2017 Tax Rates – Single Taxpayers – Standard Deduction $6,350

10%

0 to $9,325

15%

$9,326 to $37,950

25%

$37,951 to $91,900

28%

$91,901 to $191,650

33%

$191,651 to $416,700

35%

$416,701 to $418,400

39.6%

Over $418,401

2017 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $12,700

10%

0 to $18,650

15%

$18,651 to $75,900

25%

$75,901 to $153,100

28%

$153,101 to $233,350

33%

$233,351 to $416,700

35%

$416,701 to $470,700

39.6%

Over $470,701

2017 Tax Rates – Married Filing Separately – Standard Deduction $6,350

10%

0 to $9,325

15%

$9,326 to $37,950

25%

$37,951 to $76,550

28%

$76,551 to $116,675

33%

$116,676 to $208,350

35%

$208,351 to $235,350

39.6%

Over $235,351

2017 Tax Rates – Head of Household – Standard Deduction $9,350

10%

0 to $13,350

15%

$13,351 to $550,800

25%

$50,801 to $131,200

28%

$131,201 to $212,500

33%

$212,501 to $416,700

35%

$416,701 to $444,500

39.6%

Over $444,501

2017 Tax Rates – Estates & Trusts

15%

0 to $2,500

25%

$2,500 to $5,900

28%

$5,900 to $9,050

33%

$9,050 to $12,300

39.6%

Over $12,300

 

 

 

 

Social Security

2017 Tax Rates

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

$127,200

Medicare Base Salary

Unlimited

Medicare Tax Rate

1.45%

Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)

0.9%

Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers)

3.8%

Miscellaneous

2017 Tax Rates

Personal Exemption $4,050

Business expensing limit: Cap on equipment purchases

(not yet released)

Business expensing limit: New and Used Equipment and Software

(not yet released)

Prior-year safe harbor for estimated taxes of higher-income

(not yet released)

Standard mileage rate for business driving

(not yet released)

Standard mileage rate for medical/moving driving

(not yet released)

Standard mileage rate for charitable driving

(not yet released)

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 the 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 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 IRA

25% of eligible compensation
up to $53,000

401(k) maximum employee contribution limit

$18,00 if under age 50
$24,000 if 50 or older

Estate tax exemption

$5,430,000

Annual Exclusion for Gifts

$14,000

Education

2017 Tax Rates

American Opportunity Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500 (Phased out between $65,000 and $80,000 MAGI for individuals, or $135,000 and $165,000 MAGI for joint returns)

Coverdell Education Savings Contribution

$2,000