Tax Facts

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12 months or less: 39.6% / 37%
More than 12 months: 20% / 20%
Depreciation recapture on real estate: 25% / 25%
Collectibles and certain small bus. stock: 28% / 28%
Qualified Dividend Income

•    Filers in top tax bracket: 20% / 20%
•    Filers in middle tax brackets: 15% / 15%
•    Filers in lowest two tax brackets: 0% /  0%

Medicare surtax on investment income for higher-income filers: 3.8% / 3.8%

MFJ: $12,700 / $24,000

Single: $6,350 / $12,000

Head of Household: $9,350 / $18,000

MFS: $6,350 / $12,000

Additional Blind or Elderly 

• Single: $1,550 / $1,600
• Married: $1,200 / $1,300

Deduction for each taxpayer spouse and dependent: $4,050* / $0

*This will be phased out by 2% for higher income filers.

Type of Plan

IRA's: $5,500 / $5,500

Section 401(k): $18,000 / $18,500

Section 403(b): $18,000 / $18,500

Section 408(p)(2)(E) Simple: $12,500 / $12,500

Section 457(b)(2) limit: $18,000 / $18,500

Section 415 limit for

• Defined contribution plans: $54,000 / $55,000
• Defined benefit plans: $215,000 / $220,000

Highly compensated employees

• Section 414(q): $120,000 / $120,000

Age 50 and over additional contributions

• 401(k) type plans: $6,000 / $6,000
• SIMPLE's: $3,000 / $3,000
• IRA's: $1,000 / $1,000

Use

Business: .535 / .545

Charitable: .14 / .14

Medical and Moving: .17 / .18

All numbers are in cents per mile.

Estate tax exemption: $5,490,000 / $11,180,000

Applicable credit amount: N/A / N/A

Top Estate Tax Rate: 40% / 40%

Lifetime gift tax exemption: $5,490,000 / $11,180,000

Annual gift tax exclusion

•  Gifts per person: $14,000 / $15,000
•  Joint gifts by spouse: $28,000 / $30,000

Top gift tax rate: 40% / 40%

FICA taxable wage base

Social security 6.2% for employees and employers: $127,200 / $128,400

Medicare 1.45% for employees and employers: No limit / No limit
Additional Medicare employee portion for employees:  

• Single paid in excess of $200,000: 0.9% / 0.9%
• Married filing joint paid in excess of $250,000: 0.9% / 0.9%
• Married filing separately paid in excess of $125,000: 0.9% / 0.9%

If taxable income is between:

$0 - $19,050: 10%

$19,051 - $77,400: 12%

$77,401 - $165,000: 22%

$165,001 - $315,000: 24%

$315,001 - $400,000: 32%

$400,001 - $600,000: 35%

$600,001 and above: 37%

If taxable income is between:

$0 - $9,525: 10%

$9,526 - $38,700:  12%

$38,701 - $82,500: 22%
$82,501 - $157,500: 24%

$157,501 - $200,000: 32% 

$200,001 - $300,000: 35%

$300,001 and above: 37%

If taxable income is between:

$0 - $9,525: 10%

$9,326 - $38,700:  12%

$38,701 - $82,500: 22% 

$82,501 - $157,500: 24%

$157,501 - $200,000: 32% 

$200,001 - $300,000: 35%

$300,001 and above: 37%

If taxable income is between:

$0 - $13,360: 10%

$13,361 - $51,800:  12%

$51,801 - $82,500: 22% 

$82,501 - $157,500: 24%

$157,501 - $200,000: 32% 

$200,001 - $300,000: 35%

$300,001 and above: 37%

All income levels are taxed at 21%.

Married Filing Jointly: $189,000 - $199,000

Single, Head of Household: $120,000 - $135,000

Married Filing Separately: $0 - $10,000

Not covered by qualified retirement plan:  Any amount / Full deduction 
Covered by qualified retirement  plan: 

• $63,000 or less / Full deduction
• $63,001 - $72,999 / Partial  deduction
• $73,000 or more / No deduction

Neither spouse covered by qualified retirement plan: Any amount / Full deduction    

Both spouses covered by qualified  retirement plan:

• $101,000 or less / Full deduction
• $101,001 - $120,999 / Partial deduction
• $121,000 or more / No deduction

One spouse covered - for covered  spouse:     

• $101,000 or less / Full deduction
• $101,001 - $120,999 / Partial deduction
• $121,000 or more / No deduction

One spouse covered - for non-covered  spouse:      

• $189,000 or less / Full deduction
• $189,001 - $198,999 / Partial deduction                                   
• $199,000 or more / No deduction