2016 PERSONAL EXEMPTION=$4,050
Personal exemption phase out based on AGI
-
$259,400 for single taxpayers
-
$311,300 for married taxpayers filing jointly
-
$285,350 for taxpayers filing as head of household
-
$155,650 for married taxpayers filing separately
2016 STANDARD DEDUCTION
Single and Married Filing Separate-$6,300
Married filing Joint, Qualifying Widow(er), Surviving spouse-$12,600
Head of Household-$9,300
The additional standard deduction for people who have reached age 65 (or who are blind) is $1,250 for married taxpayers, married filing separate and surviving spouse or $1,550 for single and head of hoisehold taxpayers.
2016 Corporate Income Tax Rates
Taxable income Income tax rate
0 - 50,000 15%
50,000 - 75,000 7,500 + 25% of the amount over 50,000
75,000 - 100,000 13,750 + 34% of the amount over 75,000
100,000 - 335,000 22,250 + 39% of the amount over 100,000
335,000 - 10,000,000 113,900 + 34% of the amount over 335,000
10,000,000 - 15,000,000 3,400,000 + 35% of the amuont over 10,000,000
15,000,000 - 18,333,333 5,150,000 + 38% of the amount over 15,000,000
18,333,333 .......... 6,416,667 + 35% of the amount over 18,333,333
Personal Service Corporations are subject to a flat tax of 35% regardless of their income.
2016 Individual Income Tax Rates
Single:
| Taxable Income |
Tax Rate |
| $0 to $9,275 |
10% |
| $9,276 to $37,650 |
$927.50 plus 15% of the amount over $9,275 |
| $37,651 to $91,150 |
$5,183.75 plus 25% of the amount over $37,650 |
| $91,151 to $190,150 |
$18,558.75 plus 28% of the amount over $91,150 |
| $190,151 to $413,350 |
$46,278.75 plus 33% of the amount over $190,150 |
| $413,351 to $415,050 |
$119,934.75 plus 35% of the amount over $413,350 |
| $413,051 or more |
$120,529.75 plus 39.6% of the amount over $415,050 |
Married Filing Jointly or Qualifying Widow(er):
| Taxable Income |
Tax Rate |
| $0 to $18,550 |
10% |
| $18,551 to $75,300 |
$1,855.00 plus 15% of the amount over $18,550 |
| $75,301 to $151,900 |
$10,367.50 plus 25% of the amount over $75,300 |
| $151,901 to $231,450 |
$29,517.50 plus 28% of the amount over $151,900 |
| $230,451 to $413,350 |
$51,791.50 plus 33% of the amount over $231,450 |
| $413,351 to $466,950 |
$111,818.50 plus 35% of the amount over $413,350 |
| $466,951 or more |
$130,578.50 plus 39.6% of the amount over $466,950 |
Married Filing Separately:
| Taxable Income |
Tax Rate |
| $0 to $9,275 |
10% |
| $9,276 to $37,650 |
$922.50 plus 15% of the amount over $9,275 |
| $37,651 to $75,950 |
$5,183.75 plus 25% of the amount over $37,650 |
| $75,951 to $115,725 |
$14,758.75 plus 28% of the amount over $75,950 |
| $115,726 to $206,675 |
$25,895.75 plus 33% of the amount over $115,725 |
| $206,676 to $233,475 |
$55,909.25 plus 35% of the amount over $206,675 |
| $233,476 or more |
$65,289.25 plus 39.6% of the amount over $233,475 |
Head of Household:
| Taxable Income |
Tax Rate |
| $0 to $13,250 |
10% |
| $13,251 to $50,400 |
$1,325.00 plus 15% of the amount over $13,250 |
| $50,401 to $130,150 |
$6,897.50 plus 25% of the amount over $50,400 |
| $130,151 to $210,800 |
$26,835.00 plus 28% of the amount over $130,150 |
| $210,801 to $413,350 |
$49,417.00 plus 33% of the amount over $210,800 |
| $413,351 to $441,000 |
$116,258.50 plus 35% of the amount over $413,350 |
| $441,001 or more |
$125,936.00 plus 39.6% of the amount over $441,000 |
2016 Capital Gains Tax
They are based on the rates which would apply if they were ordinary income.
- Income that would otherwise be in the 10% -15% brackets: 0%.
- Income that would otherwise be in the 25%-35% brackets: 15% .
- Income that would otherwise be in the 39.6% bracket: 20%.
2016 Tax on Dividend Income
- Income that would otherwise be in the 10% -15% brackets: 0%.
- Income that would otherwise be in the 25% -35% brackets: 15%.
- Income that would otherwise be in the 39.6% bracket: 20%.
|
 |
