2017 INCOME TAX RATES & INFORMATION

Marginal Ordinary Income Tax Rates

Single
Rate From To
10% 0 9,325
15% 9,326 37,950
25% 37,951 91,900
28% 91,901 190,650
33% 190,651 416,700
35% 416,701 418,400
39.6% 418,401  
Head of Household
Rate  From  To 
10% 0 13,350
15% 13,351 50,800
25% 50,801 131,200
28% 131,201 212,500
33% 212,501 416,700
35% 416,701 444,500
39.6% 444,501  
Married Filing Jointly *
Rate  From  To 
10% 0 18,650
15% 18,651 75,900
25% 75,901 153,100
28% 153,101 233,350
33% 233,351 416,700
35% 416,701 470,700
39.6% 470,701  
Married Filing Separately
Rate  From  To 
10% 0 9,325
15% 9,325 37,950
25% 37,951 76,550
28% 76,551 116,675
33% 116,676 208,350
35% 208,351 235,350
39.6% 235,351  
* Including Qualifying Widow(er)

Standard Deduction

Filing Status Amount
Single $6,350
Head of Household $9,350
Married Filing Joint/Qualifying Widow(er) $12,700
Married Filing Separately $6,350
   
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 2017, 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 2017

Filing Status Phaseout Begins Phaseout Ends
Married Filing Jointly 313,800 436,300
Qualifying Widow(er) 313,800 436,300
Head of Household 287,650 410,150
Single 261,500 384,000
Married Filing Separately 156,900 218,150

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.

Quality Accounting, Taxes, and Payroll
Voted Best CPA in Canton and Woodstock for 2015 and 2016
Contact and Address information

Jeffrey L Jackson CPA LLC
6478 Putnam Ford Dr, Ste 122
Woodstock, GA 30189
Voice: (678) 919-1250
Fax: (678) 919-1062
Regular Hours: Mon-Fri 9am-6pm
Tax Season Hours: Mon-Sat 9am-8pm
By appointment
www.jjacksoncpa.com