Estimated Income Tax Brackets and Rates
| 2017 Taxable Income Brackets and Rates (Estimate) | ||||
| Rate | Single Filers | Married Joint Filers | Head of Household Filers | Married Separate Filers |
|
10% |
$0 to $9,325 | $0 to $18,650 | $0 to $13,350 | $0 to $9,325 |
|
15% |
$9,326 to $37,950 | $18,651 to $75,900 | $13,351 to $50,800 | $9,326 to $37,950 |
|
25% |
$37,951 to $91,900 | $75,901 to $153,100 | $50,801 to $131,200 | $37,351 to $76,550 |
|
28% |
$91,901 to $191,650 | $153,101 to $233,350 | $131,201 to $212,500 | $76,551 to $116,675 |
|
33% |
$191,651 to $416,700 | $233,351 to $416,700 | $212,501 to $416,700 | $116,676 to $208,350 |
|
35% |
$416,701 to $418,400 | $416,701 to $470,700 | $416,701 to $444,550 | $208,351 to $235,350 |
|
39.6% |
$418,401+ | $470,701+ | $444,551+ | $235,351+ |
______________________________________________________________________________
Filing Requirements For Most Taxpayers
|
| IF your filing status is. . . | AND at the end of 2016 you were . . . |
THEN file a return if your gross income was at least. . . |
|---|---|---|
| Single | under 65 | $10,450 |
| 65 or older | $11,950 | |
| Head of household | under 65 | $13,400 |
| 65 or older | $14,950 | |
| Married filing jointly | under 65 (both spouses) | $20,800 |
| 65 or older (one spouse) | $22,050 | |
| 65 or older (both spouses) | $23,300 | |
| Married filing separately | any age (if your spouse itemizes deductions) | $4,050 |
| Qualifying widow(er) with dependent child |
under 65 | $16,750 |
| 65 or older | $18,000 |
______________________________________________________________________________
Earned Income Tax Credit
|
|||||
| 2017 Earned Income Tax Credit Parameters (Estimate) | |||||
| Filing Status | No Children | One Child | Two Children | Three or More Children | |
| Single or Head of Household | Income at Max Credit |
$6,670 |
$10,000 |
$14,040 |
$14,040 |
| Maximum Credit |
$510 |
$3,400 |
$5,616 |
$6,318 |
|
| Phaseout Begins |
$8,340 |
$18,340 |
$18,340 |
$18,340 |
|
| Phaseout Ends (Credit Equals Zero) |
$15,010 |
$39,617 |
$45,007 |
$48,340 |
|
| Married Filing Jointly | Income at Max Credit |
$6,670 |
$10,000 |
$14,040 |
$14,040 |
| Maximum Credit |
$510 |
$3,400 |
$5,616 |
$6,318 |
|
| Phaseout Begins |
$13,930 |
$23,930 |
$23,930 |
$23,930 |
|
| Phaseout Ends (Credit Equals Zero) |
$20,600 |
$45,207 |
$50,597 |
$53,930 |
|
______________________________________________________________________________
Standard Deduction and Personal Exemption
| 2017 Standard Deduction and Personal Exemption (Estimate) | |
| Filing Status | Deduction Amount |
| Single | $6,350.00 |
| Married Filing Jointly | $12,700.00 |
| Head of Household | $9,350.00 |
| Married Filing Separately | $6,350.00 |
| Personal Exemption | $4,050.00 |
______________________________________________________________________________
PEP and Pease
| 2017 Personal Exemption Phaseout (Estimate) | ||
| Filing Status | Phaseout Begin | Phaseout Complete |
| Single | $261,500.00 | $384,000.00 |
| Married Filing Jointly | $313,800.00 | $436,300.00 |
| Head of Household | $287,650.00 | $410,150.00 |
| Married Filing Separately | $156,900.00 | $218,150.00 |
______________________________________________________________________________
Alternative Minimum Tax
| 2017 Alternative Minimum Tax Exemptions (Estimate) | |
| Filing Status | Exemption Amount |
| Single | $54,300.00 |
| Married Filing Jointly | $84,500.00 |
| Married Filing Separately | $42,250.00 |
| Trust & Estates | $24,100.00 |
