Federal Tax Quick Facts
The following represents our “quick reference” section for those rates and amounts you need on specific occasions. Please remember that tax laws (and these amounts) are continually changing and this listing is only to be used as a starting reference point. If you need professional advice or further elaboration on a number listed below, please call our office.
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Individual Deductions and Credits |
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| 2013 | 2014 | 2015 | 2016 | 2017 | |
| Standard Deduction, Joint Return And Surviving Spouse | $12,200 | $12,400 | $12,600 | $12,600 | $12,700 |
| Standard Deduction, Head of Household | $8,950 | $9,100 | $9,250 | $9,300 | $9,350 |
| Standard Deduction, Single | $6,100 | $6,200 | $6,300 | $6,300 | $6,350 |
| Standard Deduction, Married Filing Separate | $6,100 | $6,200 | $6,300 | $6,300 | $6,350 |
| Personal exemption | $3,900 | $3,950 | $4,000 | $4,050 | $4,050 |
| Taxpayer Claimed As A Dependent | $1,000 | $1,000 | $1,050 | $1,050 | $1,050 |
| Additional Standard Deduction For Blindness or Age, Single | $1,500 | $1,550 | $1,550 | $1,550 | $1,550 |
| Additional Standard Deduction For Blindness or Age, Married | $1,200 | $1,200 | $1,250 | $1,250 | $1,250 |
| Itemized Deduction Income Threshold (deductions reduced by 3% of amount your adjusted gross income exceeds threshold) | Single $250,000 MFJ $300,000 MFS $150,000 HOH $275,000 |
Single $254,200 MFJ $305,050 MFS $152,525 HOH $279,650 |
Single $258,250 MFJ $309,900 MFS $154,950 HOH $284,050 |
Single $258,250 MFJ $309,900 MFS $154,950 HOH $284,050 |
Single $261,500 MFJ $313,800 MFS $156,900 HOH $287,650 |
| Maximum IRA Deduction | $5,500 | $5,500 | $5,500 | $5,500 | $5,500 |
| Additional IRA Deduction For Age 50 and Over | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Hope Scholarship Credit Per Eligible Student | |||||
| American Opportunity Tax Credit Per Eligible Student | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 |
| Lifetime Learning Credit | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
| Maximum Contribution To Education Savings Account (previously Education IRA) | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
| Maximum Child Tax Credit | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
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Business Deductions |
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| 2013 | 2014 | 2015 | 2016 | 2017 | |
| Section 179 Deduction | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 |
| Phaseout Amount | $2 mil | $2 mil | $2 mil | $2 mil | $2 mil |
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Capital Gain and Dividend Tax Rates |
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| 2013 | 2014 | 2015 | 2016 | 2017 | |
| Tax Rate On Qualified Dividends and Capital Gains | 15% | 15% | 15% | 15% | 15% |
| Dividend and Capital Gain Tax Rate For High Income Taxpayers (Income in the 39.6% marginal tax bracket) | 20% | 20% | 20% | 20% | 20% |
| Tax Rate On Dividends For Low Income Taxpayers (10% and 15% Brackets) | 0% | 0% | 0% | 0% | 0% |
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Auto And Transportation Allowances |
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| 2013 | 2014 | 2015 | 2016 | 2017 | |
| Business Mileage Rate | .565 | .56 | .575 | .54 | .53.5 |
| Medical/Moving Mileage Rate | .24 | .235 | .23 | .19 | .17 |
| Charity Mileage Rate | .14 | .14 | .14 | .14 | .14 |
| Vehicle/Transit Pass Limit | $245 | $250 | $250 | $255 | $255 |
| Qualified Parking Limit | $245 | $250 | $250 | $255 | $255 |
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Inclusion Amount For Leased Autos (smbiz.com)
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Federal Income Tax Schedules |
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| IRS 2016 Individual Tax Table | |||||
| 2016 Individual Tax Rate Schedules | |||||
| 2000-2016 Corporate Tax Rates | |||||
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Social Security and Self-Employment Tax |
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| 2013 | 2014 | 2015 | 2016 | 2017 | |
| FICA Taxable Maximum Earnings | $113,700 | $117,000 | $118,500 | $118,500 | $127,200 |
| FICA Tax Rate On Employee | 6.2% | 6.2% | 6.2% | 6.2% | 6.2% |
| Tax on Self-Employment Earnings | 12.4% | 12.4% | 12.4% | 12.4% | 12.4% |
| Medicare Taxable Maximum Earnings | No Limit | No Limit | No Limit | No Limit | No Limit |
| Medicare Tax Rate on Employee | 1.45%** | 1.45%** | 1.45%** | 1.45%** | 1.45%** |
| Medicare Tax on Self-Employment Earnings | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% |
| Social Security Earnings Cap – Recipients Under 65 | $15,120 | $15,480 | $15,720 | $15,720 | $16,920 |
| Social Security Earnings Cap – Recipients 65-69 * | No Limit | No Limit | No Limit | No Limit | No Limit |
| Social Security Earnings Cap – Recipients Over 70 | No Limit | No Limit | No Limit | No Limit | No Limit |
| For More Social Security Limits : SSA.gov | |||||
| * While the earnings cap was dropped for persons over 65 as of January 1, 2000, there remains an earnings cap of ($37,680 in 2009) during the retiree’s 65th year for those months prior to the actual birthday. **Beginning in 2013, there is an additional .9% Medicare tax on single taxpayers earning more than $200,000 and joint filers earning more than $250,000. |
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Retirement Plan Amounts |
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| 2013 | 2014 | 2015 | 2016 | 2017 | |
| Limit on 401(k) Elective Deferrals | $17,500 | $17,500 | $18,000 | $18,000 | $18,000 |
| Allowable Catch-Up Contribution For Employees 50 and Over | $5,500 | $5,500 | $6,000 | $6,000 | $6,000 |
| Compensation Limit Under 401(a)(17), 404(I) and 408(k)(3)(C) | $255,000 | $260,000 | $265,000 | $265,000 | $270,000 |
| Deferral Limit Under A SIMPLE Plan | $12,000 | $12,000 | $12,500 | $12,500 | $12,500 |
| SIMPLE Plan Deferral Limit – Age 50 | $14,500 | $14,500 | $15,500 | $15,500 | $15,500 |
| Limit on Annual Benefit From A Defined Benefit Plan | $205,000 | $210,000 | $210,000 | $210,000 | $215,000 |
| Earnings Definition of Highly Compensated Employee | $115,000 | $115,000 | $120,000 | $120,000 | $120,000 |
| Limit on Deductible Contributions to Defined Contribution Plans | $51,000 | $52,000 | $53,000 | $53,000 | $54,000 |
| Compensation Limit To Trigger a SEP | $550 | $550 | $600 | $600 | $600 |
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Estate And Gift Amounts |
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| 2013 | 2014 | 2015 | 2016 | 2017 | |
| Annual Gift Exclusion | $14,000 | $14,000 | $14,000 | $14,000 | $14,000 |
| Lifetime Gift Exclusion |
$5.25 million |
$5.34 million |
$5.43 million |
$5.45 million |
$5.49 million |
| Estate Tax Exclusion | $5.25 million |
$5.34 million |
$5.43 million |
$5.45 million |
$5.49 million |
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