Joseph Oommen | CPA
215.676.7666

Tax rates

Your taxable income

= Gross Income – Standard Deduction – Total Exemptions

2016 Standard Deduction and Personal Exemption

Single $6,300
Married Filing Jointly (MFJ) $12,600
Head of Household (HH) $9,250
Personal Exemption $4,000

Federal Income Tax Brackets for 2016

For taxes due April 18, 2017

Tax Rate Single Married Filing Jointly
or Qualified Widow(er)
Head of
Household
Married
Filing Separately
% Min. Max. Min. Max. Min. Max. Min. Max.
10% 0 9,225 0 18,450 0 9,225 0 13,150
15% 9,226 37,450 18,451 74,900 9,226 37,450 13,151 50,200
25% 37,451 90,750 74,901 151,200 37,451 75,600 50,201 129,600
28% 90,751 189,300 151,201 230,450 75,601 115,225 129,601 209,850
33% 189,301 411,500 230,451 411,500 115,226 205,750 209,851 411,500
35% 411,501 413,200 411,501 464,850 205,751 232,425 411,501 439,000
39.6% 413,201 or more 464,851 or more 232,426 or more 439,001 or more

Source

Other credits

Child tax credit for kids under 16:   $1,000
College tuition credit up to:   $2,000
Energy efficiency credit up to:   $500

© 2017 Keystone Tax Services Inc
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