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.