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        Federal Tax Database

Individual Deductions and Credits

 

 

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
 

 

Business Deductions

 

 

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

Capital Gain and Dividend Tax Rates

 

 

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%
 

 

Auto And Transportation Allowances

 

 

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

Inclusion Amount For Leased Autos (smbiz.com)

 

Federal Income Tax Schedules



IRS 2016 Individual Tax Table
2016 Individual Tax Rate Schedules
2000-2016 Corporate Tax Rates

Social Security and Self-Employment Tax

 

 

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.

Retirement Plan Amounts

 

 

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
 

 

Estate And Gift Amounts

 

 

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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