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2015 vs. 2016 Comparison of Selected Tax Limits & Rates

Social Security/ Medicare20152016
Social Security Tax Wage Base$118,500$118,500
Employee portion of Social Security6.20%6.20%
Medicare Tax Wage BaseNo limitNo limit
Employee portion of Medicare1.42%1.42%
Additional Employee portion of Medicare >$200,000 wages0.90%0.90%
Individual Retirement Accounts20152016
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 Limits20152016
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 Deductions20152016
Business mileage, per mile57.5¢54¢
Charitable mileage, per mile14¢14¢
Medical and moving, per mile23¢19¢
Business Equipment20152016
Maximum Section 179 deduction$500,000$500,00
Phase out for Section 179$2 million$2 million
Standard Deduction20152016
Married filing jointly$12,600$12,600
Single (and married filing separately)$6,300$6,300
Heads of Household$9,250$9,300
Personal Exemption20152016
Amount$4,000$4,050
Personal Exemption Phaseout20152016
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 Tax20152016
Net unearned income not subject to the "Kiddie Tax"$2,100$2,100
Estate Tax20152016
Federal estate tax exemption$5.43 million$5.45 million
Maximum estate tax rate40%40%
Annual Gift Exclusion20152016
Amount you can give each recipient$14,000$14,000
Click to see more limits and rates for 2016