Tax Rates

2020 Tax Rates

2019 Tax Rates

2018 Tax Rates

2017 Tax Rates

2016 Tax Rates

2020 Tax Rates Schedule X - Single

If taxable income is over

But not over

The tax is

$0

$9,875

10% of the taxable amount

$9,875

$40,125

$987.50 plus 12% of the excess over $9,875

$40,125

$85,525

$4,617.50 plus 22% of the excess over $40,125

$85,525

$163,300

$14,605.50 plus 24% of the excess over $85,525

$163,300

$207,350

$33,271.50 plus 32% of the excess over $163,300

$207,350

$518,400

$47,367.50 plus 35% of the excess over $207,350

$518,400

no limit

$156,235.00 plus 37% of the excess over $518,400

2020 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)

If taxable income is over

But not over

The tax is

$0

$19,750

10% of the taxable amount

$19,750

$80,250

$1,975.00 plus 12% of the excess over $19,750

$80,250

$171,050

$9,235.00 plus 22% of the excess over $80,250

$171,050

$326,600

$29,211.00 plus 24% of the excess over $171,050

$326,600

$414,700

$66,543.00 plus 32% of the excess over $326,600

$414,700

$622,050

$94,735.00 plus 35% of the excess over $414,700

$622,050

no limit

$167,307.50 plus 37% of the excess over $622,050

2020 Tax Rates Schedule Y-2 - Married Filing Separately

If taxable income is over

But not over

The tax is

$0

$9,875

10% of the taxable amount

$9,875

$40,125

$987.50 plus 12% of the excess over $9,875

$40,125

$85,525

$4,617.50 plus 22% of the excess over $40,125

$85,525

$163,300

$14,605.50 plus 24% of the excess over $85,525

$163,300

$207,350

$33,271.50 plus 32% of the excess over $163,300

$207,350

$311,025

$47,367.50 plus 35% of the excess over $207,350

$311,025

no limit

$83,653.75 plus 37% of the excess over $311,025

2020 Tax Rates Schedule Z - Head of Household

If taxable income is over

But not over

The tax is

$0

$14,100

10% of the taxable amount

$14,100

$53,700

$1,410.00 plus 12% of the excess over $14,100

$53,700

$85,500

$6,162.00 plus 22% of the excess over $53,700

$85,500

$163,300

$13,158.00 plus 24% of the excess over $85,500

$163,300

$207,350

$31,830.00 plus 32% of the excess over $163,300

$207,350

$518,400

$45,926.00 plus 35% of the excess over $207,350

$518,400

no limit

$154,793.50 plus 37% of the excess over $518,400

2020 Tax Rates Estates & Trusts

If taxable income is over

But not over

The tax is

$0

$2,600

10% of the taxable income

$2,600

$9,450

$260.00 plus 24% of the excess over $2,600

$9,450

$12,950

$1,904.00 plus 35% of the excess over $9,450

$12,950

no limit

$3,129.00 plus 37% of the excess over $12,950

Social Security 2020 Tax Rates

Base Salary

$137,700

Social Security Tax Rate

6.20%

Maximum Social Security Tax

$8,537.40

Medicare Base Salary

unlimited

Medicare Tax Rate

1.45%

Additional Medicare 2020 Tax Rates

Additional Medicare Tax

0.90%

Filing status

Compensation over

Married filing jointly

$250,000

Married filing separate

$125,000

Single

$200,000

Head of household (with qualifying person)

$200,000

Qualifying widow(er) with dependent child

$200,000

Education 2020 Credit and Deduction Limits

American Opportunity Tax Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Miscellaneous 2020 Tax Rates

Standard Deduction:

 
  • Married filing jointly or Qualifying Widow(er)

$24,800

  • Head of household

$18,650

  • Single or Married filling separately

$12,400

Business Equipment Expense Deduction

$1,040,000

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

110% of your 2019 tax liability

Standard mileage rate for business driving

57.5 cents

Standard mileage rate for medical/moving driving

17 cents

Standard mileage rate for charitable driving

14 cents

Child Tax Credit

$2,000 per qualifying child

Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $80,000 for joint filers and surviving spouses, $53,600 for heads of household, $40,000 for single filers, $40,000 for married taxpayers filing separately, and $2,650 for estates and trusts

0%

Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $496,600 for joint filers and surviving spouses, $469,050 for heads of household, $441,450 for single filers, $248,300 for married taxpayers filing separately, and $13,150 for estates and trusts

15%

Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $496,600 for joint filers and surviving spouses, $469,050 for heads of household, $441,450 for single filers, $248,300 for married taxpayers filing separately, and $13,150 for estates and trusts

20%

Capital gains tax rate for unrecaptured Sec. 1250 gains

25%

Capital gains tax rate on collectibles and qualified small business stock

28%

Maximum contribution for Traditional/Roth IRA

$6,000 if under age 50
$7,000 if 50 or older

Maximum employee contribution to SIMPLE IRA

$13,500 if under age 50
$16,500 if 50 or older

Maximum Contribution to SEP IRA

25% of compensation up to $57,000

401(k) maximum employee contribution limit

$19,500 if under age 50
$26,000 if 50 or older

Self-employed health insurance deduction

100%

Estate tax exemption

$11,580,000

Annual Exclusion for Gifts

$15,000

Foreign Earned Income Exclusion

$107,600

2019 Tax Rates Schedule X - Single

If taxable income is over

But not over

The tax is

$0

$9,700

10% of the taxable amount

$9,700

$39,475

$970.00 plus 12% of the excess over $9,700

$39,475

$84,200

$4,543.00 plus 22% of the excess over $39,475

$84,200

$160,725

$14,382.50 plus 24% of the excess over $84,200

$160,725

$204,100

$32,748.50 plus 32% of the excess over $160,725

$204,100

$510,300

$46,628.50 plus 35% of the excess over $204,100

$510,300

no limit

$153,798.50 plus 37% of the excess over $510,300

2019 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)

If taxable income is over

But not over

The tax is

$0

$19,400

10% of the taxable amount

$19,400

$78,950

$1,940.00 plus 12% of the excess over $19,400

$78,950

$168,400

$9,086.00 plus 22% of the excess over $78,950

$168,400

$321,450

$28,765.00 plus 24% of the excess over $168,400

$321,450

$408,200

$65,497.00 plus 32% of the excess over $321,450

$408,200

$612,350

$164,709.50 plus 35% of the excess over $408,200

$612,350

no limit

$153,798.50 plus 37% of the excess over $612,350

2019 Tax Rates Schedule Y-2 - Married Filing Separately

If taxable income is over

But not over

The tax is

$0

$9,700

10% of the taxable amount

$9,700

$39,475

$970.00 plus 12% of the excess over $9,700

$39,475

$84,200

$4,543.00 plus 22% of the excess over $39,475

$84,200

$160,725

$14,382.50 plus 24% of the excess over $84,200

$160,725

$204,100

$32,748.50 plus 32% of the excess over $160,725

$204,100

$306,175

$46,628.50 plus 35% of the excess over $204,100

$306,175

no limit

$82,354.75 plus 37% of the excess over $306,175

2019 Tax Rates Schedule Z - Head of Household

If taxable income is over

But not over

The tax is

$0

$13,850

10% of the taxable amount

$13,850

$52,850

$1,385.00 plus 12% of the excess over $13,850

$52,850

$84,200

$6,065.00 plus 22% of the excess over $52,850

$84,200

$160,700

$12,962.00 plus 24% of the excess over $84,200

$160,700

$204,100

$31,322.00 plus 32% of the excess over $160,700

$204,100

$510,300

$45,210.00 plus 35% of the excess over $204,100

$510,300

no limit

$152,380.00 plus 37% of the excess over $510,300

2019 Tax Rates Estates & Trusts

If taxable income is over

But not over

The tax is

$0

$2,600

10% of the taxable income

$2,600

$9,300

$260.00 plus 24% of the excess over $2,600

$9,300

$12,750

$1,868.00 plus 35% of the excess over $9,300

$12,750

no limit

$3,075.50 plus 37% of the excess over $12,750

Social Security 2019 Tax Rates

Base Salary

$132,900

Social Security Tax Rate

6.20%

Maximum Social Security Tax

$8,239.80

Medicare Base Salary

unlimited

Medicare Tax Rate

1.45%

Additional Medicare 2019 Tax Rates

Additional Medicare Tax

0.90%

Filing status

Compensation over

Married filing jointly

$250,000

Married filing separate

$125,000

Single

$200,000

Head of household (with qualifying person)

$200,000

Qualifying widow(er) with dependent child

$200,000

Education 2019 Credit and Deduction Limits

American Opportunity Tax Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Miscellaneous 2019 Tax Rates

Standard Deduction:

 
  • Married filing jointly or Qualifying Widow(er)

$24,400

  • Head of household

$18,350

  • Single or Married filling separately

$12,200

Business Equipment Expense Deduction

$1,020,000

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

110% of your 2018 tax liability

Standard mileage rate for business driving

58 cents

Standard mileage rate for medical/moving driving

20 cents

Standard mileage rate for charitable driving

14 cents

Child Tax Credit

$2,000 per qualifying child

Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $78,750 for joint filers and surviving spouses, $52,750 for heads of household, $39,375 for single filers, $39,375 for married taxpayers filing separately, and $2,650 for estates and trusts

0%

Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $488,850 for joint filers and surviving spouses, $461,700 for heads of household, $434,550 for single filers, $244,425 for married taxpayers filing separately, and $12,950 for estates and trusts

15%

Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $488,850 for joint filers and surviving spouses, $461,700 for heads of household, $434,550 for single filers, $244,425 for married taxpayers filing separately, and $12,950 for estates and trusts

20%

Capital gains tax rate for unrecaptured Sec. 1250 gains

25%

Capital gains tax rate on collectibles and qualified small business stock

28%

Maximum contribution for Traditional/Roth IRA

$6,000 if under age 50
$7,000 if 50 or older

Maximum employee contribution to SIMPLE IRA

$13,000 if under age 50
$16,000 if 50 or older

Maximum Contribution to SEP IRA

25% of compensation up to $55,000

401(k) maximum employee contribution limit

$19,000 if under age 50
$25,000 if 50 or older

Self-employed health insurance deduction

100%

Estate tax exemption

$11,400,000

Annual Exclusion for Gifts

$15,000

Foreign Earned Income Exclusion

$105,900

2018 Tax Rates Schedule X - Single

If taxable income is over

But not over

The tax is

$0

$9,525

10% of the taxable amount

$9,525

$38,700

$952.50 plus 12% of the excess over $9,525

$38,700

$82,500

$4,453.50 plus 22% of the excess over $38,700

$82,500

$157,500

$14,089.50 plus 24% of the excess over $82,500

$157,500

$200,000

$32,089.50 plus 32% of the excess over $157,500

$200,000

$500,000

$45,689.50 plus 35% of the excess over $200,000

Over $500,000

no limit

$150,689.50 plus 37% of the excess over $500,000

2018 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)

If taxable income is over

But not over

The tax is

$0

$19,050

10% of the taxable amount

$19,050

$77,400

$1,905 plus 12% of the excess over $19,050

$77,400

$165,000

$8,907 plus 22% of the excess over $77,400

$165,000

$315,000

$28,179 plus 24% of the excess over $165,000

$315,000

$400,000

$64,179 plus 32% of the excess over $315,000

$400,000

$600,000

$91,379 plus 35% of the excess over $400,000

$600,000

no limit

$161,379 plus 37% of the excess over $600,000

2018 Tax Rates Schedule Y-2 - Married Filing Separately

If taxable income is over

But not over

The tax is

$0

$9,525

10% of the taxable amount

$9,525

$38,700

$952.50 plus 12% of the excess over $9,525

$38,700

$82,500

$4,453.50 plus 22% of the excess over $38,700

$82,500

$157,500

$14,089.50 plus 24% of the excess over $82,500

$157,500

$200,000

$32,089.50 plus 32% of the excess over $157,500

$200,000

$300,000

$45,689.50 plus 35% of the excess over $200,000

Over $300,000

no limit

$80,689.50 plus 37% of the excess over $300,000

2018 Tax Rates Schedule Z - Head of Household

If taxable income is over

But not over

The tax is

$0

$13,600

10% of the taxable amount

$13,600

$51,800

$1,360 plus 12% of the excess over $13,600

$51,800

$82,500

$5,944 plus 22% of the excess over $51,800

$82,500

$157,500

$12,698 plus 24% of the excess over $82,500

$157,500

$200,000

$30,698 plus 32% of the excess over $157,500

$200,000

$500,000

$44,298 plus 35% of the excess over $200,000

$500,000

no limit

$149,298 plus 37% of the excess over $500,000

2018 Tax Rates Estates & Trusts

If taxable income is over

But not over

The tax is

$0

$2,550

10% of the taxable income

$2,550

$9,150

$255 plus 24% of the excess over $2,550

$9,150

$12,500

$1,839 plus 35% of the excess over $9,150

$12,500

no limit

$3,011.50 plus 37% of the excess over $12,500

Social Security 2018 Tax Rates

Base Salary

$128,400

Social Security Tax Rate

6.2%

Maximum Social Security Tax

$7,960.80

Medicare Base Salary

unlimited

Medicare Tax Rate

1.45%

Additional Medicare 2018 Tax Rates

Additional Medicare Tax

0.9%

Filing status

Compensation over

Married filing jointly

$250,000

Married filing separate

$125,000

Single

$200,000

Head of household (with qualifying person)

$200,000

Qualifying widow(er) with dependent child

$200,000

Education 2018 Credit and Deduction Limits

American Opportunity Tax Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Miscellaneous 2018 Tax Rates

Standard Deduction:

 
  • Married filing jointly or Qualifying Widow(er)

$24,000

  • Head of household

$18,000

  • Single or Married filling separately

$12,000

Business Equipment Expense Deduction

$1,000,000

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

110% of your 2017 tax liability

Standard mileage rate for business driving

54.5 cents

Standard mileage rate for medical/moving driving

18 cents

Standard mileage rate for charitable driving

14 cents

Child Tax Credit

$2,000 per qualifying child

Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $77,200 for joint filers and surviving spouses, $51,700 for heads of household, $38,600 for single filers, $38,600 for married taxpayers filing separately, and $2,600 for estates and trusts

0%

Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $479,000 for joint filers and surviving spouses, $452,400 for heads of household, $425,800 for single filers, $239,500 for married taxpayers filing separately, and $12,700 for estates and trusts

15%

Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $479,000 for joint filers and surviving spouses, $452,400 for heads of household, $425,800 for single filers, $239,500 for married taxpayers filing separately, and $12,700 for estates and trusts

20%

Capital gains tax rate for unrecaptured Sec. 1250 gains

25%

Capital gains tax rate on collectibles and qualified small business stock

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 compensation up to $55,000

401(k) maximum employee contribution limit

$18,500 if under age 50
$24,500 if 50 or older

Self-employed health insurance deduction

100%

Estate tax exemption

$11,180,000

Annual Exclusion for Gifts

$15,000

Foreign Earned Income Exclusion

$104,100

2017 Tax Rates Schedule X - Single

If taxable income is over

But not over

The tax is

$0

$9,325

10% of the taxable amount

$9,325

$37,950

$932.50 plus 15% of the excess over $9,325

$37,950

$91,900

$5,226.25 plus 25% of the excess over $37,950

$91,900

$191,650

$18,713.75 plus 28% of the excess over $91,900

$191,650

$416,700

$46,643.75 plus 33% of the excess over $191,650

$416,700

$418,400

$120,910.25 plus 35% of the excess over $416,700

Over $418,400

no limit

$121,505.25 plus 39.6% of the excess over $418,400

2017 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)

If taxable income is over

But not over

The tax is

$0

$18,650

10% of the taxable amount

$18,650

$75,900

$1,865 plus 15% of the excess over $18,650

$75,900

$153,100

$10,452.50 plus 25% of the excess over $75,900

$153,100

$233,350

$29,752.50 plus 28% of the excess over $153,100

$233,350

$416,700

$52,222.50 plus 33% of the excess over $233,350

$416,700

$470,700

$112,728 plus 35% of the excess over $416,700

$470,700

no limit

$131,628 plus 39.6% of the excess over $470,700

2017 Tax Rates Schedule Y-2 - Married Filing Separately

If taxable income is over

But not over

The tax is

$0

$9,325

10% of the taxable amount

$9,325

$37,950

$932.50 plus 15% of the excess over $9,325

$37,950

$76,550

$5,226.25 plus 25% of the excess over $37,950

$76,550

$116,675

$14,876.25 plus 28% of the excess over $76,550

$116,675

$208,350

$26,111.25 plus 33% of the excess over $116,675

$208,350

$235,350

$56,364 plus 35% of the excess over $208,350

Over $235,350

no limit

$65,814 plus 39.6% of the excess over $235,350

2017 Tax Rates Schedule Z - Head of Household

If taxable income is over

But not over

The tax is

$0

$13,350

10% of the taxable amount

$13,350

$50,800

$1,335 plus 15% of the excess over $13,350

$50,800

$131,200

$6,952.50 plus 25% of the excess over $50,800

$131,200

$212,500

$27,052.50 plus 28% of the excess over $131,200

$212,500

$416,700

$49,816.50 plus 33% of the excess over $212,500

$416,700

$444,550

$117,202.50 plus 35% of the excess over $416,700

$444,550

no limit

$126,950 plus 39.6% of the excess over $444,550

2017 Tax Rates Estates & Trusts

If taxable income is over

But not over

The tax is

$0

$2,550

15% of the taxable income

$2,550

$6,000

$382.50 plus 25% of the excess over $2,550

$6,000

$9,150

$1,245 plus 28% of the excess over $6,000

$9,150

$12,500

$2,127 plus 33% of the excess over $9,150

$12,500

no limit

$3,232.50 plus 39.6% of the excess over $12,500

Social Security 2017 Tax Rates

Base Salary

$127,200

Social Security Tax Rate

6.2%

Maximum Social Security Tax

$7,886.40

Medicare Base Salary

unlimited

Medicare Tax Rate

1.45%

Additional Medicare 2017 Tax Rates

Additional Medicare Tax

0.9%

Filing status

Compensation over

Married filing jointly

$250,000

Married filing separate

$125,000

Single

$200,000

Head of household (with qualifying person)

$200,000

Qualifying widow(er) with dependent child

$200,000

Education 2017 Credit and Deduction Limits

American Opportunity Tax Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Miscellaneous 2017 Tax Rates

Personal Exemption (Adjusted Gross Income below $156,900)

$4,050

Business Equipment Expense Deduction

$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 per qualifying child

Unearned income maximum for children 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 in the 25%, 28%, 33%, or 35% 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 and qualified small business stock

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 compensation up to $54,000

401(k) maximum employee contribution limit

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

Self-employed health insurance deduction

100%

Estate tax exemption

$5,490,000

Annual Exclusion for Gifts

$14,000

Foreign Earned Income Exclusion

$102,100

2016 Tax Rates Schedule X - Single

If taxable income is over

But not over

The tax is

$0

$9,275

10% of the taxable amount

$9,275

$37,650

$927.50 plus 15% of the excess over $9,275

$37,650

$91,150

$5,183.75 plus 25% of the excess over $37,650

$91,150

$190,150

$18,558.75 plus 28% of the excess over $91,150

$190,150

$413,350

$46,278.75 plus 33% of the excess over $190,150

$413,350

$415,050

$119,934.75 plus 35% of the excess over $413,350

Over $415,050

no limit

$120,529.75 plus 39.6% of the excess over $415,050

2016 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)

If taxable income is over

But not over

The tax is

$0

$18,550

10% of the taxable amount

$18,550

$75,300

$1,855 plus 15% of the excess over $18,550

$75,300

$151,900

$10,367.50 plus 25% of the excess over $75,300

$151,900

$231,450

$29,517.50 plus 28% of the excess over $151,900

$231,450

$413,350

$51,791.50 plus 33% of the excess over $231,450

$413,350

$466,950

$111,818.50 plus 35% of the excess over $413,350

$466,950

no limit

$130,578.50 plus 39.6% of the excess over $466,950

2016 Tax Rates Schedule Y-2 - Married Filing Separately

If taxable income is over

But not over

The tax is

$0

$9,275

10% of the taxable amount

$9,275

$37,650

$927.50 plus 15% of the excess over $9,275

$37,650

$75,950

$5,183.75 plus 25% of the excess over $37,650

$75,950

$115,725

$14,758.75 plus 28% of the excess over $75,950

$115,725

$206,675

$25,895.75 plus 33% of the excess over $115,725

$206,675

$233,475

$55,909.25 plus 35% of the excess over $206,675

Over $233,475

no limit

$65,289.25 plus 39.6% of the excess over $233,475

2016 Tax Rates Schedule Z - Head of Household

If taxable income is over

But not over

The tax is

$0

$13,250

10% of the taxable amount

$13,250

$50,400

$1,325 plus 15% of the excess over $13,250

$50,400

$130,150

$6,897.50 plus 25% of the excess over $50,400

$130,150

$210,800

$26,835 plus 28% of the excess over $130,150

$210,800

$413,350

$49,417 plus 33% of the excess over $210,800

$413,350

$441,000

$116,258.50 plus 35% of the excess over $413,350

$441,000

no limit

$125,936 plus 39.6% of the excess over $441,000

2016 Tax Rates Estates & Trusts

If taxable income is over

But not over

The tax is

$0

$2,550

15% of the taxable income

$2,550

$5,950

$382.50 plus 25% of the excess over $2,550

$5,950

$9,050

$1,232.50 plus 28% of the excess over $5,950

$9,050

$12,400

$2,100.50 plus 33% of the excess over $9,050

$12,400

no limit

$3,206 plus 39.6% of the excess over $12,400

Social Security 2016 Tax Rates

Base Salary

$118,500

Social Security Tax Rate

6.2%

Maximum Social Security Tax

$7,347.00

Medicare Base Salary

unlimited

Medicare Tax Rate

1.45%

Additional Medicare 2016 Tax Rates

Additional Medicare Tax

0.9%

Filing status

Compensation over

Married filing jointly

$250,000

Married filing separate

$125,000

Single

$200,000

Head of household (with qualifying person)

$200,000

Qualifying widow(er) with dependent child

$200,000

Education 2016 Credit and Deduction Limits

American Opportunity Tax Credit

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Miscellaneous 2016 Tax Rates

Personal Exemption (Adjusted Gross Income below $155,650)

$4,050

Business Equipment Expense Deduction

$500,000

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

110% of your 2015 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 per qualifying child

Unearned income maximum for children 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 in the 25%, 28%, 33%, or 35% 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 and qualified small business stock

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 compensation up to $53,000

401(k) maximum employee contribution limit

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

Self-employed health insurance deduction

100%

Estate tax exemption

$5,450,000

Annual Exclusion for Gifts

$14,000

Foreign Earned Income Exclusion

$101,300

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