Tax Rates

2016 Tax Rates Schedule X – Single

If taxable income is overBut not overThe tax is
$0$9,27510% of the taxable amount
$9,275$37,650$927.50 plus 15% of the excess over $9,275
$37,650$91,150$5,183.75 plus 25% of the excess over $37,650
$91,$190,150$18,558.75 plus 28% of the excess over $91,150
$190,150$413,350$46,278.75 plus 33% of the excess over $190,150
$413,350$415,050$119,934.75 plus 35% of the excess over $413,350
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$1855010% of the taxable amount
$18,550$75,300$1,855 plus 15% of the excess over $18,550
$75,300$151,900$10,367.50 plus 25% of the excess over $75,300
$151,900$231,450$29,517.50 plus 28% of the excess over $151,900
$231,450$413,350$51,791.50 plus 33% of the excess over $231,450
$413,350$466,950$111,818.50 plus 35% of the excess over $413,350
Over $466,950no limit$130,578.50 plus 39.6% of the excess over $466,950

2016 Tax Rates Schedule Y-2 – Married Filing Separately

If taxable income is overBut not overThe tax is
$0$9,27510% of the taxable amount
$9,275$37,650$927.50 plus 15% of the excess over $9,275
$37,650$75,950$5,183.75 plus 25% of the excess over $37,650
$75,950$115,725$14,758.75 plus 28% of the excess over $75,950
$115,725$206,675$25,895.75 plus 33% of the excess over $115,725
$206,675$233,475$55,909.25 plus 35% of the excess over $206,675
Over $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
$13,250$50,400$1,325 plus 15% of the excess over $13,250
$50,400$130,150$6,897.50 plus 25% of the excess over $50,400
$130,150$210,800$26,835 plus 28% of the excess over $130,150
$210,800$413,350$49,417 plus 33% of the excess over $210,800
$413,350$441,000$116,258.50 plus 35% of the excess over $413,350
Over $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 amount
$2,550$5,950$382.50 plus 25% of the excess over $2,550
$5,950$9,050$1,232.50 plus 28% of the excess over $5,950
$9,050$12,$2,100.50 plus 33% of the excess over $9,050
$12,400no limit$3,206 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
Medicare Base Salaryunlimited
Medicare Tax Rate1.45%

Additional Medicare 2016 Tax Rates

Additional Medicare Tax0.9%
Filing 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$200,000

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 $155,650)$4,050
Business Equipment Expense Deduction$500,000
Prior-year safe harbor for estimated taxes of higher-income110% of your 2015 tax liability
Standard mileage rate for business driving54 cents
Standard mileage rate for medical/moving driving19 cents
Standard mileage rate for charitable driving14 cents
Child Tax Credit$1,000 per qualifying child
Unearned income maximum for children before kiddie tax applies$1050
Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket0%
Maximum capital gains tax rate for taxpayers in the 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 SIMPLE 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
Foreign Earned Income Exclusion$101,300

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