The document provides information about income tax rates, payroll tax rates, and other tax rules for 2015 and 2016. Specifically, it includes:
- Income tax rates for single filers, heads of household, trusts and estates, married filing jointly, and married filing separately based on taxable income thresholds.
- Payroll tax rates for Social Security and Medicare.
- Details about alternative minimum tax, kiddie tax, corporate tax rates, taxation of Social Security benefits, personal exemptions, standard deductions, and itemized deductions.
This document provides tax rate tables and limits for the 2014 and 2015 tax years. It includes income tax rates for single, head of household, trusts/estates, married filing jointly, and married filing separately filers. It also includes payroll tax rates for Social Security and Medicare. Additionally, it summarizes alternative minimum tax rates and exemptions, kiddie tax rules, corporate tax rates, taxation of Social Security benefits, and standard deduction amounts.
This document provides information about income and payroll tax rates for 2017 including:
- Federal income tax rates for single filers, heads of household, trusts and estates, married filing jointly, and married filing separately.
- Social security and Medicare payroll tax rates for employees and self-employed individuals.
- Details on the alternative minimum tax, kiddie tax rules, and taxation of social security benefits.
- Standard deduction amounts and details on allowable and non-allowable itemized deductions such as mortgage interest, state and local taxes, medical expenses, and more.
Filling out tax forms and finding perfect tax help is getting more complicated every year. With this flip book, I published on my website http://www.ferrettafinancialservices.com/Time-to-Get-Tax-Savvy-Managing-Your-Tax-Burden.c5889.htm . I had given some help to you.
The document discusses the top 10 most expensive tax mistakes that business owners can make, including failing to do tax planning, misunderstanding audit odds, paying too much self-employment tax, choosing the wrong retirement plan, missing opportunities for family employment and medical benefits, not claiming a home office deduction, missing car and truck expense deductions, not deducting meals and entertainment expenses, and not using tax coaching services. It provides details on how to avoid these costly mistakes.
This document summarizes key U.S. tax rates and limits for 2017 including:
- Federal income tax rates for single, married joint, head of household, and married separate filers at various income levels.
- Standard deduction and personal exemption amounts that phase out at certain income levels.
- Contribution and income limits for retirement accounts like 401ks, IRAs, and HSAs.
- Medicare premium amounts and deductibles that vary based on income.
- Social security tax rates and limits on benefits subject to income tax.
Q4 2015 is here already! Take a look at our Key Numbers for Income, Taxation and more. Weiss & Hale works with clients to help them to Plan Well, Invest Well & Live Well! Visit us at : www.weissandhale.com!
We want to help you manage your tax activities and simplify complex tax laws. We hope you’ll find that our 2014 Quick Tax Facts guide helps you do just that. This handy guide compiles frequently changing tax information applicable to most businesses and households.
Massive changes to the US tax code are set to take effect in 2013 unless Congress acts. Key changes include: 1) a new 3.8% Medicare tax on investment income for high earners; 2) a new 0.9% Medicare tax on earned income for high earners; 3) a higher 10% floor for medical expense deductions. Other changes impact capital gains tax rates, ordinary income tax rates, dividend tax rates, AMT, payroll taxes, depreciation rules, and estate/gift taxes. The changes mean higher taxes for many individuals and businesses.
This document provides tax rate tables and limits for the 2014 and 2015 tax years. It includes income tax rates for single, head of household, trusts/estates, married filing jointly, and married filing separately filers. It also includes payroll tax rates for Social Security and Medicare. Additionally, it summarizes alternative minimum tax rates and exemptions, kiddie tax rules, corporate tax rates, taxation of Social Security benefits, and standard deduction amounts.
This document provides information about income and payroll tax rates for 2017 including:
- Federal income tax rates for single filers, heads of household, trusts and estates, married filing jointly, and married filing separately.
- Social security and Medicare payroll tax rates for employees and self-employed individuals.
- Details on the alternative minimum tax, kiddie tax rules, and taxation of social security benefits.
- Standard deduction amounts and details on allowable and non-allowable itemized deductions such as mortgage interest, state and local taxes, medical expenses, and more.
Filling out tax forms and finding perfect tax help is getting more complicated every year. With this flip book, I published on my website http://www.ferrettafinancialservices.com/Time-to-Get-Tax-Savvy-Managing-Your-Tax-Burden.c5889.htm . I had given some help to you.
The document discusses the top 10 most expensive tax mistakes that business owners can make, including failing to do tax planning, misunderstanding audit odds, paying too much self-employment tax, choosing the wrong retirement plan, missing opportunities for family employment and medical benefits, not claiming a home office deduction, missing car and truck expense deductions, not deducting meals and entertainment expenses, and not using tax coaching services. It provides details on how to avoid these costly mistakes.
This document summarizes key U.S. tax rates and limits for 2017 including:
- Federal income tax rates for single, married joint, head of household, and married separate filers at various income levels.
- Standard deduction and personal exemption amounts that phase out at certain income levels.
- Contribution and income limits for retirement accounts like 401ks, IRAs, and HSAs.
- Medicare premium amounts and deductibles that vary based on income.
- Social security tax rates and limits on benefits subject to income tax.
Q4 2015 is here already! Take a look at our Key Numbers for Income, Taxation and more. Weiss & Hale works with clients to help them to Plan Well, Invest Well & Live Well! Visit us at : www.weissandhale.com!
We want to help you manage your tax activities and simplify complex tax laws. We hope you’ll find that our 2014 Quick Tax Facts guide helps you do just that. This handy guide compiles frequently changing tax information applicable to most businesses and households.
Massive changes to the US tax code are set to take effect in 2013 unless Congress acts. Key changes include: 1) a new 3.8% Medicare tax on investment income for high earners; 2) a new 0.9% Medicare tax on earned income for high earners; 3) a higher 10% floor for medical expense deductions. Other changes impact capital gains tax rates, ordinary income tax rates, dividend tax rates, AMT, payroll taxes, depreciation rules, and estate/gift taxes. The changes mean higher taxes for many individuals and businesses.
This document provides information about income tax savings strategies for individuals, including investments that generate tax-exempt income, offsetting capital gains losses, and reviewing exempt pension and annuity income. It also discusses itemized deductions for medical expenses, state and local taxes, charitable contributions, and miscellaneous expenses. Tips are provided for estimated tax payments, record keeping, Tennessee state income tax, gifting strategies, and the advantages and disadvantages of Roth IRA conversions.
The document summarizes the 2008 individual income tax rates for the state of Maine. It provides the tax brackets and tax rates for single/separate filers, head of household filers, and married joint filers. It also lists the personal exemption amount, standard deduction amounts, and additional standard deduction amounts for age or blindness for each filing status. The cost of living adjustment for 2008 is noted as 1.166.
This document summarizes strategies for charitable planning for upper-income donors to reduce taxes. It discusses using charitable remainder trusts to avoid capital gains tax when donating appreciated assets and receive a higher annual payout. It also discusses ways to reduce the 3.8% net investment income tax, such as converting investment income that isn't subject to the tax, or shifting income to family or charities not subject to the tax through gifts or charitable vehicles like donor advised funds.
The document provides an overview of the 2010 healthcare reform legislation and subsequent tax law changes. It notes that the legislation was passed in two parts in 2010, containing provisions such as a small business tax credit for offering health coverage, elimination of lifetime caps on insurance, and penalties for remaining uninsured beginning in 2014. The summary also outlines numerous tax law provisions from 2010-2018 related to health savings accounts, deductions, credits, fees and more.
Taxes are administered and classified in different ways. There are two main ways to pay taxes: payroll withholding and estimated taxes. Calculating federal income taxes involves three steps: determining adjusted gross income, computing taxable income, and calculating taxes owed. There are also various strategies for legally avoiding overpayment of income taxes through tax planning and management.
TAG Tax - Global Perspectives Call (U.S. Tax Update and Romania / Moldova Ove...TAG Alliances
The TAG Tax Specialty Group is proud to present its first in a series of virtual sessions aimed at exposing members to various international tax structures, policies and trends.
Date: February 8, 2017 at 11:00 am EST (New York, GMT-05:00)
Duration: 30 to 45 Minutes (Approx.)
Via: Webex (Register via the link below)
Complimentary for all TAG Alliances Members
[Note: If you are unable to attend or the time is not convenient for your time zone, please register for the webinar and you will receive a recording once it becomes available.]
~ In this edition: ~
U.S. Tax Update and What "Might" Be Ahead
International tax lawyer, Anna Derewenda of Williams Mullen (VA & NC, USA - TAGLaw), will provide members with an overview of what potentially lies ahead for the U.S. tax code and what businesses and individuals, both those in the U.S. and those with U.S. interests, can possibly anticipate.
Tax Overview Romania and Moldova
Bogdan Nastase of Group Expert Consulting (Romania - TIAG) will discuss common tax strategies in these very close, but very different countries. For example, even though these countries use the same language and business culture, Romania is an EU Member while Moldova is not—an interesting picture of international tax and financial planning.
The 2011 Tax Guide provides you with a summary of the 2010 Tax Relief Act, and guidelines on:
Tax rates
Payroll taxes
Retirement
Dividends and capital gains
AMT
Estate and gift taxes
Education tax breaks
This document summarizes the 2014 tax rates and limits in the United States. It outlines the marginal tax rates and tax brackets for single, married filing jointly, head of household, and married filing separately filers. It also summarizes standard deductions, personal exemptions, capital gains tax rates, retirement plan and IRA contribution limits, education credits, Social Security benefits, Medicare premiums, and more.
GAMABrief: Preparing for the Capital Gains Tax HikeChristina Gagnier
Tax season is just around the corner and changes to the capital gains tax rates will affect taxpayers filing their returns at the beginning of 2014. If you sold capital assets during 2013, you might be subject to the increased rates. This brief provides important information on preparing for the capital gains tax hike.
Capital gains tax is the tax on capital asset profits—the profit made from selling an item bought for personal investment. On January 1, 2013, the government passed the American Taxpayer Relief Act of 2012 (ATRA). The ATRA added a top federal income bracket of 39.6% and increased the long-term capital gains tax rate to 20% starting in the 2013 tax year.
10 Most Expensive Tax Mistakes That Cost Business Owners ThousandsJASWANTSGILLCPA
1. Failing to properly plan taxes can result in paying thousands more than necessary each year. Proper tax planning allows business owners to legally reduce their tax burden.
2. Choosing the wrong business entity, retirement plan, or failing to claim available deductions like a home office or vehicle expenses can cost business owners thousands each year.
3. Sole proprietorships, S-corporations, partnerships, and C-corporations each have their own tax implications that business owners should understand to minimize their taxes. Choosing the right structure is important.
The UK government has proposed significant cuts to tax relief on mortgage interest for personally held rental properties starting in April 2017. Under the new rules, landlords will receive a 20% tax credit on mortgage interest payments rather than deducting the interest from rental income before calculating tax owed. This will result in higher effective tax rates for many landlords, with an example landlord seeing their tax bill increase by £2,000 and effective tax rate rise from 40% to 90%. While the proposed changes will take effect, some tax planning strategies like transferring properties to a spouse or limited company may help reduce their impact. Professional tax advice is recommended to understand how the changes affect individuals and appropriate planning strategies.
Tax Changes 2013 / 2014 and Their ImpactPeter Pfister
Peter Pfister, Parter at The Curchin Group, CPAs, shares insight into the tax changes in 2013 and their future impact on businesses and individuals as well as what is likely to happen in 2014.
This document provides information on estate planning techniques to reduce estate taxes through shifting income tax liability. It discusses three examples: 1) Paying income tax on a minor's account to increase its value without gifting more assets. 2) Creating a defective trust where the grantor pays income tax, allowing the trust to accumulate tax-free. 3) Making a loan to a defective trust where the interest income and payments reduce the estate over time. The goal is to transfer wealth over generations while minimizing total tax liability.
Tax Cuts and Jobs Act: Tax Reform UpdateSkoda Minotti
Understand the new tax rules resulting from the Tax Cuts and Jobs Act of 2017, and undertake a general review of the tax changes taking effect in 2018 that result from the Tax Cuts and Jobs Act of 2017.
This document provides an overview of taxation in the United States. It defines taxes as forced payments to a government unrelated to services received. It then outlines the history of income tax laws and objectives of taxation like raising revenue and promoting equity. Key aspects of taxation are covered for individuals, corporations, and other entities. This includes definitions of gross income, deductions, losses, rates and forms.
Tevatron Technologies is a private company focused on VLSI design, FPGA-based design, and embedded systems. Their vision is to be an end-to-end provider for electronics system design and manufacturing. The company hosted an industrial training seminar on RTL design, Verilog, and FPGA design. The seminar covered topics like VHDL vs. Verilog, Verilog coding styles, data types, constructs, RTL coding guidelines, and FPGA architecture. VLSI allows integrating millions of electronic components on a small chip area and is used for applications like processors, memory, and specialized chips.
Nitin Kumar is seeking a position where he can grow along with an organization through diligence, team effort and sincerity. He has over 10 years of experience in banking with ICICI Bank and IDBI Bank. Currently he is a Manager at ICICI Bank where he manages the confirmation and underlying desk, resolving issues, updating processes, and providing training. Previously he held roles in treasury operations and finance & accounts. He has expertise in various treasury products, systems like Murex, and skills like financial analysis and reporting.
Carly is a fourth year college student at the University of Florida who is majoring in advertising with a concentration in business. She is health conscious, active, and a big Instagram user. She is looking for affordable, healthy, and quick meal options that fit her busy student schedule and budget. Chipotle is positioned to meet her needs by offering fresh, organic ingredients in a fast casual setting for under $10 per meal.
This document discusses how to deal with counter arguments by using pre-emptive messages. It provides an example of a U.S. military officer advising going public immediately about a prisoner abuse case at a prison to tell how the problem was being resolved. The discussion explains that this would have helped the military gain credibility and prepare people for detrimental news, which is called "stealing thunder" in legal research. It concludes by suggesting writing an application plan to prepare replies for likely attacks on a high-involvement product within one week.
This document provides information about income tax savings strategies for individuals, including investments that generate tax-exempt income, offsetting capital gains losses, and reviewing exempt pension and annuity income. It also discusses itemized deductions for medical expenses, state and local taxes, charitable contributions, and miscellaneous expenses. Tips are provided for estimated tax payments, record keeping, Tennessee state income tax, gifting strategies, and the advantages and disadvantages of Roth IRA conversions.
The document summarizes the 2008 individual income tax rates for the state of Maine. It provides the tax brackets and tax rates for single/separate filers, head of household filers, and married joint filers. It also lists the personal exemption amount, standard deduction amounts, and additional standard deduction amounts for age or blindness for each filing status. The cost of living adjustment for 2008 is noted as 1.166.
This document summarizes strategies for charitable planning for upper-income donors to reduce taxes. It discusses using charitable remainder trusts to avoid capital gains tax when donating appreciated assets and receive a higher annual payout. It also discusses ways to reduce the 3.8% net investment income tax, such as converting investment income that isn't subject to the tax, or shifting income to family or charities not subject to the tax through gifts or charitable vehicles like donor advised funds.
The document provides an overview of the 2010 healthcare reform legislation and subsequent tax law changes. It notes that the legislation was passed in two parts in 2010, containing provisions such as a small business tax credit for offering health coverage, elimination of lifetime caps on insurance, and penalties for remaining uninsured beginning in 2014. The summary also outlines numerous tax law provisions from 2010-2018 related to health savings accounts, deductions, credits, fees and more.
Taxes are administered and classified in different ways. There are two main ways to pay taxes: payroll withholding and estimated taxes. Calculating federal income taxes involves three steps: determining adjusted gross income, computing taxable income, and calculating taxes owed. There are also various strategies for legally avoiding overpayment of income taxes through tax planning and management.
TAG Tax - Global Perspectives Call (U.S. Tax Update and Romania / Moldova Ove...TAG Alliances
The TAG Tax Specialty Group is proud to present its first in a series of virtual sessions aimed at exposing members to various international tax structures, policies and trends.
Date: February 8, 2017 at 11:00 am EST (New York, GMT-05:00)
Duration: 30 to 45 Minutes (Approx.)
Via: Webex (Register via the link below)
Complimentary for all TAG Alliances Members
[Note: If you are unable to attend or the time is not convenient for your time zone, please register for the webinar and you will receive a recording once it becomes available.]
~ In this edition: ~
U.S. Tax Update and What "Might" Be Ahead
International tax lawyer, Anna Derewenda of Williams Mullen (VA & NC, USA - TAGLaw), will provide members with an overview of what potentially lies ahead for the U.S. tax code and what businesses and individuals, both those in the U.S. and those with U.S. interests, can possibly anticipate.
Tax Overview Romania and Moldova
Bogdan Nastase of Group Expert Consulting (Romania - TIAG) will discuss common tax strategies in these very close, but very different countries. For example, even though these countries use the same language and business culture, Romania is an EU Member while Moldova is not—an interesting picture of international tax and financial planning.
The 2011 Tax Guide provides you with a summary of the 2010 Tax Relief Act, and guidelines on:
Tax rates
Payroll taxes
Retirement
Dividends and capital gains
AMT
Estate and gift taxes
Education tax breaks
This document summarizes the 2014 tax rates and limits in the United States. It outlines the marginal tax rates and tax brackets for single, married filing jointly, head of household, and married filing separately filers. It also summarizes standard deductions, personal exemptions, capital gains tax rates, retirement plan and IRA contribution limits, education credits, Social Security benefits, Medicare premiums, and more.
GAMABrief: Preparing for the Capital Gains Tax HikeChristina Gagnier
Tax season is just around the corner and changes to the capital gains tax rates will affect taxpayers filing their returns at the beginning of 2014. If you sold capital assets during 2013, you might be subject to the increased rates. This brief provides important information on preparing for the capital gains tax hike.
Capital gains tax is the tax on capital asset profits—the profit made from selling an item bought for personal investment. On January 1, 2013, the government passed the American Taxpayer Relief Act of 2012 (ATRA). The ATRA added a top federal income bracket of 39.6% and increased the long-term capital gains tax rate to 20% starting in the 2013 tax year.
10 Most Expensive Tax Mistakes That Cost Business Owners ThousandsJASWANTSGILLCPA
1. Failing to properly plan taxes can result in paying thousands more than necessary each year. Proper tax planning allows business owners to legally reduce their tax burden.
2. Choosing the wrong business entity, retirement plan, or failing to claim available deductions like a home office or vehicle expenses can cost business owners thousands each year.
3. Sole proprietorships, S-corporations, partnerships, and C-corporations each have their own tax implications that business owners should understand to minimize their taxes. Choosing the right structure is important.
The UK government has proposed significant cuts to tax relief on mortgage interest for personally held rental properties starting in April 2017. Under the new rules, landlords will receive a 20% tax credit on mortgage interest payments rather than deducting the interest from rental income before calculating tax owed. This will result in higher effective tax rates for many landlords, with an example landlord seeing their tax bill increase by £2,000 and effective tax rate rise from 40% to 90%. While the proposed changes will take effect, some tax planning strategies like transferring properties to a spouse or limited company may help reduce their impact. Professional tax advice is recommended to understand how the changes affect individuals and appropriate planning strategies.
Tax Changes 2013 / 2014 and Their ImpactPeter Pfister
Peter Pfister, Parter at The Curchin Group, CPAs, shares insight into the tax changes in 2013 and their future impact on businesses and individuals as well as what is likely to happen in 2014.
This document provides information on estate planning techniques to reduce estate taxes through shifting income tax liability. It discusses three examples: 1) Paying income tax on a minor's account to increase its value without gifting more assets. 2) Creating a defective trust where the grantor pays income tax, allowing the trust to accumulate tax-free. 3) Making a loan to a defective trust where the interest income and payments reduce the estate over time. The goal is to transfer wealth over generations while minimizing total tax liability.
Tax Cuts and Jobs Act: Tax Reform UpdateSkoda Minotti
Understand the new tax rules resulting from the Tax Cuts and Jobs Act of 2017, and undertake a general review of the tax changes taking effect in 2018 that result from the Tax Cuts and Jobs Act of 2017.
This document provides an overview of taxation in the United States. It defines taxes as forced payments to a government unrelated to services received. It then outlines the history of income tax laws and objectives of taxation like raising revenue and promoting equity. Key aspects of taxation are covered for individuals, corporations, and other entities. This includes definitions of gross income, deductions, losses, rates and forms.
Tevatron Technologies is a private company focused on VLSI design, FPGA-based design, and embedded systems. Their vision is to be an end-to-end provider for electronics system design and manufacturing. The company hosted an industrial training seminar on RTL design, Verilog, and FPGA design. The seminar covered topics like VHDL vs. Verilog, Verilog coding styles, data types, constructs, RTL coding guidelines, and FPGA architecture. VLSI allows integrating millions of electronic components on a small chip area and is used for applications like processors, memory, and specialized chips.
Nitin Kumar is seeking a position where he can grow along with an organization through diligence, team effort and sincerity. He has over 10 years of experience in banking with ICICI Bank and IDBI Bank. Currently he is a Manager at ICICI Bank where he manages the confirmation and underlying desk, resolving issues, updating processes, and providing training. Previously he held roles in treasury operations and finance & accounts. He has expertise in various treasury products, systems like Murex, and skills like financial analysis and reporting.
Carly is a fourth year college student at the University of Florida who is majoring in advertising with a concentration in business. She is health conscious, active, and a big Instagram user. She is looking for affordable, healthy, and quick meal options that fit her busy student schedule and budget. Chipotle is positioned to meet her needs by offering fresh, organic ingredients in a fast casual setting for under $10 per meal.
This document discusses how to deal with counter arguments by using pre-emptive messages. It provides an example of a U.S. military officer advising going public immediately about a prisoner abuse case at a prison to tell how the problem was being resolved. The discussion explains that this would have helped the military gain credibility and prepare people for detrimental news, which is called "stealing thunder" in legal research. It concludes by suggesting writing an application plan to prepare replies for likely attacks on a high-involvement product within one week.
PDHPE is an important subject in primary school that promotes the development of communication, decision-making, interaction, movement, and problem-solving skills. These skills help students in all aspects of life and allow them to learn how to stay safe, maintain relationships, and feel confident making healthy personal choices about food and well-being.
Steph Brontman's presentation highlighted her most important work experience as the opening greeter at Doozydog! Club, where she was responsible for efficient communication between team members and members, wearing multiple hats including front desk and food preparation, and solely handling phone, email and check-ins. She identified persistence as her most important trait. What resonated most was Firepole Marketing's philosophy of building a sustainable way to make impacts that matter, as reflected in a quote by Danny Iny.
Ben Goertzel - Singularity Summit Australia talk in 2011Adam Ford
This document discusses the progress and future of artificial general intelligence (AGI) from 1950 to 2050. It describes how AGI research has evolved from narrow AI applications in the 1950s-1990s to modern efforts to develop general intelligence through projects like OpenCog. The document envisions AGI capabilities increasing dramatically in the 2020s with the rise of robot children and AI scientists, and the emergence of a global brain network in 2020. It predicts the technological singularity may occur around 2045. Key challenges are ensuring AGI systems retain their original goals as they improve and developing the first safe AGI. The document outlines OpenCog's roadmap to developing advanced AGI by the 2020s through integrating learning algorithms, cognitive architectures, and
This document discusses whether advertisements should describe specific or general benefits. It describes a case where Procter & Gamble debated whether to advertise Dawn dish soap's "superior cleaning ability" or its "grease cutting action." Research showed that ads mentioning specific benefits like "grease cutting action" produced better recall than those with general benefits or no mentioned benefits. The document encourages applying this lesson by planning to include specific benefits in upcoming advertisements.
The document outlines a sampling activation for Kurkure snacks that took place on June 15th, 2015. It involved sampling activities at locations including a caravan, modern trade stores, and cluster markets to promote Kurkure snacks. The document thanks unnamed individuals at the end.
MAKALAH STRATEGI PEMBELAJARAN PENINGKATAN KEMAMPUAN BERFIKIR (SPPKB)MythaChan
Makalah ini membahas tentang Strategi Pembelajaran Peningkatan Kemampuan Berpikir (SPPKB) yang bertujuan mengembangkan kemampuan berpikir siswa melalui pendekatan inkuiri dengan tahapan orientasi, pelacakan, konfrontasi, inkuiri, akomodasi dan transfer pengetahuan. Metode demonstrasi digunakan untuk menyampaikan pelajaran secara langsung.
This document provides a summary of tax rates and allowances that were announced in the UK Budget 2014. It includes income tax rates, personal tax allowances, national insurance contribution rates, capital gains tax rates, inheritance tax allowances, corporation tax rates, VAT rates, stamp duty land tax rates and other tax relief thresholds. The summary is intended to be a basic guide and specific advice should be obtained for individual circumstances.
This document provides a summary of tax rates and allowances that were announced in the UK Budget 2014. It includes income tax rates, personal allowances, national insurance contributions rates, pension limits, capital gains tax rates, inheritance tax nil rate bands, business property relief, corporation tax rates, VAT registration thresholds, stamp duty land tax bands, and annual tax rates for enveloped dwellings. The summary acts as a guide and individuals should seek specific advice for their own circumstances.
The document provides an overview of key information about 2017 federal income tax rates and rules, retirement plan contribution limits, Social Security benefits, and individual retirement accounts. It includes:
- The 2017 federal income tax rates for single filers, married filing jointly, heads of households, and married filing separately based on taxable income brackets.
- The 2017 standard deduction amounts and personal exemption amounts, which are subject to phase out based on adjusted gross income.
- Annual limits on retirement plan contributions to defined benefit plans, defined contribution plans, and various individual retirement accounts.
- Rules for withdrawals from 403(b), 401(k), and other retirement plans before age 59.5, which may incur a 10
This document provides contribution limits and tax reference information for various tax-advantaged accounts like traditional and Roth IRAs, 529 college savings accounts, and Coverdell ESAs. It also includes income phase-out ranges that determine eligibility and deductibility for contributions. Additionally, it lists the standard tax deductions and brackets for 2021 federal income taxes for individuals, estates, and trusts. Long-term capital gains tax rates and gift/estate tax exclusions are also summarized.
Slideshow: Analysis of Tax Provisions in the Grand BargainChuck Sheketoff
A short presentation on why cutting the tax rate on pass-through income is misguided that further explains the issues raised in OCPP's issue brief "A Grandly Flawed Bargain"
Slideshow: Analysis of the Tax Provisions in the "Grand Bargain"OCPP
A short presentation on why cutting the tax rate on pass-through income is misguided that further explains the issues raised in the Oregon Center for Public Policy's (OCPP) issue brief A GRANDLY FLAWED BARGAIN available at www.ocpp.org.
Slideshow: Analysis of Tax Provisions in "Grand Bargain"OCPP
A short presentation on why cutting the tax rate on pass-through income is misguided and that further explains the issues raised in the Oregon Center for Public Policy's (OCPP) issue brief A GRANDLY FLAWED BARGAIN available at www.ocpp.org.
This document provides information about 2015 income tax rates for single individuals, married filing jointly/separately, head of household, trusts and estates, and corporations. It also includes information about capital gains tax rates, the additional Medicare tax on investment income, standard deductions, personal exemptions, Social Security earnings limits and taxation of Social Security benefits.
1) Failing to properly plan taxes can result in paying thousands more than necessary. Proper tax planning allows business owners to legally reduce their tax burden.
2) Choosing the wrong business entity, retirement plan, or failing to claim available medical and home office deductions are common expensive mistakes.
3) Maximizing deductions for family employment, vehicle expenses, and medical benefits can significantly reduce taxes.
This document provides an overview of scheduled tax changes for 2012 and 2013, including increases to income, capital gains, and Medicare tax rates. It discusses opportunities for tax planning for individuals and businesses before year-end, and notes some decisions that may be best to wait until after the election due to ongoing presidential tax proposals.
This document discusses different types of taxes including income taxes, sales taxes, and property taxes. It covers key concepts around taxes such as average tax rates, marginal tax rates, lump-sum taxes, and the benefits and ability-to-pay principles of taxation. Specific tax rates for personal and corporate income taxes in the US are presented. The document also discusses the concept of double taxation and incentives related to tax rates.
Tax planning for the dentist in an era of uncertaintygppcpa
The document summarizes upcoming tax changes that may impact dentists, including increases to payroll taxes, reductions to depreciation deductions and AMT exemptions, new excise taxes on medical devices, and changes to tax brackets, capital gains rates, and deductions for medical expenses. It recommends tax planning strategies for dentists such as deferring income and expenses between years, accelerating capital gains, and evaluating retirement plans to minimize taxes and navigate future uncertainty around tax laws.
Guide to budge tax rates allowances 2015Simon Peters
This document summarizes the key UK tax rates and allowances for the 2014/15 and 2015/16 tax years. Some of the highlights include: the personal income tax allowance increasing to £10,600; the higher rate threshold remaining at £31,785; and the additional rate threshold staying at £150,000. National insurance contribution rates remain largely unchanged. The annual investment allowance will decrease to £25,000 from January 2016. Stamp duty land tax rates on residential properties were adjusted.
Tax planning for the dentist in an era of uncertaintygppcpa
The document summarizes tax planning strategies for dentists given current tax law and anticipated changes. It notes that dentists should manage their taxable income for 2012 by deferring expenses to 2013. They should also consider accelerating capital gains and restructuring investment portfolios to avoid additional Medicare taxes on net investment income. Dentists should evaluate retirement plans and consider pushing business deductions or deferring losses to 2013 for tax planning in an era of ongoing tax law uncertainty.
The document discusses how many tax provisions are set to expire or change at the end of 2012, which would result in individuals and families paying substantially more in taxes. It outlines how popular tax deductions, credits, and rates that applied to income, capital gains, dividends, payroll taxes, and estate taxes are scheduled to expire or change. The expiration of these tax provisions could remove up to $3,500 from the average taxpayer's annual income and significantly increase taxes for many individuals, families, and businesses.
Never too early or too late to look at ways and ideas to better manage one's tax burden. Take a look to catch yourself up on things that might fit your situation or someone you know.
Tax Reform and the Impact to your Franchise by Honkamp Krueger4 2018rhauber
The recent Tax Cuts and Jobs Act aka Tax Reform has made a significant impact on the tax situation of franchise business owners. Our slide deck provides the business tax and individual tax highlights of the Tax Cuts and Jobs Act for franchise organizations.
The document summarizes changes to the 2016 Canadian budget related to children and families. Key changes include the elimination of the Universal Child Care Benefit and Fitness and Arts tax credits. A new Canada Child Benefit will provide up to $6,400 per child primarily for lower and middle income families. Personal income tax rates increased for those earning over $200,000 and corporate investment tax rates also rose slightly.
The document provides an agenda and overview for a seminar on 2003 tax law changes and related cases. Key points discussed include:
- Reduced individual income tax rates and expanded 10% tax bracket for 2003-2004.
- Lower long-term capital gains and dividend tax rates of 5-15% for 2003-2008.
- Increased child tax credit of up to $1,000 for 2003-2004.
- Accelerated increases to the standard deduction and 15% tax bracket amounts for joint filers in 2003-2004.
- Reduced marriage penalty for many taxpayers due to increased 15% bracket amounts.
- Planning opportunities related to capital gains, dividends, installment sales
Similar to New York Life - pocket tax tables guide 2015-16 (20)
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
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Seminar: Gender Board Diversity through Ownership NetworksGRAPE
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The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
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Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
1. e-Pocket TAX TABLES
Quick Links:
2015 Income and Payroll
Tax Rates
2016 Income and Payroll
Tax Rates
Corporate Tax Rates
Alternative Minimum Tax
Kiddie Tax
Income Taxation of Social
Security Benefits
Personal Exemption
Standard Deduction
Itemized Deductions
Capital Gains and Dividends
Deductions for Contributions
to Public Charities
Dollar Limits for Qualified
Retirement Plans
Individual Retirement Accounts
Required Minimum Distributions
Estate & Gift Tax Rates
2015 and 2016
2. 2 of 11
2015 INCOME AND PAYROLL TAX RATES
amounts rounded to the nearest whole dollar
SINGLE TAXPAYER RATES
Taxable Income Tax before Credits
Over But not over Flat amount +% Of excess over
$ 0 $ 9,225 $ 0 10% $ 0
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
HEAD OF HOUSEHOLD RATES
Taxable Income Tax before Credits
Over But not over Flat amount +% Of excess over
$ 0 $ 13,150 $ 0 10% $ 0
13,150 50,200 1,315.00 15% 13,150
50,200 129,600 6,872.50 25% 50,200
129,600 209,850 26,772.50 28% 129,600
209,850 411,500 49,192.50 33% 209,850
411,500 439,000 115,737.00 35% 411,500
439,000 ——— 125,362.00 39.6% 439,000
TRUSTS AND ESTATES RATES
Taxable Income Tax before Credits
Over But not over Flat amount +% Of excess over
$ 0 $ 2,500 $ 0 15% $ 0
2,500 5,900 375.00 25% 2,500
5,900 9,050 1,225.00 28% 5,900
9,050 12,300 2,107.00 33% 9,050
12,300 ——— 3,179.50 39.6% 12,300
MARRIED FILING JOINTLY RATES
Taxable Income Tax before Credits
Over But not over Flat amount +% Of excess over
$ 0 $ 18,450 $ 0 10% $ 0
18,450 74,900 1,845.00 15% 18,450
74,900 151,200 10,312.50 25% 74,900
151,200 230,450 29,387.50 28% 151,200
230,450 411,500 51,577.50 33% 230,450
411,500 464,850 111,324.00 35% 411,500
464,850 ——— 129,996.50 39.6% 464,850
MARRIED FILING SEPARATELY RATES
Taxable Income Tax before Credits
Over But not over Flat amount +% Of excess over
$ 0 $ 9,225 $ 0 10% $ 0
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 55,662.00 35% 205,750
232,425 ——— 64,989.25 39.6% 232,425
SOCIAL SECURITY PAYROLL TAX
Maximum Taxable Maximum
Wage Base Tax Rate Tax
Employee $118,500 6.2% $ 7,347
Self-Employed 118,500 12.4% 14,694
MEDICARE PART A PAYROLL TAX
Taxable Wage Base Tax Rate Maximum Tax
Employee Initial $250,000 (joint filer) 1.45% $3,625.00
Initial $125,000 (married filing separately) 1.45% $1,812.50
Initial $200,000 (all others) 1.45% $2,900.00
Wages over $250,000 (joint filers) 2.35% (no maximum)
Wages over $125,000 (married filing separately) 2.35% (no maximum)
Wages over $200,000 (all others) 2.35% (no maximum)
Employer All wages 1.45%
Self-Employed Initial $250,000 (joint filer) 2.9% $7,250.00
Initial $125,000 (married filing separately) 2.9% $3,625.00
Initial $200,000 (all others) 2.9% $5,800.00
Wages over $250,000 (joint filers) 3.8% (no maximum)
Wages over $125,000 (married filing separately) 3.8% (no maximum)
Wages over $200,000 (all others) 3.8% (no maximum)
3. 3 of 11
2016 INCOME AND PAYROLL TAX RATES
amounts rounded to the nearest whole dollar
SINGLE TAXPAYER RATES
Taxable Income Tax before Credits
Over But not over Flat amount +% Of excess over
$ 0 $ 9,275 $ 0 10% $ 0
9,275 37,650 927.50 15% 9,275
37,650 91,150 5,183.75 25% 37,650
91,150 190,150 18,558.75 28% 91,150
190,150 413,350 46,278.75 33% 190,150
413,350 415,050 119,934.75 35% 413,350
415,050 ——— 120,529.75 39.6% 415,050
HEAD OF HOUSEHOLD RATES
Taxable Income Tax before Credits
Over But not over Flat amount +% Of excess over
$ 0 $ 13,250 $ 0 10% $ 0
13,250 50,400 1,325.00 15% 13,250
50,400 130,150 6,897.50 25% 50,400
130,150 210,800 26,835.00 28% 130,150
210,800 413,350 49,417.00 33% 210,800
413,350 441,000 116,258.50 35% 413,350
441,000 ——— 125,936.00 39.6% 441,000
TRUSTS AND ESTATES RATES
Taxable Income Tax before Credits
Over But not over Flat amount +% Of excess over
$ 0 $ 2,550 $ 0 15% $ 0
2,550 5,950 382.50 25% $2,550
5,950 9,050 1,232.50 28% 5,950
9,050 12,400 2,100.50 33% 9,050
12,400 ——— 3,206.00 39.6% 12,400
MARRIED FILING JOINTLY RATES
Taxable Income Tax before Credits
Over But not over Flat amount +% Of excess over
$ 0 $ 18,550 $ 0 10% $ 0
18,550 75,300 1,855.00 15% 18,550
75,300 151,900 10,367.50 25% 75,300
151,900 231,450 29,517.50 28% 151,900
231,450 413,350 51,791.50 33% 231,450
413,350 466,950 111,818.50 35% 413,350
466,950 ——— 130,578.50 39.6% 466,950
MARRIED FILING SEPARATELY RATES
Taxable Income Tax before Credits
Over But not over Flat amount +% Of excess over
$ 0 $ 9,275 $ 0 10% $ 0
9,275 37,650 $927.50 15% $9,275
37,650 75,950 5,183.75 25% 37,650
75,950 115,725 14,758.75 28% 75,950
115,725 206,675 25,895.75 33% 115,725
206,675 233,475 55,909.25 35% 206,675
233,475 ——— 65,289.25 39.6% 233,475
SOCIAL SECURITY PAYROLL TAX
Maximum Taxable Maximum
Wage Base Tax Rate Tax
Employee $118,500 6.2% $ 7,347
Self-Employed 118,500 12.4% 14,694
MEDICARE PART A PAYROLL TAX
Taxable Wage Base Tax Rate Maximum Tax
Employee Initial $250,000 (joint filer) 1.45% $3,625.00
Initial $125,000 (married filing separately) 1.45% $1,812.50
Initial $200,000 (all others) 1.45% $2,900.00
Wages over $250,000 (joint filers) 2.35% (no maximum)
Wages over $125,000 (married filing separately) 2.35% (no maximum)
Wages over $200,000 (all others) 2.35% (no maximum)
Employer All wages 1.45%
Self-Employed Initial $250,000 (joint filer) 2.9% $7,250.00
Initial $125,000 (married filing separately) 2.9% $3,625.00
Initial $200,000 (all others) 2.9% $5,800.00
Wages over $250,000 (joint filers) 3.8% (no maximum)
Wages over $125,000 (married filing separately) 3.8% (no maximum)
Wages over $200,000 (all others) 3.8% (no maximum)
4. ALTERNATIVE MINIMUM TAX
Taxpayers are subject to an “alternative minimum tax” (AMT) instead of the regular income tax when
they have substantial “preference income.” This is income that is treated favorably under the regular
income tax. Basically, the taxpayer must pay whichever tax is higher—the regular tax or the AMT.
Filing Status 2015 Exemption 2016 Exemption
Single or head of household $53,600 $53,900
Married filing jointly $83,400 $83,800
Married filing separately $41,700 $41,900
The exemption amounts are phased out for higher-income taxpayers.
*$92,700 / $93,150 for married persons filing separately
2015 2016 Income Tax Bracket
First $1,050 $1,050 No Tax
Next $1,050 $1,050 Child’s Bracket
Amounts Over $2,100 $2,100 Parent’s Bracket
KIDDIE TAX (UNDER AGE 19 WITH UNEARNED INCOME)
The “kiddie tax” applies to: a) a child under age 18; b) a child age 18 whose earned income does not
exceed one-half of his or her support; or c) a child age 19-23 whose earned income does not exceed one-
half of his or her support, and who is a full-time student. Furthermore, the child does not file a joint
income tax return and has at least one living parent at the end of the tax year.
CORPORATIONS (FOR ALL TAX YEARS SINCE 1993)
Over But not over Flat amount +% Of excess over
$ 0 $ 50,000 $ 0 15% $ 0
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 18,333,333 5,150,000 38% 15,000,000
18,333,333 ––––––––– 6,416,667 35% 18,333,333
If Taxable Income is:
Filing Status Tax Base % of Benefits Taxed
Single or head of household $25,000 - $34,000 50%
Over $34,000 85%
Married filing jointly $32,000 - $44,000 50%
Over $44,000 85%
Married filing separately Depends on whether the spouses live together during the tax year
INCOME TAXATION OF SOCIAL SECURITY BENEFITS
Retired taxpayers with incomes over certain threshold amounts are subject to income tax on their Social
Security retirement benefits. The special tax base for determining whether a taxpayer’s benefits are sub-
ject to tax equals one-half of Social Security benefits, plus all other income, including tax-exempt
income. The dollar thresholds below are not indexed to inflation.
For example, a married couple filing jointly has an adjusted gross income of $30,000, tax-exempt inter-
est of $3,000, and receives $24,000 in Social Security benefits. The special tax base for the couple equals
$45,000, and $6,850 of the Social Security benefits are taxable (.50 x $12,000 = $6,000; .85 of $1,000
= $850; total $6,850).
4 of 11
AMT Income in Excess of Exemption 2015 / 2016 AMT Rate
First $185,400 / $186,300* 26%
Above $185,400 / $186,300 28%
5. PERSONAL EXEMPTION
Amount - The personal exemption amount that a taxpayer may claim for himself and each of his
dependents is set at $4,000 in 2015 and $4,050 in 2016. For example, in 2016, a married couple with
two dependent children file a joint tax return and claim four personal exemptions for a total of $16,200.
A taxpayer (usually a child) cannot claim a personal exemption if he or she can be claimed as a depend-
ent by another (usually a parent).
Reduction of Personal Exemption Amount - Personal exemptions claimed in 2015 and 2016 must
be reduced by 2% for each $2,500 ($1,250 for married filing separately) or fraction thereof of AGI in
excess of a certain amount. For 2015, the threshold AGI amounts are $309,900 for married persons
filing jointly, $284,050 for heads of households, $258,250 for singles, and $154,950 for married per-
sons filing separately. For 2016, the threshold AGI amounts are $311,300 for married persons filing
jointly, $285,350 for heads of households, $259,400 for singles, and $155,650 for married persons
filing separately.
STANDARD DEDUCTION
Amount - The standard deduction is a flat amount that a taxpayer may deduct in lieu of itemizing
deductions. The standard deduction amount for each taxpayer category is:
2015 2016
Taxpayer Status Standard Deduction Standard Deduction
Single $6,300 $6,300
Married filing jointly $12,600 $12,600
Head of household $9,250 $9,300
Married filing separately $6,300 $6,300
Age 65 or Blind - Taxpayers who are age 65 or over, or who are blind, may take an additional standard
deduction (provided they do not itemize). In 2015 and 2016, the additional standard deduction amount
is $1,250 if married or $1,550 if the person is unmarried or not a surviving spouse.
Dependents - Taxpayers (usually children) who are claimed as dependents on another’s (usually parents’)
tax return may only take a limited standard deduction. In 2015 and 2016, the deduction amount cannot
exceed the greater of (1) $1,050 or (2) $350 plus earned income (up to the regular standard deduction
amount).
ITEMIZED DEDUCTIONS
Interest Expense. Most personal interest paid is not deductible, with certain important exceptions:
Deductible Not Deductible
1. Mortgage interest on one or two residences
up to $1,000,000 of indebtedness
2. Points on home mortgages
3. Home equity loan interest up to $100,000
of indebtedness
4. Business interest
5. Investment interest up to net investment income
State and Local Taxes - Itemizers may deduct either state and local income taxes, or state and local sales
taxes. Also, itemizers may deduct state and local real property taxes and personal property taxes. However,
taxpayers may not deduct state and local taxes in calculating the AMT unless they are deductible in com-
puting adjusted gross income (“above the line” deductions, not itemized).
Medical and Dental Expenses - Expenses paid for nearly all medical, dental and vision care during the
year, and not reimbursed by insurance or other means, are deductible by itemizers to the extent that the
total of such expenses exceeds 10% of AGI in 2015 and 2016 (except for those taxpayers age 65 and
older, who remain at 7.5% through the tax year ending December 31, 2016).
Losses - Individuals can deduct three basic types of losses: 1) business losses incurred in the taxpayer’s
unincorporated business, 2) investment losses if the investment was originally motivated by profit, and
3) casualty and theft losses, but each separate loss is reduced by $100, and the total of such losses is only
deductible to the extent it exceeds 10% of AGI.
1. Auto loan interest
2. Credit card interest
3. Most other consumer loan interest
4. Prepaid interest other than points on
home mortgages
5 of 11
6. DEDUCTION FOR CONTRIBUTIONS TO PUBLIC CHARITIES
Type of Property Deemed Amount Percentage
Contributed of Contribution Limitation1
Cash Actual dollar amount 50%
Appreciated ordinary income property2
or Donor’s tax basis 50%
appreciated short-term capital gain property3
Appreciated long-term capital gain property4
(a) General rule Fair market value 30%
(b) Election made to reduce amount Donor’s tax basis 50%
of contribution
(c) Tangible personal property put to Donor’s tax basis 50%
unrelated use by donee charity
1 The applicable “percentage limitation’’ applies to the donor’s contribution base, which is the donor’s adjusted gross income
(AGI) determined without regard to any net operating loss carryback. The limitation is applied on an annual basis. Any
deductible contributions that exceed the current year’s limitations may be carried over and deducted in the five succeeding
tax years, subject to the percentage limitations in those years.
2 “Ordinary income property” is property that would produce ordinary income if sold by the individual.
3 “Short-term capital gain property” is property that would produce short-term capital gain if sold by the individual.
4 “Long-term capital gain property” is property that would produce long-term capital gain if sold by the individual.
CAPITAL GAINS AND DIVIDENDS
Maximum Tax Rate on Long-Term Capital Gains - In 2015 and 2016, the tax rate on net long-term
capital gains for individual taxpayers is 15% (or 0% for taxpayers in the lower two tax brackets).
Taxpayers with net long-term capital gains exceeding the threshold amount for the 39.6% income tax
bracket are taxed at a rate of 20% for those gains.
Holding Period - The long-term rate generally applies to gains on the sale of capital assets held for more
than one year.
Short-Term Capital Gains - Net short-term capital gains (on sales of capital assets held for one year or
less) are taxed at ordinary income rates.
Collectibles - Long-term capital gain from the sale of collectibles is taxed at a top rate of 28%.
Capital Losses - After capital gains and losses are netted against one another, any remaining net capital
loss may be used to offset ordinary income up to $3,000 per year. Any excess net capital loss may be car-
ried over and used in future years.
Sale of a Principal Residence - A seller of any age who has owned and used real property as a principal
residence for at least two of the last five years can exclude from gross income up to $250,000 ($500,000
if married filing jointly) of gain realized on a sale.
Maximum Tax Rate on Most Corporate Dividends - In 2015 and 2016, the tax rate on most corporate
dividends for individual taxpayers is 15% (or 0% for taxpayers in the lower two tax brackets). Taxpayers
with dividends exceeding the threshold amount for the 39.6% income tax bracket are taxed at a rate of
20% for those dividends.
Additional Tax on High-Income Taxpayers - In 2015 and 2016, individuals with more than $200,000
in income ($250,000 for a married couple filing jointly), who also have investment income, will pay
an additional tax of 3.8% on net investment income or the excess of modified adjusted gross income
over the threshold amount (whichever amount is less). Investment income is defined as the sum of gross
income from items such as interest, dividends, annuities, royalties, and rents, as well as net gain attrib-
utable to the disposition of property (i.e., capital gains).
6 of 11
Reduction of Itemized Deductions - Itemized deductions claimed in 2015 and 2016 must be reduced
by 3% of AGI in excess of a certain amount based upon the taxpayer’s income tax filing status, and the
maximum reduction is 80%. The AGI threshold amounts for 2015 are $309,900 for married persons
filing jointly, $284,050 for heads of households, $258,250 for singles, and $154,950 for married per-
sons filing separately. The AGI threshold amounts for 2016 are $311,300 for married persons filing
jointly, $285,350 for heads of households, $259,400 for singles, and $155,650 for married persons
filing separately.
7. 2015 & 2016
Defined Contribution Plans- Annual
additions limit for defined contribution
plans [IRC Sec. 415(c)] $53,000
Defined Benefit Plans - Annual benefit limit
for defined benefit plans [IRC Sec. 415(b)] $210,000
401(k) - Annual limit on deferrals
[IRC Sec. 402(g)] $18,000
Plus: age 50+ catch-up $6,000
403(b) - Annual limit on deferrals
[IRC Sec. 402(g)] $18,000
Plus: age 50+ catch-up $6,000
Salary Reduction SEPs (SARSEPs) - Annual
limit on elective deferral [IRC Sec. 402(g)] $18,000
Plus: age 50+ catch-up $6,000
Annual Limit On Elective Deferrals to
457 Plans- [IRC Sec. 457(b)(2)(c)(1)] $18,000
Plus: age 50+ catch-up $6,000
Maximum Annual Compensation -
Amount of employee compensation that
may be taken into account by plan formula
(QRPs, 403(b), SEPs) [IRC Sec. 401(a)(17)] $265,000
Nondiscrimination Rules - For “highly
compensated employees” [IRC Sec. 414(q)(1)] $120,000
Annual Compensation Subject to SEP
Discrimination Rules - [IRC Sec. 408(k)(3)(c)] $265,000
Compensation Threshold for SEP
Participation - [IRC Sec. 408(k)(2)(c)] $600
Annual Limit on Elective Deferrals to
SIMPLE Plans- [IRC Sec. 408(p)(2)(c)(a)(ii)] $12,500
Plus: age 50+ catch-up $3,000
DOLLAR LIMITS FOR QUALIFIED RETIREMENT PLANS
7 of 11
Traditional IRA
Contribution Limit – In 2015 and 2016, the lesser of $5,500 ($6,500 for taxpayers age 50+) or earned income.
Deduction Limit on Qualified Retirement Plan Participants
• Taxpayers who do not participate in qualified retirement plans can deduct contributions to an IRA.
• Taxpayers who do participate in qualified retirement plans may be subject to a reduced deduction
based on modified adjusted gross income (MAGI).
• In 2015 and 2016, the MAGI phase-out of the deduction for single taxpayers begins at $61,000 and
the deduction is lost at $71,000. The MAGI phase-out of the deduction for married taxpayers filing
jointly begins at $98,000 and the deduction is lost at $118,000.
INDIVIDUAL RETIREMENT ACCOUNTS
8. REQUIRED MINIMUM DISTRIBUTIONS: UNIFORM LIFE TABLE
The Uniform Life Table is used to calculate lifetime required minimum distributions (RMDs) from qual-
ified retirement plans, including 401(k) and 403(b) plans, and IRAs. To use this table, owners must be:
• Unmarried
• Married with a spouse who is not more than ten years younger
• Married with a spouse is not the sole beneficiary of the account
Married owners whose spouse is more than 10 years younger determine the appropriate life expectancy
using the Joint and Last Survivor Table.
For every “distribution calendar year” (a calendar year for which a minimum distribution is required),
find (1) the account balance on December 31st of the preceding year, (2) the account owner’s age on
his or her birthday in the distribution calendar year, and (3) the divisor that corresponds to that age in
the year of the distribution for the Uniform Lifetime Table. The RMD for the distribution calendar
year is (1) divided by (3).
IRAs funded with annuities may have additional benefits that need to be included when calculating
RMD payments.
Roth IRA
Contribution Limit – In 2015 and 2016, the lesser of $5,500 ($6,500 for taxpayers age 50+) or earned income.
Contribution Limit Based on Modified Adjusted Gross Income – In 2015 and 2016, the amount
taxpayers can contribute to a Roth IRA is subject to a MAGI phase-out.
• In 2015, the MAGI phase-out on Roth IRA contributions by single taxpayers begins at $116,000 and
no contribution is permitted if MAGI is $131,000 or more. The MAGI phase-out on Roth IRA con-
tributions for married taxpayers filing jointly begins at $183,000 and no contribution is permitted if
MAGI is $193,000 or more.
• In 2016, the MAGI phase-out on Roth IRA contributions by single taxpayers begins at $117,000 and
no contribution is permitted if MAGI is $132,000 or more. The MAGI phase-out on Roth IRA con-
tributions for married taxpayers filing jointly begins at $184,000 and no contribution is permitted if
MAGI is $194,000 or more.
Deduction Limit – There is no deduction for a contribution to a Roth IRA.
INDIVIDUAL RETIREMENT ACCOUNTS
8 of 11
Age Factor Age Factor Age Factor
70 27.4 85 14.8 100 6.3
71 26.5 86 14.1 101 5.9
72 25.6 87 13.4 102 5.5
73 24.7 88 12.7 103 5.2
74 23.8 89 12.0 104 4.9
75 22.9 90 11.4 105 4.5
76 22.0 91 10.8 106 4.2
77 21.2 92 10.2 107 3.9
78 20.3 93 9.6 108 3.7
79 19.5 94 9.1 109 3.4
80 18.7 95 8.6 110 3.1
81 17.9 96 8.1 111 2.9
82 17.1 97 7.6 112 2.6
83 16.3 98 7.1 113 2.4
84 15.5 99 6.7 114 2.1
115+ 1.9
9. REQUIRED MINIMUM DISTRIBUTIONS: SINGLE LIFE EXPECTANCY TABLE
The following section concerns the RMD for individuals who inherit accounts. The required begin-
ning date (RBD) is the date on which the owner has to begin taking distributions from a qualified
retirement plan (age 701/2).
When the owner dies BEFORE reaching the RBD
If the owner dies before reaching the RBD for taking required minimum distributions (RMDs), and
there is a designated beneficiary, use the designated beneficiary’s life expectancy as calculated by using
his or her age in the year following the year of the owner’s death, and reduce by one for each passing
year. But, if there is no designated beneficiary, the entire interest must be paid out by the end of the
year marked by the fifth anniversary of the owner’s death.
When the owner dies AFTER reaching the RBD
If there is a designated beneficiary, there are two options for taking RMDs after the owner’s death:
• Use the life expectancy method using the designated beneficiary’s life expectancy (as described
above), or
• Use the deceased owner’s remaining life expectancy at death based on his or her age in the year of
death, and reduced by one for each year thereafter.
If there is no designated beneficiary, the only distribution period available is based on the deceased
owner’s life expectancy in the year of death, and reduced by one for each year thereafter.
Options for the Surviving Spouse as Sole Beneficiary
The spouse may elect to treat the account as his or her own IRA.
In the event the owner dies before reaching the RBD, the spouse may defer payments until the year the
deceased owner would have reached age 701/2. Thereafter, RMDs are calculated based upon the spouse’s
life expectancy.
In the event the owner dies after the RBD, the spouse must take the deceased owner’s RMD for the
year of death (if the owner dies before taking the distribution). And, starting in the year after the
owner’s year of death, the spouse takes RMDs based on his or her life expectancy. OR, the spouse could
choose to take a lump sum or distributions of varying amounts over time (as long as all funds are dis-
tributed within five years).
0 82.4
1 81.6
2 80.6
3 79.7
4 78.7
5 77.7
6 76.7
7 75.8
8 74.8
9 73.8
10 72.8
11 71.8
12 70.8
13 69.9
14 68.9
15 67.9
16 66.9
17 66.0
18 65.0
19 64.0
20 63.0
Age Factor
21 62.1
22 61.1
23 60.1
24 59.1
25 58.2
26 57.2
27 56.2
28 55.3
29 54.3
30 53.3
31 52.4
32 51.4
33 50.4
34 49.4
35 48.5
36 47.5
37 46.5
38 45.6
39 44.6
40 43.6
41 42.7
42 41.7
43 40.7
44 39.8
45 38.8
46 37.9
47 37.0
48 36.0
49 35.1
50 34.2
51 33.3
52 32.3
53 31.4
54 30.5
55 29.6
56 28.7
57 27.9
58 27.0
59 26.1
60 25.2
61 24.4
62 23.5
63 22.7
64 21.8
65 21.0
66 20.2
67 19.4
68 18.6
69 17.8
70 17.0
71 16.3
72 15.5
73 14.8
74 14.1
75 13.4
76 12.7
77 12.1
78 11.4
79 10.8
80 10.2
81 9.7
82 9.1
83 8.6
84 8.1
85 7.6
86 7.1
87 6.7
88 6.3
89 5.9
90 5.5
91 5.2
92 4.9
93 4.6
94 4.3
95 4.1
96 3.8
97 3.6
98 3.4
99 3.1
100 2.9
101 2.7
102 2.5
103 2.3
104 2.1
105 1.9
106 1.7
107 1.5
108 1.4
109 1.2
110 1.1
111 1.0
Age Factor Age Factor Age Factor Age Factor Age Factor
9 of 11
10. ESTATE & GIFT TAXES
2015-16 Estate Tax
Top Estate Tax Rate in 2015: 40%
Top Estate Tax Rate in 2016: 40%
Estate Tax Applicable Exclusion Amount in 2015 (Unified Credit): $5,430,000
Estate Tax Applicable Exclusion Amount in 2016 (Unified Credit): $5,450,000
Portability: The estate executor can elect to allocate the unused portion of a decedent’s estate tax applica-
ble exclusion amount to the surviving spouse.
2015-16 Gift Tax
Top Gift Tax Rate in 2015: 40%
Top Gift Tax Rate in 2016: 40%
Annual Gift Tax Exclusion in 2015: $14,000 per donee
Annual Gift Tax Exclusion in 2016: $14,000 per donee
Annual Gift Tax Exclusion for a Noncitizen Spouse in 2015: $147,000
Annual Gift Tax Exclusion for a Noncitizen Spouse in 2016: $148,000
Lifetime Gift Tax Applicable Exclusion Amount in 2015 (Unified Credit): $5,430,000
Lifetime Gift Tax Applicable Exclusion Amount in 2016 (Unified Credit): $5,450,000
10 of 11
Over But not over Flat amount +% Of excess over
$ 0 $ 10,000 $ 0 18% $ 0
10,000 20,000 1,800 20% 10,000
20,000 40,000 3,800 22% 20,000
40,000 60,000 8,200 24% 40,000
60,000 80,000 13,000 26% 60,000
80,000 100,000 18,200 28% 80,000
100,000 150,000 23,800 30% 100,000
150,000 250,000 38,800 32% 150,000
250,000 500,000 70,800 34% 250,000
500,000 750,000 155,800 37% 500,000
750,000 1,000,000 248,300 39% 750,000
1,000,000 ———— 345,800 40% 1,000,000
2015 and 2016 Gift and Estate Unified Tax Rates: