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Tax Rates

IRS Links:

Tax Code Regulation and Official Guidance
Tax Information for Corporations
Publication 542
Tax Information for International Corporations
United States Income Tax Treaties A to Z
List of Approved KYC Rules
Tax Information for Partnerships
Applicable Federal Tax Rates


2017 Tax Rates - Estates & Trusts

2016 Rates

15%

0 to $2,550

25%

$2,550 to $6,000

28%

$6,000 to $9,150

33%

$9,150 to $12,500

39.6%

Over $12,500

 

Social Security

2017 Tax Rates

Social Security Tax Rate: Employers

6.2%

Social Security Tax Rate: Employees

6.2%

Social Security Tax Rate: Self-Employed

15.3%

Maximum Taxable Earnings

$127,200

Medicare Base Salary

Unlimited

Medicare Tax Rate

1.45%

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

0.9%

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

3.8%

 

Miscellaneous

2017 Tax Rates

Business expensing limit: Cap on equipment purchases

$2,030,000

Business expensing limit: New and Used Equipment and Software

$510,000

Standard mileage rate for business driving

53.5 cents

Standard mileage rate for medical/moving driving

17 cents

Standard mileage rate for charitable driving

14 cents

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 $54,000

401(k) maximum employee contribution limit

$18,000 if under age 50
$24,000 if 50 or older

Estate tax exemption

$5,490,000

Annual Exclusion for Gifts

$14,000

Get In Touch

At L&V Partners, we've been serving the accounting needs of Andover, MA and the surrounding areas for years. If you need help managing any aspect of your business's finances, we want to hear from you.

Please fill out this form and let us know how we can be of service. We will happily offer you a FREE initial consultation to determine how we can best serve you.

Thank you for visiting. We look forward to working together!

L&V Partners

300 Brickstone Square
Suite 201

Andover, MA 01810
T: +1-978-749-9900
F: +1-978-824-9437
E: info@l-vpartners.com



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