2017 TAX SUMMARY -- by Harry W. Laughlin III



SINGLE STATUSIf taxable income is:The tax is: Not Over $9,32510% of the taxable income Over $9,325 but not over $37,950$932.50 plus 15% of the excess over $9,325. Over $37,950 but not over $91,900$5,226.25 plus 25% of the excess over $37,950.Over $91,900 but not over $191,650$18,713.75 plus 28% of the excess over $91,900. Over $191,650 but not over $416,700$46,643.75 plus 33% of the excess over $191,650.Over $416,700 but not over $418,400$120,910.25 plus 35% of the excess over $416,700. Over $415,050$121,505.25 plus 39.6% of the excess over $418,400.HEAD OF HOUSEHOLD STATUSIf taxable income is:The tax is:Not Over $13,35010% of the taxable income.Over $13,350 but not over $50,800$1,335 plus 15% of the excess over $13,350.Over $50,800 but not over $131,200$6,952.50 plus 25% of the excess over $50,800.Over $131,200 but not over $212,500$27,052.50 plus 28% of the excess over $131,200.Over $212,500 but not over $416,700$49,816.50 plus 33% of the excess over $212,500.Over $416,700 but not over $444,550$117,202.50 plus 35% of the excess over $416,700.Over $444,550$126,950 plus 39.6% of the excess over $444,550.MARRIED JOINT STATUSIf taxable income is:The tax is:Not Over $18,65010% of the taxable income.Over $18,650 but not over $75,900$1,865 plus 15% of the excess over $18,650.Over $75,900 but not over $153,100$10,452.50 plus 25% of the excess over $75,900.Over $153,100 but not over $233,350$29,752.50 plus 28% of the excess over $153,100.Over $233,350 but not over $416,700$52,222.50 plus 33% of the excess over $233,350.Over $416,700 but not over $470,700$112,728 plus 35% of the excess over $416,700.Over $470,700$131,628 plus 39.6% of the excess over $470,700.MARRIED, SEPARATE STATUSIf taxable income is:The tax is:Over $9,325 but not over $37,950$932.50 plus 15% of the excess over $9,325.Over $37,950 but not over $76,550$5,226.25 plus 25% of the excess over $37,950.Over $76,550 but not over $116,675$14,876.25 plus 28% of the excess over $76,550.Over $116,675 but not over $208,350$26,111.25 plus 33% of the excess over $116,675.Over $208,350 but not over $235,350$56,364 plus 35% of the excess over $208,350.Over $235,350$65,814 plus 39.6% of the excess over $235,350.ESTATES AND TRUSTSIf taxable income is:The tax is:Over $2,550 but not over $6,000$382.50 plus 25% of the excess over $2,550.Over $6,000 but not over $9,150$1,245 plus 28% of the excess over $6,000.Over $9,150 but not over $12,500$2,127 plus 33% of the excess over $9,150.Over $12,500$3,232.50 plus 39.6% of the excess over $12,500.Over $2,550 but not over $6,000$382.50 plus 25% of the excess over $2,550.FILING STATUS (single, joint, etc.) controls tax rates, Standard Deductions and many other tax items.IRA CONTRIBUTION: $5,500; $1,000 catch up contribution for age 50+.401K CONTRIBUTION: $18,000; $6,000 catch up contribution for age 50+.STANDARD DEDUCTIONS in 2017 (if one is not deducting itemized deductions) are:Joint filers $12,700Heads of household $9,350Singles $6,350Marrieds filing separately $6,350 Aged or blind add $1,250, or $1,550 if unmarried and not a surviving spouse. ITEMIZED DEDUCTIONS are reduced by an amount equal to 3% of the excess of AGI over “Threshold Amounts” below, but not reduced by more than 80% of itemized deductions (except deductions for medical, casualty, investment interest and gambling losses). PERSONAL EXEMPTION: $4,050 reduced by an amount equal to 2% for each $2,500 ($1,250 for married separate), or part of it, by which AGI exceeds that taxpayer’s Threshold Amounts, below.THRESHOLD AMOUNTSThe phase out for taxpayers with the following statuses and adjusted gross income amounts:FILING STATUSPHASEOUTExemptionsBEGINS at AGIEND at AGIJoint Returns and Surviving Spouses$313,800$436,300Heads of Households$287,650$410,150Unmarried Individuals not Surv Spouse$261,500$384,000 Married Filing Separate Returns$156,900$218,150CAPITAL GAINS and QUALIFIED DIVIDENDS: investments held 12 months and domestic corporation dividends are taxed at lower rates: 0% if you are in 10-15% regular tax brackets, 15% if in 25-35% brackets and 20% for taxpayers in 39.6% bracket. AN ADDITIONAL 3.8% SURTAX applies to the lesser of (a) net investment income or (b) the excess of modified adjusted gross income over “modified adjusted gross income” exceeds, $250,000 for joint filers, $125,000 for married separate filers, and $200,000 for other taxpayers. Investment income includes interest, dividends, capital gains, annuities, royalties and passive rental income. See Form 8960.SELF-EMPLOYMENT TAX: in addition to your regular taxes, you pay 15.3% self-employment earnings (12.4% Social Security and 2.9% Medicare). AN ADDITIONAL 0.9% MEDICARE TAX is imposed on wages and self-employment income in excess of $250,000 for joint filers, $125,000 for married separate filers, and $200,000 for others. See Form 8959. ................
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