727·330·3500    ·    Denise Mensa-Cohen, Enrolled Agent    ·    Office Located in Clearwater, Florida
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Tax Rates for 2017

Individual Taxpayer Tax Rates

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

2016 Rates

10%

0 to $9,325

15%

$9,325 to $37,950

25%

$37,950 to $91,900

28%

$91,900 to $191,650

33%

$191,650 to $416,700

35%

$416,700 to $418,400

39.6%

Over $418,400

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

10%

0 to $18,650

15%

$18,650 to $75,900

25%

$75,900 to $153,100

28%

$153,100 to $233,350

33%

$233,350 to $416,700

35%

$416,700 to $470,700

39.6%

Over $470,700

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

10%

0 to $9,325

15%

$9,325 to $37,950

25%

$37,950 to $76,550

28%

$76,550 to $116,675

33%

$116,675 to $208,350

35%

$208,350 to $235,350

39.6%

Over $235,350

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

10%

0 to $13,350

15%

$13,350 to $50,800

25%

$50,800 to $131,200

28%

$131,200 to $212,500

33%

$212,500 to $416,700

35%

$416,700 to $444,500

39.6%

Over $444,500

Estates & Trusts Tax Rates

2017 Tax Rates – Estates & Trusts

15%

0 to $2,550

25%

$2,550 to $6,000

28%

$6,000 to $9,150

33%

$9,150 to $12,500

39.6%

Over $12,500

Social Security & Medicare Tax Rates

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

15.3%

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 Rates

Miscellaneous

2017 Tax Rates

Personal Exemption $4,050

Business expensing limit: Cap on equipment purchases

$2,030,000

Business expensing limit: New and Used Equipment and Software

$510,000

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

110% of your 2017 tax liability

Standard mileage rate for business driving

53.5 cents

Standard mileage rate for medical/moving driving

17 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 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 $54,000

401(k) maximum employee contribution limit

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

Estate tax exemption

$5,490,000

Annual Exclusion for Gifts

$14,000

Education Credits

Education

2017 Tax Rates

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

Standard Meal Rates for Family Child Care Providers for 2017 income tax returns

Continental U.S.

2016-17 Tax Rates

For each breakfast

$1.31

For each lunch or supper

$2.46

For each snack (up to 3 per day for each child)

$0.73

Alaska

2016-17 Tax Rates

For each breakfast

$2.09

For each lunch or supper

$3.99

For each snack (up to 3 per day for each child)

$1.19

Hawaii

2016-17 Tax Rates

For each breakfast

$1.53

For each lunch or supper

$2.88

For each snack (up to 3 per day for each child)

$0.86

Enrolled Agent - Licensed to Practice Before the IRS
National Association of Enrolled Agents
Florida Society of Enrolled Agents
American Society of Tax Problem Solvers
National Society of Accountants
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National Association of Certified Public Bookkeepers
 
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