About Us |
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10% | 0 to $9,275 | ||
15% | $9,275 to $37,650 | ||
25% | $37,650 to $91,150 | ||
28% | $91,150 to $190,150 | ||
33% | $190,150 to $413,350 | ||
35% | $413,350 to $415,050 | ||
39.6% | Over $415,050 | ||
2016 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $12,600 | |||
10% | 0 to $18,550 | ||
15% | $18,550 to $75,300 | ||
25% | $75,300 to $151,900 | ||
28% | $151,900 to $231,450 | ||
33% | $231,450 to $413,350 | ||
35% | $413,350 to $466,950 | ||
39.6% | Over $466,950 | ||
2016 Tax Rates - Married Filing Separately - Standard Deduction $6,300 | |||
10% | 0 to $9,275 | ||
15% | $9,275 to $37,650 | ||
25% | $37,650 to $75,950 | ||
28% | $75,950 to $115,725 | ||
33% | $115,725 to $206,675 | ||
35% | $206,675 to $233,475 | ||
39.6% | Over $233,475 | ||
2016 Tax Rates - Head of Household - Standard Deduction $9,300 | |||
10% | 0 to $13,250 | ||
15% | $13,250 to $50,400 | ||
25% | $50,400 to $130,150 | ||
28% | $130,150 to $210,800 | ||
33% | $210,800 to $413,350 | ||
35% | $413,350 to $441,000 | ||
39.6% | Over $441,000 | ||
2016 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 |
Social Security | 2016 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 | $118,500 |
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 | 2016 Tax Rates |
Personal Exemption | $4,050 |
Business expensing limit: Cap on equipment purchases | $2,000,000 |
Business expensing limit: New and Used Equipment and Software | $500,000 |
Prior-year safe harbor for estimated taxes of higher-income | 110% of your 2016 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 |
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 |
Maximum employee contribution to SIMPLE IRA | $12,500 if under age 50 |
Maximum Contribution to SEP IRA | 25% of eligible compensation |
401(k) maximum employee contribution limit | $18,000 if under age 50 |
Estate tax exemption | $5,450,000 |
Annual Exclusion for Gifts | $14,000 |
Education | 2016 Tax Rates |
American Opportunity Credit (Hope) | $2,500 |
Lifetime Learning Credit | $2,000 |
Student Loan Interest Deduction | $2,500 |
Coverdell Education Savings Contribution | $2,000 |
Standard Meal Rates for Family Child Care Providers for 2015 income tax returns | |
Continental U.S. | 2015 Tax Rates |
For each breakfast | $1.66 |
For each lunch or supper | $3.07 |
For each snack (up to 3 per day for each child) | $0.84 |
Alaska | 2015 Tax Rates |
For each breakfast | $2.66 |
For each lunch or supper | $4.99 |
For each snack (up to 3 per day for each child) | $1.37 |
Hawaii | 2015 Tax Rates |
For each breakfast | $1.94 |
For each lunch or supper | $3.60 |
For each snack (up to 3 per day for each child) | $0.99 |
At Excel Accounting & Tax LLC, we've been serving the accounting needs statewide. If you need help managing any aspect of your home or business's finances, we want to hear from you.
Please call us or fill out this form and let us know how we can be of service. We will happily offer you a FREE initial consultation to determine how we can best serve you.
Thank you for visiting. We look forward to working together!