31 Dec Key Tax Numbers – Quick Reference Guide
Income Tax Key Numbers
|
Alternative minimum tax(AMT) |
2015 |
2016 |
|
Maximum AMT exemption amount |
$83,400 (MFJ) $53,600 (Single/HOH) $41,700(MFS) |
$83,800 (MFJ) $53,900 (Single/HOH) $41,900(MFS) |
|
Exemption phaseout threshold |
$158,900 (MFJ) $119,200 (Single/HOH) $79,450(MFS) |
$159,700 (MFJ) $119,700 (Single/HOH) $79,850(MFS) |
|
26% rate applies to AMT income (AMTI) at or below this amount (28% rate applies to AMTI above this amount) |
$185,400 ($92,700 ifMFS) |
$186,300 ($93,150 ifMFS) |
|
Exemptions/itemized deductions |
2015 |
2016 |
|
Personal &dependency exemptions |
$4,000 |
$4,050 |
|
Phaseout threshold for exemptions and itemized deductions |
$309,900 (MFJ) $284,050(HOH) $258,250 (Single) $154,950(MFS) |
$311,300 (MFJ) $285,350(HOH) $259,400 (Single) $155,650(MFS) |
|
Standard deduction |
2015 |
2016 |
|
Standard deduction amount |
$12,600 (MFJ) $9,250(HOH) $6,300 (Single) $6,300(MFS) |
$12,600 (MFJ) $9,300(HOH) $6,300 (Single) $6,300(MFS) |
|
Standard deduction for dependent |
Greater of $1,050 or $350 + earned income |
Greater of $1,050 or $350 + earned income |
|
Additional deduction for aged/blind |
$1,550 (single or head of household) $1,250 (all otherfiling statuses) |
$1,550 (single or head of household) $1,250 (all other filing statuses) |
|
Unearned income Medicare contribution tax (Net investment incometax) |
2015 |
2016 |
|
Amount of tax |
3.80% |
3.80% |
|
Applies to lesser of (a) net investment income or (b) modified adjusted gross income exceeding: |
|
|
|
Individuals |
$200,000 |
$200,000 |
|
Married filing jointly |
$250,000 |
$250,000 |
|
Married filing separately |
$125,000 |
$125,000 |
|
Long-term capital gains and qualifying dividends1 generally taxed at maximum rate of: |
2015 |
2016 |
|
Taxpayers in top (39.6%) tax bracket |
20% |
20% |
|
Taxpayers in 25%, 28%, 33%, and 35% tax ratebrackets |
15% |
15% |
|
Taxpayers in tax rate bracket 15% orless |
0% |
0% |