Tax 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