Tax Rate

2016 Tax Rates Schedule
RateSingleMarried (Joint)Head of Household
10% $0 – $9,275$0 – $18,550$0 – $13,250
15%$9,276 – $37,650$18,551 – $75,300$13,251 – $50,400
25% $37,651 – $91,150$75,301 – $151,900$50,401 – $130,150
28%$90,151 – $190,150$151,901 – $231,450$130,151 – $210,800
33%$190,151 – $413,350$231,451 – $413,350$210,801 – $413,350
35%$413,350 – $415,050$413,501 – $466,950$413,351 – $441,000
39.6%$415,051 & up$466,950 & up $441,001 & up

2015 Tax Rates Schedule X - Single

If taxable income is over
But not over
The tax is
$0 $9,225 10% of the taxable amount
$9,225 $37,450 $922.50 plus 15% of the excess over $9,225
$37,450 $90,750 $5,156.25 plus 25% of the excess over $37,450
$90,750 $189,300 $18,481.25 plus 28% of the excess over $90,750
$189,300 $411,500 $46,075.25 plus 33% of the excess over $189,300
$411,500 $413,200 $119,401.25 plus 35% of the excess over $411,500
Over $413,200 no limit $119,996.25 plus 39.6% of the excess over $413,200


2015 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)

If taxable income is over
But not over
The tax is
$0 $18,450 10% of the taxable amount
$18,450 $74,900 $1,845 plus 15% of the excess over $18,450
$74,900 $151,200 $10,312.50 plus 25% of the excess over $74,900
$151,200 $230,450 $29,387.50 plus 28% of the excess over $151,200
$230,450 $411,500 $51,577.50 plus 33% of the excess over $230,450
$411,500 $464,850 $111,324 plus 35% of the excess over $411,500
$464,850 no limit $129,996.50 plus 39.6% of the excess over $464,850M


2015 Tax Rates Schedule Y-2 - Married Filing Separately

If taxable income is over
But not over
The tax is
$0 $9,225 10% of the taxable amount
$9,225 $37,450 $922.50 plus 15% of the excess over $9,225
$37,450 $75,600 $5,156.25 plus 25% of the excess over $37,450
$75,600 $115,225 $14,693.75 plus 28% of the excess over $75,600
$115,225 $205,750 $25,788.75 plus 33% of the excess over $115,225
$205,750 $232,425 $55,662 plus 35% of the excess over $205,750
Over $232,425 no limit $64,998.25 plus 39.6% of the excess over $232,425


2015 Tax Rates Schedule Z - Head of Household

If taxable income is over
But not over
The tax is
$0 $13,150 10% of the taxable amount
$13,150 $50,200 $1,315 plus 15% of the excess over $13,150
$50,200 $129,600 $6,872.50 plus 25% of the excess over $50,200
$129,600 $209,850 $26,722.50 plus 28% of the excess over $129,600
$209,850 $411,500 $49,192.50 plus 33% of the excess over $209,850
$411,500 $439,000 $115,737 plus 35% of the excess over $411,500
$439,000 no limit $125,362 plus 39.6% of the excess over $439,000


2015 Tax Rates Estates & Trusts

If taxable income is over
But not over
The tax is
$0 $2,500 15% of the taxable income
$2,500 $5,900 $375 plus 25% of the excess over $2,500
$5,900 $9,050 $1,225 plus 28% of the excess over $5,900
$9,050 $12,300 $2,107 plus 33% of the excess over $9,050
$12,300 no limit $3,179.50 plus 39.6% of the excess over $12,300


Social Security 2015 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 2015 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 2015 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


Education 2015 Credit and Deduction Limits

Personal Exemption (Adjusted Gross Income below $154,950)
$4,000
Business Equipment Expense Deduction
$25,000
Prior-year safe harbor for estimated taxes of higher-income
110% of your 2014 tax liability
Standard mileage rate for business driving
57.5 cents
Standard mileage rate for medical/moving driving
23.0 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
$5,430,000
Annual Exclusion for Gifts
$14,000