Key Tax Numbers | Smith, Kunz & Associates

Key Tax Numbers - Quick Reference Guide

December 31, 2015

Income Tax Key Numbers

Alternative minimum tax(AMT)

2015

2016

Maximum AMT exemption amount

$83,400 (MFJ) $53,600 (Single/HOH) $41,700(MFS)

$83,800 (MFJ) $53,900 (Single/HOH) $41,900(MFS)

Exemption phaseout threshold

$158,900 (MFJ) $119,200 (Single/HOH) $79,450(MFS)

$159,700 (MFJ) $119,700 (Single/HOH) $79,850(MFS)

26% rate applies to AMT income (AMTI) at or below this amount (28% rate applies to AMTI above this amount)

$185,400 ($92,700 ifMFS)

$186,300 ($93,150 ifMFS)

 

Exemptions/itemized deductions

2015

2016

Personal &dependency exemptions

$4,000

$4,050

Phaseout threshold for exemptions and itemized deductions

$309,900 (MFJ) $284,050(HOH)

$258,250 (Single) $154,950(MFS)

$311,300 (MFJ) $285,350(HOH)

$259,400 (Single) $155,650(MFS)

 

Standard deduction

2015

2016

Standard deduction amount

$12,600 (MFJ) $9,250(HOH)

$6,300 (Single) $6,300(MFS)

$12,600 (MFJ) $9,300(HOH)

$6,300 (Single) $6,300(MFS)

Standard deduction for dependent

Greater of $1,050 or $350 + earned income

Greater of $1,050 or $350 + earned income

Additional deduction for aged/blind

$1,550 (single or head of household) $1,250 (all otherfiling statuses)

$1,550 (single or head of household) $1,250 (all other filing statuses)

 

Unearned income Medicare contribution tax (Net investment incometax)

2015

2016

Amount of tax

3.80%

3.80%

Applies to lesser of (a) net investment income or (b) modified adjusted gross income exceeding:

 

 

Individuals

$200,000

$200,000

Married filing jointly

$250,000

$250,000

Married filing separately

$125,000

$125,000

  

Long-term capital gains and qualifying dividends1 generally taxed at maximum rate of:

2015

2016

Taxpayers in top (39.6%) tax bracket

20%

20%

Taxpayers in 25%, 28%, 33%, and 35% tax ratebrackets

15%

15%

Taxpayers in tax rate bracket 15% orless

0%

0%