2016 INCOME TAX RATES & INFORMATION
Marginal Ordinary Income Tax Rates
Single
| Rate |
From |
To |
| 10% |
0 |
9,275 |
| 15% |
9,276 |
37,650 |
| 25% |
37,651 |
91,150 |
| 28% |
91,151 |
190,150 |
| 33% |
190,151 |
413,350 |
| 35% |
413,351 |
415,050 |
| 39.6% |
415,051 |
|
|
Head of Household
| Rate |
From |
To |
| 10% |
0 |
13,250 |
| 15% |
13,251 |
50,400 |
| 25% |
50,401 |
130,150 |
| 28% |
130,151 |
210,800 |
| 33% |
210,801 |
413,350 |
| 35% |
413,351 |
441,000 |
| 39.6% |
441,001 |
|
|
Married Filing Jointly *
| Rate |
From |
To |
| 10% |
0 |
18,550 |
| 15% |
18,551 |
75,300 |
| 25% |
75,301 |
151,900 |
| 28% |
151,901 |
231,450 |
| 33% |
231,451 |
413,350 |
| 35% |
413,351 |
466,950 |
| 39.6% |
466,951 |
|
|
Married Filing Separately
| Rate |
From |
To |
| 10% |
0 |
9,275 |
| 15% |
9,276 |
37,650 |
| 25% |
37,651 |
75,950 |
| 28% |
75,951 |
115,725 |
| 33% |
115,726 |
206,675 |
| 35% |
206,676 |
233,475 |
| 39.6% |
233,476 |
|
|
* Including Qualifying Widow(er)
Standard Deduction
| Filing Status |
Amount |
| Single |
$6,300 |
| Head of Household |
$9,300 |
| Married Filing Joint/Qualifying Widow(er) |
$12,600 |
| Married Filing Separately |
$6,300 |
| |
|
| Additional Standard Deduction if Blind or
Age 65+ |
|
| Single |
$1,550 |
| Head of Household |
$1,550 |
| Married Filing Joint/Qualifying Widow(er) |
$1,250 |
| Married Filing Separately |
$1,250 |
| |
|
| Standard Deduction for Dependents |
|
| Regular amount |
$1,050 |
| Maximum amount is earned income plus $350 up to
allowed standard deduction based on filing status |
|
Personal Exemptions
For 2016, the personal exemption is $4,050. Note: If someone else can claim you as a dependent,
then you cannot claim your own personal exemption.
Phaseout of Personal Exemptions for 2016
| Filing Status |
Phaseout Begins |
Phaseout Ends |
| Married Filing Jointly |
311,300 |
433,800 |
| Qualifying Widow(er) |
311,300 |
433,800 |
| Head of Household |
285,350 |
407,850 |
| Single |
259,400 |
381,900 |
| Married Filing Separately |
155,650 |
216,900 |
Capital Gains - Long Term and Short Term
| Type of Asset |
Short-Term Tax Rate |
Long-Term Tax Rate |
Unearned Medicare Contribution Surtax |
| Collectibles |
Ordinary Tax
Rates |
28% |
Potential 3.8% |
| Depreciation
Recapture |
Ordinary Tax
Rates |
25% |
Potential 3.8% |
| Qualified Small
Bus Stock |
Ordinary Tax
Rates |
28% after
exclusion |
Potential 3.8% |
| Other Capital
Assets |
Ordinary Tax
Rates |
0%, 15%, or 20% |
Potential 3.8% |
| |
10% |
0% |
|
| |
15% |
0% |
|
| |
25% |
15% |
|
| |
28% |
15% |
|
| |
33% |
15% |
Potential 3.8% |
| |
35% |
15% |
Potential 3.8% |
| |
39.6% |
20% |
Potential 3.8% |
If you need tax assistance for your 1040 individual income tax return or your corporate 1120,
S-Corp 1120S, or partnership 1065 tax returns, give Jeff Jackson CPA a call at
(678) 919-1250 to schedule an appointment. You can also submit your information via the
Contact Us form and someone will call you shortly.
Jeffrey L. Jackson, CPA LLC
