APPENDIX G: PROVIDED TAX TABLES
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1 APPENDIX G: PROVIDED TAX TABLES The tax tables and limits below are provided to individuals taking the July 2016 CFP Certification Examination. Exam Window Tax Rates, Tables, & Law Tested July November March INCOME TAX RATES 2016 SINGLE Taxable Income $0 -- $9,275 $0 10% $ 0 9, , ,275 37, ,150 5, ,650 91, ,150 18, , , ,350 46, , , , , , , , , MARRIED FILING JOINTLY Taxable Income $0 -- $18,550 $0 10% $ 0 18, ,300 1, ,550 75, ,900 10, , , ,450 29, , , ,350 51, , , , , , , , ,950
2 2016 MARRIED FILING SEPARATELY Taxable Income $0 -- $9,275 $0 10% $ 0 9, , ,275 37, ,950 5, ,650 75, ,725 14, , , ,675 25, , , ,475 55, , , , , HEAD OF HOUSEHOLD Taxable Income $0 -- $13,250 $0 10% $ 0 13, ,400 1, ,250 50, ,150 6, , , ,800 26, , , ,350 49, , , , , , , , ,000
3 2016 NET INVESTMENT INCOME TAX The net investment income tax is applied at a rate of 3.8%. Individuals Applied to the lesser of: the net investment income, or the excess of modified adjusted gross income over the following threshold amounts: $250,000 for married filing jointly or qualifying widow(er) with dependent child $125,000 for married filing separately $200,000 in all other cases Estates & Trusts Applied to the lesser of: the undistributed net investment income, or the excess of: the adjusted gross income over $12, ADDITIONAL MEDICARE TAX The additional Medicare tax is applied at a rate of 0.9%. Filing Status Threshold Amount Married filing jointly $250,000 Married filing separately $125,000 Single, Head of household, or Qualifying widow(er) $200,000
4 2016 LONG-TERM CAPITAL GAINS RATES Maximum Long-Term Capital Gain Tax Rate Taxpayers in the 10% or 15% ordinary income tax bracket 0% Taxpayers in the 25%, 28%, 33%, or 35% ordinary income tax bracket 15% Taxpayers in the 39.6% ordinary income tax bracket 20% IRC Section 1250 depreciation recapture 25% Collectibles 28% 2016 CORPORATE INCOME TAX RATES Taxable Income $0 -- $50, % $ 0 50, ,000 7, ,000 75, ,000 13, , , ,000 22, , , ,000, , ,000 10,000, ,000,000 3,400, ,000,000 15,000, ,333,333 5,150, ,000,000 18,333,
5 2016 ESTATES AND NON-GRANTOR TRUSTS INCOME TAX RATES Taxable Income $0 -- $2, % $ 0 2, , ,550 5, ,050 1, ,950 9, ,400 2, ,050 12, , , STANDARD DEDUCTIONS AND PERSONAL EXEMPTION Standard Deduction*: Single $ 6,300 Married filing jointly/ Qualifying widow 12,600 Married filing separately 6,300 Head of household 9,300 Dependent 1,050 ** *increased by $1,250 for a married taxpayer age 65 or older or blind ($2,500 if both 65 and blind); by $1,550 for a single taxpayer age 65 or older or blind ($3,100 if both 65 and blind) **or $350 plus earned income, if greater Personal Exemption: $4,050
6 2016 RETIREMENT PLAN CONTRIBUTION LIMITS AND PHASE-OUTS Elective deferrals 401(k), 403(b), 457, and SARSEPS $18,000 Catch - up contribution $6,000 Defined contribution limit $53,000 Defined benefit limit $210,000 SIMPLE plan elective deferral limit $12,500 SIMPLE catch-up contribution $3,000 Maximum includible compensation $265,000 Highly compensated employee Look-back to 2014 $115,000 Look-back to 2015 $120,000 Key employee (top-heavy plan) >$170,000 SEP participation limit $600 IRA or Roth IRA contribution limit $5,500 IRA or Roth IRA catch-up $1,000 IRA deduction phase-out for active participants Single $61,000-$71,000 Married filing jointly $98,000-$118,000 Married filing separately $0-$10,000 Spousal IRA $184,000-$194,000 Roth IRA phase-out Single $117,000-$132,000 Married filing jointly $184,000-$194,000
7 2016 ESTATE AND GIFT TAX RATES AND EXEMPTIONS Applicable credit for gift/estate taxes $2,125,800 Applicable exclusion amount $5,450,000 Max Estate/Gift Tax Rate 40% Max Generation-Skipping Transfer Tax (GSTT) Rate 40% Annual gift tax exclusion $14, SOCIAL SECURITY WAGE BASE AND EARNINGS LIMITS Wage base $118,500 Earnings limitations: Below Full Retirement Age $15,720 Persons reaching Full Retirement Age $41, SOCIAL SECURITY FULL RETIREMENT AGES Year of Birth Social Security Social Security Full Retirement Age Year of Birth Full Retirement Age and 8 months and 2 months and 10 months and 4 months 1960 and later 67
8 2016 HEALTH SAVINGS ACCOUNT LIMITS High Deductible Health Plan Minimum Deductible Amounts Single $1,300 Family $2,600 Maximum Out-of-Pocket Limits Single $6,550 Family $13,100 Contribution Maximums Single $3,350 Family $6,750 Catch-Up Contributions (age 55 or older) $1,000
9 2016 ALTERNATIVE MINIMUM TAX (AMT) EXEMPTIONS AND PHASE-OUTS Filing Status Exemption AMTI Phase-Out Single $53,900 $119,700 Married filing jointly $83,800 $159,700 Married filing separately $41,900 $79,850 Trusts and estates $23,900 $79, AMT RATES AMTI up to $186,300 26% AMTI over $186,300 28% 2016 CHILD TAX CREDIT Modified AGI Beginning Phase-Out Range for Child Tax Credit Married Filing Jointly $110,000 Single/Head of Household $75,000 Married Filing Separately $55,000 Phase-out complete when MAGI exceeds applicable threshold by $20,000/child
10 2016 EDUCATION PHASE-OUTS EE bonds for education - exclusion phase-out Single $77,550 - $92,550 Married filing jointly $116,300 - $146,300 Coverdell Education Savings Account- contribution phase-out Single $95,000 - $110,000 Married filing jointly $190,000 - $220,000 Lifetime Learning Credit - AGI phase-out Single $55,000 - $65,000 Married filing jointly $110,000 - $130,000 American Opportunity Tax credit - AGI phase-out Single $80,000 - $90,000 Married filing jointly $160,000 - $180,000 Education loan interest deduction - AGI phase-out Single $65,000 - $80,000 Married filing jointly $130,000 - $160,000
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