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Federal Tax Summary Info

 

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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.

Individual Deductions and Credits

 

 

2014 2015 2016 2017 2018
Standard Deduction, Joint Return And Surviving Spouse $12,400 $12,600 $12,600 $12,700 $24,000
Standard Deduction, Head of Household $9,100 $9,250 $9,300 $9,350 $18,000
Standard Deduction, Single $6,200 $6,300 $6,300 $6,350 $12,000
Standard Deduction, Married Filing Separate $6,200 $6,300 $6,300 $6,350 $12,000
Personal exemption $3,950 $4,000 $4,050 $4,050 N/A
Taxpayer Claimed As A Dependent $1,000 $1,050 $1,050 $1,050 N/A
Additional Standard Deduction For Blindness or Age, Single $1,550 $1,550 $1,550 $1,550 $1,600
Additional Standard Deduction For Blindness or Age, Married  $1,200 $1,250 $1,250 $1,250 $1,300
Itemized Deduction Income Threshold (deductions reduced by 3% of amount your adjusted gross income exceeds threshold) 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
N/A
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 $2,000
 

 

Business Deductions

 

 

2014 2015 2016 2017 2018
Section 179 Deduction  $500,000 $500,000 $500,000 $500,000 $1 mil
Phaseout Amount

 

$2 mil $2 mil $2 mil $2 mil $2.5 mil

Capital Gain and Dividend Tax Rates

 

 

2014 2015 2016 2017 2018
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%*
 * 0% rate applies to incomes below $38,600 single, $77,200 MFJ and $38,600 HH.  15% rate applies to incomes between $38,600-$425,800 single, $77,200-$479,000 MFJ and $38,600-$239,500 HH.  20% rate applies to incomes exceeding $425,800 single, $479,000 MFJ and $452,400 HH.

Auto And Transportation Allowances

 

 

2014 2015 2016 2017 2018
Business Mileage Rate .56 .575 .54 .53.5 .54.5
Medical/Moving Mileage Rate .235 .23 .19 .17 .18
Charity Mileage Rate .14 .14 .14 .14 .14
Vehicle/Transit Pass Limit $250 $250 $255 $255 $260
Qualified Parking Limit $250 $250 $255 $255 $260

Inclusion Amount For Leased Autos (smbiz.com)

 

Federal Income Tax Schedules



IRS 2017 Individual Tax Table
2017 Individual Tax Rate Schedules
2000-2017 Corporate Tax Rates

Social Security and Self-Employment Tax

 

 

2014 2015 2016 2017 2018
FICA Taxable Maximum Earnings $117,000 $118,500 $118,500 $127,200 $128,400
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  $15,480 $15,720 $15,720 $16,920 $17,040
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.

Retirement Plan Amounts

 

 

2014 2015 2016 2017 2018
Limit on 401(k) Elective Deferrals $17,500 $18,000 $18,000 $18,000 $18,500
Allowable Catch-Up Contribution For Employees 50 and Over $5,500 $6,000 $6,000 $6,000 $6,000
Compensation Limit Under 401(a)(17), 404(I) and 408(k)(3)(C) $260,000 $265,000 $265,000 $270,000 $275,000
Deferral Limit Under A SIMPLE Plan $12,000 $12,500 $12,500 $12,500 $12,500
SIMPLE Plan Deferral Limit - Age 50 $14,500 $15,500 $15,500 $15,500 $15,500
Limit on Annual Benefit From A Defined Benefit Plan $210,000 $210,000 $210,000 $215,000 $220,000
Earnings Definition of Highly Compensated Employee $115,000 $120,000 $120,000 $120,000 $120,000
Limit on Deductible Contributions to Defined Contribution Plans $52,000 $53,000 $53,000 $54,000 $55,000
Compensation Limit To Trigger a SEP $550 $600 $600 $600 $600
 

 

Estate And Gift Amounts

 

 

2014 2015 2016 2017 2018
Annual Gift Exclusion $14,000 $14,000 $14,000 $14,000 $15,000
Lifetime Gift Exclusion

$5.34 million 

$5.43 million 

$5.45 million 

$5.49 million 

$5.6 million 

Estate Tax Exclusion

$5.34 million 

$5.43 million 

$5.45 million 

$5.49 million 

$5.6 million 

 

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