STAY CONNECTED!


© L. Kruckeberg, CPA LLC. All Rights Reserved.


COMPANY

Home

Services

Contact Us

Our Firm

Industries

Careers

Referrals

Request Appointment

RESOURCES

Track Your Refund

Tax Rates

Financial Tools

Record Retention Guide

Due Dates

Client Form

LINKS

IRS.GOV

Texas State Comptroller

Texas Workforce Commission

EFTPS

Texas Sales And Use Tax

COMMON FORMS

W-4

W-9

Pub. 15

941

940

Services Financial Tools Contact Us Our Firm Resources
Amarillo CPA, Tax Preparation, Bookkeeping - L. Kruckeberg, CPA LLC Amarillo CPA, Tax Preparation, Bookkeeping - L. Kruckeberg, CPA LLC Amarillo CPA, Tax Preparation, Bookkeeping - L. Kruckeberg, CPA LLC Amarillo CPA, Tax Preparation, Bookkeeping - L. Kruckeberg, CPA LLC Amarillo CPA, Tax Preparation, Bookkeeping - L. Kruckeberg, CPA LLC Amarillo CPA, Tax Preparation, Bookkeeping - L. Kruckeberg, CPA LLC Amarillo CPA, Tax Preparation, Bookkeeping - L. Kruckeberg, CPA LLC Amarillo CPA, Tax Preparation, Bookkeeping - L. Kruckeberg, CPA LLC Amarillo CPA, Tax Preparation, Bookkeeping - L. Kruckeberg, CPA LLC L. Kruckebery, CPA LLC

CALL US TODAY!

806.553.1245

3221 Commerce St., Amarillo, TX 79109

Certified Public Accountant

 



Single Taxpayers - Standard Deduction $6,300


2016 Federal Income Tax Rates

Select category below to view current tax rates



Personal Exemption


$4,050

Business expensing limit: Cap on equipment purchases


$2,000,000

Business expensing limit: New and Used Equipment and Software


$500,000

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


110% of your 2016 tax liability

Standard mileage rate for business driving


54 cents

Standard mileage rate for medical/moving driving


19 cents

Standard mileage rate for charitable driving


14 cents

Child Tax Credit


$1,000.00

Unearned income maximum for children under 19 before kiddie tax applies


$1,050.00

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 $53,000

401(k) maximum employee contribution limit


$18,000 if under age 50

$24,000 if 50 or older


Estate tax exemption


$5,450,000.00

Annual Exclusion for Gifts


$14,000.00

American Opportunity Credit (Hope)


$2,500

Lifetime Learning Credit


$2,000

Student Loan Interest Deduction


$2,500

Coverdell Education Savings Contribution


$2,000

Social Security Tax Rate: Employers


6.20%

Social Security Tax Rate: Employees


6.20%

Social Security Tax Rate: Self-Employed


12.40%

Maximum Taxable Earnings


$118,500

Medicare Base Salary


Unlimited

Medicare Tax Rate


1.45%

Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)


0.90%

Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers)


3.80%

15%


0 to $2,550

25%


$2,550 to $5,950

28%


$5,950 to $9,050

33%


$9,050 to $12,400

39.60%


Over $12,400

10%


0 to $13,250

15%


$13,250 to $50,400

25%


$50,400 to $130,150

28%


$130,150 to $210,800

33%


$210,800 to $413,350

35%


$413,350 to $441,000

39.60%


Over $441,000

10%


0 to $9,275

15%


$9,275 to $37,650

25%


$37,650 to $75,950

28%


$75,950 to $115,725

33%


$115,725 to $206,675

35%


$206,675 to $233,475

39.60%


Over $233,475

10%


0 to $18,550

15%


$18,550 to $75,300

25%


$75,300 to $151,900

28%


$151,900 to $231,450

33%


$231,450 to $413,350

35%


$413,350 to $466,950

39.60%


Over $466,950

10%


0 to $9,275

15%


$9,275 to $37,650

25%


$37,650 to $91,150

28%


$91,150 to $190,150

33%


$190,150 to $413,350

35%


$413,350 to $415,050

39.60%


Over $415,050

Single Taxpayers Single Taxpayers Estates & Trusts Estates & Trusts Married Filing Jointly & Surviving Spouses Married Filing Jointly & Surviving Spouses Social Security Social Security Married Filing Separately Married Filing Separately Miscellaneous Miscellaneous Head of Household Head of Household Education Education

Married Jointly & Surviving Spouses- Standard Deduction $12,600

Married Filing Separately- Standard Deduction $6,300

Head of Household- Standard Deduction $9,300

Estates & Trusts

Social Security

Miscellaneous

Education