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2016 Tax Rates Schedule X - Single
If taxable income is overBut not overThe tax is
$0$9,27510% of the taxable amount
$9,276$37,650$927.50 plus 15% of the excess over $9,275
$37,651$91,150$5,183.75 plus 25% of the excess over $37,650
$91,151$190,150$18,558.75 plus 28% of the excess over $91,150
$190,151$413,450$46,278.75 plus 33% of the excess over $190,150
$413,351$415,050$119,934.75 plus 35% of the excess over $411,500
Over $415,050No Limit$120,529.75 plus 39.6% of the excess over $415,050
2016 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)
If taxable income is overBut not overThe tax is
$0$18,55010% of the taxable amount
$18,551$75,300$1,855 plus 15% of the excess of $18,550
$75,301$151,900$10,367.50 plus 25% of the excess over $75,300
$151,901$231,450$29,517.50 plus 28% of the excess over $151,900
$231,451$413,350$51,791.50 plus 33% of the excess over $231,450
$413,351$466,950$111,818.50 plus 35% of the excess over $413,350
$466,950No LImit$130,578.50 plus 39.6% of the excess over $466,950
2016 Tax Rates Schedule Y-2 - Married Filling Separately
If taxable income is overBut not overThe tax is
$0$9,27510% of the taxable amount
$9,276$37,650$927.50 plus 15% of the excess over $9,275
$37,651$75,950$5,183.75 plus 25% of the excess over $37,650
$75,951$115,725$14,758.75 plus 28% of the excess over $75,950
$115,726$206,675$25,895.75 plus 33% of the excess over $115,725
$206,676$233,475$55,909.25 plus 35% of the excess over $206,675
$233,475No Limit$65,289.25 plus 39.6% of the excess over $233,475
2016 Tax Rates Schedule Z - Head of Household
If taxable income is overBut not overThe tax is
$0$13,25010% of the taxable amount
$13,251$50,400$1,325 plus 15% of the excess over $13,250
$50,401$130,150$6,897.50 plus 25% of the excess over $50,400
$130,151$210,800$26,835 plus 28% of the excess over $130,150
$210,801$413,350$49,417 plus 33% of the excess over $210,800
$413,351$441,000$116,258.50 plus 35% of the excess over $413,350
$441,000No Limit$125,936 plus 39.6% of the excess over $441,000
2016 Tax Rates Estates & Trusts
If taxable income is overBut not overThe tax is
$0$2,55015% of the taxable income
$2,551$5,950$382.50 plus 25% of the excess over $2,550
$5,951$9,050$1,232.50 plus 28% of the excess over $5,950
$9,051$12,400$2,100.50 plus 33% of the excess over $9,050
$12,400No Limit$3206 plus 39.6% of the excess over $12,400
Social Security 2016 Tax Rates

Base Salary$118,500
Social Security Tax Rate6.2%
Maximum Social Security Tax$7,347.00
Medicare Base SalaryUnlimited
Medicare Tax Rate1.45%

Additional Medicare 2016 Tax Rates

Additional Medicare Tax0.9%
Filling statusCompensation 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$200,00

Education 2016 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
Miscellaneous 2016 Tax Rates

Personal Exemption (Adjusted Gross Income below $154,95)$4,050
Prior-year safe harbor for estimated taxes of higher-income110% of your 2015 tax liability
Standard milage rate for business driving54 cents
Standard milage rate for medical / moving driving19 cents
Standard milage rate for charitable driving14 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 10% or 15% bracket0%
Maximum capital gains tax rate for taxpayers in 25%, 28%, 33%, or 35% bracket15%
Maximum capital gains tax rate for taxpayers in the 39.6% bracket20%
Capital gains tax rate for unrecaptured Sec. 1250 gains25%
Capital gains tax rate on collectibles and qualified small business stock28%
Maximum contribution for Traditional / Roth IRA$5,500 if under age 50 $6,500 if 50 or older
Maximum employee contribution to SIMPLA IRA$12,500 if under age 50 $15,500 if 50 or older
Maximum Contribution to SEP IRA25% 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 deduction100%
Estate tax exemption$5,450,000
Annual Exclusion for Gifts$14,000