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2015 vs. 2016 Comparison of Selected Tax Limits & Rates
Social Security/ Medicare
2015
2016
Social Security Tax Wage Base
$118,500
$118,500
Employee portion of Social Security
6.20%
6.20%
Medicare Tax Wage Base
No limit
No limit
Employee portion of Medicare
1.42%
1.42%
Additional Employee portion of Medicare >$200,000 wages
0.90%
0.90%
Individual Retirement Accounts
2015
2016
Traditional IRA Individual, up to 100% of earned Income
$5,500
$5,500
Roth IRA Individual, up to 100% of earned income, but can be limited by AGI & filing status
$5,500
$5,500
Roth and traditional IRA additional annual "catch-up" contributions for account owners age 50 and older
$1,000
$1,000
Qualified Plan Limits
2015
2016
401(k), SARSEP, 403(b) Deferrals (Section 402(g)), & 457 deferrals (Section 457(b)(2))
$18,000
$18,000
401(k), 403(b), 457 & SARSEP additional "catch-up" contributions for employees age 50 and older
$6,000
$6,000
SIMPLE deferrals (Section 408(p)(2)(A))
$12,500
$12,500
SIMPLE additional "catch-up" contributions for employees age 50 and older
$3,000
$3,000
Driving Deductions
2015
2016
Business mileage, per mile
57.5¢
54¢
Charitable mileage, per mile
14¢
14¢
Medical and moving, per mile
23¢
19¢
Business Equipment
2015
2016
Maximum Section 179 deduction
$500,000
$500,00
Phase out for Section 179
$2 million
$2 million
Standard Deduction
2015
2016
Married filing jointly
$12,600
$12,600
Single (and married filing separately)
$6,300
$6,300
Heads of Household
$9,250
$9,300
Personal Exemption
2015
2016
Amount
$4,000
$4,050
Personal Exemption Phaseout
2015
2016
Married filing jointly and surviving spouses
$309,000 to $432,400
$311,300 to $433,800
Heads of Household
$284,050 to $406,500
$285,350 to $407,850
Unmarried individuals
$258,250 to $380,750
$259,400 to $381,900
Married filing separately
$154,950 to $216,200
$155,650 to $216,900
Kiddie Tax
2015
2016
Net unearned income not subject to the "Kiddie Tax"
$2,100
$2,100
Estate Tax
2015
2016
Federal estate tax exemption
$5.43 million
$5.45 million
Maximum estate tax rate
40%
40%
Annual Gift Exclusion
2015
2016
Amount you can give each recipient
$14,000
$14,000
Click to see more limits and rates for 2016
SECURE FILE PORTAL
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