Current Year Tax Info

2016 Tax Table

Tax rate

Single filers

MFJ/Surviving Spouse

Married filing separately

Head of household

10%

Up to $9,275

Up to

$18,550

Up to $9,275

Up to $13,250

15%

$9,276-

$37,650

$18,551-

$75,300

$9,276-

$37,650

$13,251-

$50,400

25%

$37,651-

$91,150

$75,301-

$151,900

$37,651-

$75,950

$50,401-

$130,150

28%

$91,151-

$190,150

$151,901-

$231,450

$75,951-

$115,725

 $130,151-

$210,800

33%

$190,151-

$413,350

$231,451-

$413,350

$115,726-

$206,675

$210,801-

$413,350

35%

$413,351-

$415,050

$413,351-

$466,950

$206,676-

$233,475

 $413,351-

 $441,000   

 39.6%

 >$415,050

  >$466,950

>$233,475

 >$441,000


Other Tax Rates                                                                                

Long-term capital gains tax rate for taxpayers in the 10% / 15% bracket: 0%, in 25%-35% bracket: 15%, and in 39.6% bracket: 20%.  Short-term gains are taxed at ordinary rates.  Additional 3.8% on Net Investment Income for higher income taxpayers.

Maximum annual capital loss deduction: $3,000

Mileage Rates
Business: $0.54 per mile
Medical: $0.19 per mile
Charitable: $0.14 per mile
Moving: $0.19 per mile

Education Incentives
Student Loan Interest Deduction: Deduction up to $2,500.
Lifetime Learning Credit: 20% of tuition paid up to $2,000 per taxpayer.
American Opportunity Credit: Credit up to $2,500.
Section 529 Plans: Distributions may be tax-free.

Retirement Plans

Traditional/Roth IRA: max of $5,500; $6,500 if older than 50 years.

Simple IRA: Employee max of $12,000; $14,500 if older than 50 years.

401(k) or 403(b): Employee max of $18,000; $24,000 if older than 50 years.

SEP IRA: max of 25% of compensation up to $53,000.

Annual exclusion for gifts
$14,000

Estate Tax Exemption

$5,450,000

Estimated Taxes
Individuals can base federal estimated tax payments on:
1.) 90% of current tax
2.) 100% of prior year tax or 110% of prior year tax if AGI is >$150,000 (>$75,000 if MFS)
3.) Annualization exception
4.) No penalty if tax is <$1,000 or no tax liability in preceding tax year

Important Due Dates
January 16th
    4th installment of estimated tax payment

January 31st
    Employee and SS copy of W-2
    Recipient copy of 1099
    Form 940
    Form 941
    TWF report

March 15th
    Partnership Form 1065
    Corporate Form 1120S
    S Corporation election Form 2553

April 17th
    Individual Form 1040, 1040A, and 1040 EZ
    Corporate Form 1120
    Estate and Trust form 1041
    Form K-1
    1st installment of estimated tax payment

April 30th
    Form 941
    TWF report

May 15th
    Non-Profit Form 990
    TX Franchise Tax report

June 15th
    2nd installment of estimated tax payment

July 31st
    Form 941
    TWF report

September 15th
    3rd installment of estimated tax payment
    Corporate Form 1120 (if extension was filed by April 17th)
    Corporate Form 1120S (if extension was filed by March 15th)
    Partnership Form 1065 (if extension was filed by March15th)

October 16th
    Individual Form 1040, 1040A, and 1040EZ (if extension was filed by April 15th)
    Estate and Trust Form 1041 (if extension was filed by April 15th)

October 31st
    Form 941
    TWF report

November 15th
    TX Franchise Tax Report (if extension was filed by May 15th)