Here is the IRS tax rates that you will use to prepare your 2016 tax returns in 2017. 2016 individual tax returns are due by Monday, April 17, 2017.
7 brackets : 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%.
Single
Taxable Income | Tax Rate |
---|---|
$0—$9,275 | 10% |
$9,276—$37,650 | $927.50 plus 15% of the amount over $9,275 |
$37,651—$91,150 | $5,183.75 plus 25% of the amount over $37,650 |
$91,151—$190,150 | $18,558.75 plus 28% of the amount over $91,150 |
$190,151—$ 413,350 | $46,278.75 plus 33% of the amount over $190,150 |
$413,351—$415,050 | $119,934.75 plus 35% of the amount over $413,350 |
$415,051 or more | $120,529.75 plus 39.6% of the amount over $415,050 |
Married Filing Jointly or Qualifying Widow(er)
Taxable Income | Tax Rate |
$0—$18,550 | 10% |
$18,551—$75,300 | $1,855 plus 15% of the amount over $18,550 |
$75,301—$151,900 | $10,367.50 plus 25% of the amount over $75,300 |
$151,901—$231,450 | $29,517.50 plus 28% of the amount over $151,900 |
$231,451—$413,350 | $51,791.50 plus 33% of the amount over $231,450 |
$413,351—$466,950 | $111,818.50 plus 35% of the amount over $413,350 |
$466,951 or more | $130,578.50 plus 39.6% of the amount over $466,950 |
Married Filing Separately
Taxable Income | Tax Rate |
$0—$9,275 | 10% |
$9,276—$37,650 | $927.50 plus 15% of the amount over $9,275 |
$37,651—$75,950 | $5,183.75 plus 25% of the amount over $37,650 |
$75,951—$115,725 | $14,758.75 plus 28% of the amount over $75,950 |
$115,726—$206,675 | $25,895.75 plus 33% of the amount over $115,725 |
$206,676—$233,475 | $55,909.25 plus 35% of the amount over $206,675 |
$233,476 or more | $65,289.25 plus 39.6% of the amount over $233,475 |
Head of Household
Taxable Income | Tax Rate |
$0—$13,250 | 10% |
$13,251—$50,400 | $1,325 plus 15% of the amount over $13,250 |
$50,401—$130,150 | $6,897.50 plus 25% of the amount over $50,400 |
$130,151—$210,800 | $26,835 plus 28% of the amount over $130,150 |
$210,801—$413,350 | $49,417 plus 33% of the amount over $210,800 |
$413,351—$441,000 | $116,258.50 plus 35% of the amount over $413,350 |
$441,001 or more | $125,936 plus 39.6% of the amount over $441,000 |
2016 Personal Exemption Amounts
2016 Personal exemption amount is $4,050
The personal exemption amount “phases out” for taxpayers with higher incomes. The Personal Exemption Phaseout (PEP) thresholds:
Filing Status | PEP Threshold Starts | PEP Threshold Ends |
Single | $259,400 | $381,900 |
Married Filing Jointly | $311,300 | $433,800 |
Married Filing Separately | $155,650 | $216,900 |
Head of Household | $285,350 | $407,850 |
2016 Standard Deduction Amounts
Filing Status | Standard Deduction |
Single | $6,300 |
Married Filing Jointly | $12,600 |
Married Filing Separately | $6,300 |
Head of Household | $9,300 |
Qualifying Widow(er) | $12,600 |