3628 W Truman Blvd, Jefferson City, MO 65109 | batesaccounting@embarqmail.com
 
 
 
 
 
 
 
2016 Tax Rates
 
Single Taxpayers
 
Standard Deduction $6,300
 
 
10%
 
0 to$9,27S
 
 
15%
 
$9,275 to$37,650
 
 
25%
 
$37,650 to $91,150
 
 
28%
 
$91,15Oto$190,150
 
 
33%
 
$190,150 to$413,350
 
 
35%
 
$413,350 to$415,050
 
 
39.6%
 
Over$415,050
 

 
Married Jointly & Surviving Spouses
 
Standard Deduction $12,600
 
 
10%
 
0to$18,550
 
 
15%
 
$18,550 to$75,300
 
 
25%
 
$75,300 to$151,90
 
 
28%
 
$151,900 to $231,450
 
 
33%
 
$231,450 to $413,350
 
 
35%
 
$413,350 to $466,950
 
 
39.6%
 
Over $466,950
 

 
Married Filling Separately
 
Standard Deduction $6,300
 
 
10%
 
0 to $9,275
 
 
15%
 
$9,275 to $37,650
 
 
25%
 
$37,650 to $75,95
 
 
28%
 
$75,950 to $115,725
 
 
33%
 
$115,725 to $206,675
 
 
35%
 
$206,675 to $233,475
 
 
39.6%
 
Over $233,475
 

 
Head of Household
 
Standard Deduction $9,300
 
 
10%
 
0 to $13,250
 
 
15%
 
$13,250 to $50,400
 
 
25%
 
$50,400 to $130,150
 
 
28%
 
$130,150 to $210,800
 
 
33%
 
$210,800 to $413,350
 
 
35%
 
$413,350 to $441,000
 
 
39.6%
 
Over $441,000
 

Estates & Trusts
 
5%
 
0 to$2,550
 
 
25%
 
$2,550 to $5,950
 
 
28%
 
$5,950 to$9,050
 
 
33%
 
$9,050 to$12,400
 
 
39.6%
 
Over$12,400
 

Social Security
 
Social Security Tax Rate: Employers
 
6.2%
 
 
Social Security Tax Rate: Employees
 
6.2%
 
 
Social Security Tax Rate: Self-Employed
 
12.4%
 
 
Maximum Taxable Earnings
 
$118,500
 
 
Medicare Base Salary
 
Unlimited
 
 
Medicare Tax Rate
 
1.45%
 
 
Additional Medicare Tax for income
above $200,000 (single) or $250,000 (joint)
 

0.9%
 
 
Medicare tax on net investment income-
$200,000 (single) or $250,000 (joint)
 

3.8%
 

 
Miscellaneous
Personal Exemption
 
$4,050
 
 
Business expensing limit: Cap on equipment purchases
 
$2,000,000
 
 
Business expensing limit: New and Used Equipment and Software
 
$500,000
 
 
Prior-year safe harbor for estimated taxes of higher-income
 
110% of your 2016 tax liability
 
 
Standard mileage rate for business driving
 
54 cents
 
 
Standard mileage rate for medical/moving driving
 
19 cents
 
 
Standard mileage rate for charitable driving
 
14 cents
 
 
Child Tax Credit
 
$1,000
 
 
Unearned income maximum for children under 19 before kiddie tax applies
 
$1,050
 
 
Maximum capital gains tax rate for taxpayers in 10% or 15% bracket
 
0%
 
 
Maximum capital gains tax rate for taxpayers above the 15% bracket but below the 39.6% bracket
 
15%
 
 
Maximum capital gains tax rate for taxpayers in the 39.6% bracket
 
20%
 
 
Capital gains tax rate for unrecaptured Sec. 1250 gains
 
25%
 
 
Capital gains tax rate on collectibles
 
28%
 
 
Maximum contribution to 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 IRA
 
25% of eligible compensation
up to $53,000
 
 
401(k) Maximum employee contribution limit
 
$18,000 if under age 50
$24,000 if 50 or older
 
 
Estate tax exemption
 
$5,450,000
 
 
Annual exclusion for gifts
 
$14,000
 

 
Education
American Opportunity Credit (Hope)
 
$2,500
 
 
Lifetime Learning Credit
 
$2,000
 
 
Student Loan Interest Deduction
 
$2,500
 
 
Coverdell Education Savings Contribution
 
$2,000
 

Standard Meal Rates for Family Child Care
Providers for 2015 Income Tax Returns
Continental U.S
 
For each breakfast
 
$1.66
 
 
For each lunch or supper
 
$3.07
 
 
For each snack (up to 3 per day for each child)
 
$0.84
 
Alaska
 
For each breakfast
 
$2.66
 
 
For each lunch or supper
 
$0.50
 
 
For each snack (up to 3 per day for each child)
 
$1.37
 
Hawaii
 
For each breakfast
 
$1.94
 
 
For each lunch or supper
 
$3.60
 
 
For each snack (up to 3 per day for each child)
 
$0.99