| Standard Deductions |
| Single and married filing separately |
$6,300 |
| Married filing jointly or surviving spouse |
$12,600 |
| Heads of household |
$9,250 |
| Standard Mileage Rates |
| Business us of auto |
57.5¢ per mile |
| Charitable contributions |
14¢ per mile |
| Medical use and moving expense |
23¢ per mile |
| Social Security earnings limits for retired workers |
| Retirement age |
Earnings limit |
| Prior to retirement age |
$15,720 |
| Year of retirement |
$41,880 |
| At or over retirement age |
None |
| Noncorporate net capital gain and qualified dividend rates |
| 15% – Normal rate, but 20% if taxable income is > $413,200 ($464,850 if married filing jointly)0% – If the gain would otherwise be taxed at a rate below 25% if it were ordinary income25% – Gain attributable to straight-line depreciation on Section 1250 property held > 1 year (Unrecaptured 1250 gains). If taxpayer is in a lower bracket, then lower rate applies. Ordinary rate applies to gain attributed to depreciation taken in excess of straight-line depreciation on 1250 property (1250 recapture).28% – Collectibles gain and gain from selling certain small business stock |
| Corporate income tax rate |
| Taxable income is over |
But not over |
The tax is |
+ |
Of the amount over |
| – |
$50,000 |
15% |
– |
– |
| $50,000 |
$75,000 |
$7,500 |
25% |
$50,000 |
| $75,000 |
$100,000 |
$13,750 |
34% |
$75,000 |
| $100,000 |
$335,000 |
$22,250 |
39% |
$100,000 |
| $335,000 |
$10,000,000 |
$113,900 |
34% |
$335,000 |
| $10,000,000 |
$15,000,000 |
$3,400,000 |
35% |
$10,000,000 |
| $15,000,000 |
$18,000,000 |
$5,150,000 |
38% |
$15,000,000 |
| $18,000,000 |
– |
35% |
– |
$18,000,000 |
| Estate and trust income tax rate |
| Taxable income is over |
But not over |
The tax is |
+ |
Of the amount over |
| – |
$2,500 |
15% |
– |
– |
| $2,500 |
$5,900 |
$375 |
25% |
$2,500 |
| $5,900 |
$9,050 |
$1,225 |
28% |
$5,900 |
| $9,050 |
$12,300 |
$2,107 |
33% |
$9,050 |
| $12,300 |
– |
$3,179.50 |
39.6% |
$12,300 |
| Top individual state rates |
| Illinois: 3.75% |
Minnesota: 9.85% |
Wisconsin: 7.65% |
| Personal exemption (see phaseout below)$4,000Self-employment taxTax rate for self-employment income is 15.3% on first $118,500 and2.9% thereafter.
Kiddie tax
Investment income in excess of $2,100 is taxed at the higher of the parent’s rate or the child’s rate. Applies to unmarried children younger than 18, to children age 18 whose earned income is not more than half their support, and to children older than 18 but younger than age 24 who are full-time students and whose earned income is not more than half their support |
Phaseouts of personal exemptions and itemized deductions
Begins with AGI above: |
| Single |
$258,250 |
| Married filing jointly |
$309,900 |
| Married filing separately |
$154,950 |
| Head of household |
$284,050 |
| Estate and gift tax rates for decedents dying in 2015 |
| Taxable amount over |
Taxable amount not over |
Tax on amount in first column |
Rate of tax on excess over amount in
first column |
| $0 |
$10,000 |
$0 |
18% |
| $10,000 |
$20,000 |
$1,800 |
20% |
| $20,000 |
$40,000 |
$3,800 |
22% |
| $40,000 |
$60,000 |
$8,200 |
24% |
| $60,000 |
$80,000 |
$13,000 |
26% |
| $80,000 |
$100,000 |
$18,200 |
28% |
| $100,000 |
$150,000 |
$23,800 |
30% |
| $150,000 |
$250,000 |
$38,800 |
32% |
| $250,000 |
$500,000 |
$70,800 |
34% |
| $500,000 |
$750,000 |
$155,800 |
37% |
| $750,000 |
$1,000,000 |
$248,300 |
39% |
| $1,000,000 |
– |
$345,800 |
40% |
| Applicable exclusion amount for estate, gift, and generation-skipping transfer tax – 2015: $5,430,000 |
| Gift tax annual exclusion – 2015: $14,000 |
| Health savings accounts |
| Plan minimum deductible (self/family) |
$1,300/$2,600 |
| Contribution maximum (self/family) |
$3,350/$ 6,650 |
| Catch-up contribution (age 55 or older) |
$1,000 |
| Plan out-of-pocket limit (self/family) |
$6,450/$12,900 |
|
| Single filing |
| Taxable income is over |
But not over |
The tax is |
+ |
Of the amount over |
| – |
$9,225 |
10% |
– |
– |
| $9,225 |
$37,450 |
$922.50 |
15% |
$9,225 |
| $37,450 |
$90,750 |
$5,156.25 |
25% |
$37,450 |
| $90,750 |
$189,300 |
$18,481.25 |
28% |
$90,750 |
| $189,300 |
$411,500 |
$46,075.25 |
33% |
$189,300 |
| $411,500 |
$413,200 |
$119,401.25 |
35% |
$411,500 |
| $413,200 |
– |
$119,996.25 |
39.6% |
$413,200 |
| Married filing joint returns and surviving spouses |
| Taxable income is over |
But not over |
The tax is |
+ |
Of the amount over |
| – |
$18,450 |
10% |
– |
– |
| $18,450 |
$74,900 |
$1,845 |
15% |
$18,450 |
| $74,900 |
$151,200 |
$10,312 |
25% |
$74,900 |
| $151,200 |
$230,450 |
$29,387.50 |
28% |
$151,200 |
| $230,450 |
$411,500 |
$51,577.50 |
33% |
$230,450 |
| $411,500 |
$464,850 |
$111,324 |
35% |
$411,500 |
| $464,850 |
– |
$129,996.50 |
39.6% |
$464,850 |
| Married filing separately |
| Taxable income is over |
But not over |
The tax is |
+ |
Of the amount over |
| – |
$9,225 |
10% |
– |
– |
| $9,225 |
$37,450 |
$922.50 |
15% |
$ 9,225 |
| $37,450 |
$75,600 |
$5,156.25 |
25% |
$37,450 |
| $75,600 |
$115,225 |
$14,693.75 |
28% |
$75,600 |
| $115,225 |
$205,750 |
$25,788.75 |
33% |
$115,225 |
| $205,750 |
$232,425 |
$55,662 |
35% |
$205,750 |
| $232,425 |
– |
$64,998.25 |
39.6% |
$232,425 |
| Heads of household |
| Taxable income is over |
But not over |
The tax is |
+ |
Of the amount over |
| – |
$13,150 |
10% |
– |
– |
| $13,150 |
$50,200 |
$1,315 |
15% |
$13,150 |
| $50,200 |
$129,600 |
$6,872.50 |
25% |
$50,200 |
| $129,600 |
$209,850 |
$26,722.50 |
28% |
$129,600 |
| $209,850 |
$411,500 |
$49,192.50 |
33% |
$209,850 |
| $411,500 |
$439,000 |
$115,737 |
35% |
$411,500 |
| $439,000 |
– |
$125,362 |
39.6% |
$439,000 |
| Retirement plan limits |
| Deferral limits for plans |
| §401(k) |
$18,000 |
| §403(b) |
$18,000 |
| §457 |
$18,000 |
| SIMPLE |
$12,500 |
| Catch-up contributions for participants age 50 or older |
| Other than SIMPLE plans |
$6,000 |
| SIMPLE plans |
$3,000 |
| Qualified plans – annual compensation limit |
$265,000 |
| Defined benefit – maximum annual benefit |
$210,000 |
| Defined contribution – maximum annual addition |
$53,000 |
| “Key employee” in top-heavy plan |
$170,000 |
| “Highly compensated employee” threshold |
$120,000 |
| SEP compensation threshold for participation |
$600 |
| Definition of “control employee” for fringe benefit valuation |
| Reg. §1.61-21(f)(5)(i) |
$105,000 |
| Reg. §1.61-21(f)(5)(iii) |
$210,000 |
| Individual retirement accounts |
| Traditional IRAs |
| Contribution limit |
$5,500 |
| Catch-up contribution (age 50 or older) |
$1,000 |
| Deductible amount |
| Phaseout begins at modified adjusted gross income |
|
| Active participant in other plan filing joint return or qualifying widow(er) |
$98,000 |
| Not active participant, but active participant spouse |
$183,000 |
| All other taxpayers (except married filing separately) |
$61,000 |
| Roth IRAs |
| Contribution limit |
$5,500 |
| Catch-up contribution (age 50 or older) |
$1,000 |
| Phaseout begins at modified adjusted gross income for joint return or qualifying widow(er) |
$183,000 |
| All other taxpayers (except married filing separately) |
$116,000 |
| 3.8% Medicare tax on net investment income Tax imposed on lesser of: “net investment income” or MAGI > $250,000 (MFJ) or $200,000 (Single) |
Medicare tax on high-income earners
Additional 0.9% tax on wages greater than: |
| Single |
$200,000 |
| Married filing jointly |
$250,000 |
| Married filing separately |
$125,000 |
| Head of household |
$200,000 |
|
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