846.00 39.6 450,000
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 8,925 $ 0.00 10 $ 0
8,925 36,250 892.50 15 8,925
36,250 73,200 4,991.25 25 36,250
73,200 111,525 14,228.75 28 73,200
111,525 199,175 24,959.75 33 111,525
199,175 225,000 53,884.25 35 199,175
225,000 ....... 62,923.00 39.6 225,000
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 12,750 $ 0.00 10 $ 0
12,750 48,600 1,275.00 15 12,750
48,600 125,450 6,652.50 25 48,600
125,450 203,150 25,865.00 28 125,450
203,150 398,350 47,621.00 33 203,150
398,350 425,000 112,037.00 35 398,350
425,000 ....... 121,364.50 39.6 425,000
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $2,450 0.00 15 $ 0
2,450 5,700 $ 367.50 25 2,450
5,700 8,750 1,180.00 28 5,700
8,750 11,950 2,034.00 33 8,750
11,950 ..... 3,090.00 39.6 11,950
For taxpayers in the 10% or 15% bracket--0%
For taxpayers in 25%, 28%, 33%, 35% brackets--15%
For taxpayers in 39.6% bracket--20%
Tax on unrecaptured Sec. 1250 gain--25%
Capital gain rate on collectibles--28%
Lesser of 3.8% of net investment income from interest, dividends, annuities, royalties, rents, and gains not generated in active trade or business or modified adjusted gross income in excess of $200,000 ($250,000 for married filing joint; $125,000 for married filing separate).
Additional tax of 0.9% on wages and self-employment income in excess of $200,000 ($250,000 for married joint; $125,000 married separate).
Filing Status Standard Deduction Married filing joint and surviving spouses $12,200 Heads of Household 8,950 Single individuals 6,100 Married, filing separate 6,100Dependent's Standard Deduction--No more than the greater of $1,000 or $300 plus the individual's earned income.
Additional standard deduction for aged and blind--$1,200 each ($1,500 if individual is unmarried and not surviving spouse)
Start of Phaseout--
Married, filing joint $300,000 Head of Household $275,000 Single $250,000 Married, filing separate $150,000Phaseout is lesser of 3% of amount that exceeds threshold or 80% of itemized deductions.
Amount--$3,900
Phaseout--
Filing Status Beginning Completed Married, filing joint and surviving spouses $300,000 $422,500 Heads of Household $275,000 $397,500 Unmarried Individuals $250,000 $372,500 Married, filing separate $150,000 $211,250
Modified adjusted gross income phaseout--married, joint, $112,050--$142,050; all other filing status, $74,700--$89,700
100% of first $2,000 of education expenses; 25% of expenses between $2,000 and $4,000 (maximum credit $2,500)
Phaseout begins at modified adjusted gross income of $160,000 joint return; $80,000 all others.
Credit completely phased out at $180,000 ($90,000).
20% of first $10,000 of qualified education expenses.
Phaseout begins at modified adjusted gross income of $107,000 joint return; $53,000 all others.
Credit completely phased out at $127,000 joint returns; $63,000 all others.
$4,000 limit of qualifed expenses.
AGI not in excess of $130,000 (married joint) or $65,000 (all others) maximum deduction is $4,000.
AGI not in excess of $160,000 (married joint) or $80,000 (all others) maximum deduction is $2,000.
No deduction if AGI in excess of $160,000 (married joint) or $80,000 (all others)
Maximum interest deduction--$2,500
Modified adjusted gross income phaseout range--Married, joint, $125,000--$155,000; all other filing status, $60,000--$75,000
Commuter highway vehicle and transit pass--$240
Qualified parking--$240
Number of Qualifying Children
Item One Two or More Three or More None
Earned Income Amount $ 9,560 $13,430 $13,430 $ 6,370
Maximum Amount of Credit 3,250 5,372 6,044 487
Threshold Phaseout (single, surviving
spouse or head of household) 17,530 17,530 17,530 7,970
Completed Phaseout (single, surviving
spouse or head of household) 37,870 43,038 46,227 14,340
Threshold Phaseout (married, joint) 22,870 22,870 22,870 13,310
Completed Phaseout (married, joint) 43,210 48,378 51,567 19,680
Excessive Investment Income for Earned Income Tax Credit--$3,300
First $179,500 ($89,750 married, separate) of AMTI 26% Over $179,500 of AMTI (Alternative Minimum Taxable Income) 28% Exemptions: Joint Filers $80,800 Married, separate $40,400 Single (and head of household) $51,900 Estates & Trusts $23,100 Child subject to Kiddie Tax $7,150 (plus child's earned income)
Exemption Phaseout: 25% of amount AMTI exceeds: $153,900 for married, joint and surviving spouses $115,400 single (and head of household) $76,950 married, filing separate
Unified Credit Against Estate Tax--$5,250,000
Annual Exclusion for Gifts--$14,000
Annual Exclusion for Gifts to Spouse not a Citizen--$143,000
Notice of Large Gifts Received from Foreign Persons--$15,102
Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,430,000
Valuation of Qualified Real Property in Decendent's Gross Estate (Sec. 2032A)--$1,070,000
Unearned Income of Minor Child (Kiddie Tax)--$1,000 ($10,000 for parental election)
Foreign Earned Income Exclusion--$97,600
Minor Child subject to Kiddie Tax--up to age 18 or full-time student over 18 with earned income no more than 1/2 support under age 24.
Periodic Payments Received under Long-Term Qualified Care Insurance Contracts or Certain Life Insurance Contracts Per Diem Limitation--$320
Loan limit on Agricultural Bonds for First-Time Farmers--$501,100
OASDI Wage Base--$113,700
Quarter of coverage--$1,160
Retirement Savings Test--$15,120 (under full retirement age); $40,080 (year of full retirement age)
For a fact sheet on the COLA go to www.ssa.gov/pressoffice/factsheets/colafacts2013.htm
Maximum annual HSA contributions deductible--$3,250 for individual; $6,450 for family coverage
Catch-up contributions for individuals 55 or older (but less than 65) is $1,000 (pro rate for year).
Deductible Amounts that define High Deductible Plan:
Annual Deductible Deductibles, Co-Payments and other Amounts
Not Less Than but not Premiums Not to Exceed
Self Only $1,250 $ 6,250
Family Coverage 2,500 12,500
Maximum credit for child with special needs--$12,970
Maximum credit, other adoptions--$12,970
Other adoptions, gross income exclusion, qualified expenses up to $12,970
Phaseout range, modified adjusted gross income--$194,580 to $234,580
Attained Age Before the Close of the Tax Year Limitation on Premiums
40 or less $ 360
More than 40 but not more than 50 680
More than 50 but not more than 60 1,360
More than 60 but not more than 70 3,640
More than 70 4,550
Purchasers in a casual sale for less than $1,470 or a mechanic's lienor that repair or improved certain residential property if the contract price is not more than $7,350.
Property exempt from levy under Sec. 6334(a)(2) cannot exceed $8,970. Property exempt from levy under Sec. 6334(a)(3) (books and tools for trade or business) cannot exceed $4,400.
Location Breakfast Lunch Dinner Snack 48 Contiguous States $1.27 $2.38 $2.38 $0.71 Alaska 2.03 3.86 3.86 1.15 Hawaii 1.48 2.79 2.79 0.83
Copyright 2010-2016 by A/N Group, Inc. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The information is not necessarily a complete summary of all materials on the subject.--ISSN 1089-1536
Last update 05/03/16