Tax Tables & Info

Federal Income Taxes:
+ Single Persons – Income Tax Rates
+ Married Filing Jointly – Income Tax Rates
+ Corporate Income Tax Rates
+ Personal Service Corporation Income Tax Rates
+ Estates and Trusts Income Tax Rates
+ Maximum Rate on Long Term Capital Gains & Qualified Dividend Income
+ Personal and Dependency Exemptions for Individuals
+ Alternative Minimum Income Tax Rate
+ Unearned Income of Children under 14 Years of Age
+ Standard Deduction for Individuals who do not Itemize
+ Phase Out of Itemized Deductions
+
Certain Payments to Nonresident Alien Individuals and Foreign Corporations
+
Expatriation Amounts

Federal Transfer Taxes
+ Federal Estate and Gift Unified Tax Rates
+ Gift Tax Annual Exclusion Amounts
+ Transfer Tax Exemptions and Credits
+ Reporting of Gifts & Bequests from Abroad

Federal Misc.:
+ Social Security and Medicare Taxes
+ Standard Mileage Rates
+ Applicable Federal Rates

Florida Taxes:
+ Corporate Income Tax Rate
+ Nonrecurring Intangible Personal Property Tax on Recorded Secured Obligations
+ Sales and Use Taxes
+ Current Documentary Stamp Taxes
+ Historical Documentary Stamp Taxes

Single Person
Individual Income Tax Rates 2016
Taxable Income Tax Rate
$0 – 9,275 10%
$9,276 –37,650 15%
$37,651 –91,150 25%
$91,151 –190,150 28%
$190,151 –413,350 33%
$413,351 –415,050 35%
Over $415,050 39.6%

 

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Married Persons Filing Jointly
Individual Income Tax Rates 2016
Taxable Income Tax Rate
$0 – 18,550 10%
$18,550 – 73,800 15%
$75,300 – 151,900 25%
$151,900 – 231,450 28%
$231450 – 413,350 33%
$413,350 – 466,950 35%
Over $466,950 39.6%

 

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Corporate Income Tax Rates 2015
Taxable Income Tax Rate
$0 – $50,000 15%
$50,001 – $75,000 25%
$75,001 – $100,000 34%
$100,001 – $335,000 39%
$335,001 – $10,000,000 34%
$10,000,001 – $15,000,000 35%
$15,000,001 – $18,333,333 38%
$18,333,334 and over 35%

 

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Personal Service Corporation Income Tax Rates 2016
Taxable Income Tax Rate
$1+ 35%

 

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Estates & Trusts Income Tax Rates 2016
Taxable Income Tax Rate
$0 – $2,550 15%
$2,551 – 5,950 25%
$5,951 – 9,050 28%
$9,051 – 12,400 33%
Over $12,400 39.60%

 

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Maximum Rates on Long Term Gains For Individuals, Estates & Trusts and on Qualified Dividend Income 2016
General Rules
Net short-term (held 1 year or less) capital gain Ordinary income rates
Long-term (more than one year) capital gain and qualified dividend income 20% (or 5% for gain otherwise taxable at ordinary 10% or 15% rate)
Special Maximum Rules
Unrecaptured §1250 gain on real estate depreciation 25%
Collectibles gain (on works of art, rugs, antiques, etc.) 28%
§1202 gain (from sale of small business stock eligible for 50% exclusion from gross income) 28%

 

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Personal and Dependency Exemptions For Individuals 2016
Exemptions Amount
Per Exemption $4,050
The exemptions phase out for married individuals with AGI beginning at $311,300 (with a full phaseout by AGI of $433,800), and $259,400 AGI for unmarried individuals (with a full phaseout by AGI of $381,900

 

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Alternative Minimum Income Tax Rates 2016
Individuals 26% & 28%
Corporations 20%
Exemption amounts for joint returns or surviving spouses are $83,800, for unmarried individuals (other than surviving spouses are $53,900, for married individuals filing separate returns are $41,900, and for estates and trusts are $23,900.

 

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Unearned Income of Children Under 19 Years of Age & Dependent Students under 24 | 2016
Amount Treatment
First $1,050 Not taxed (standard deduction)
$1,051 – $3,000 Taxed at child’s rates (modify if itemized deductions)
Over $3,000 Taxed at parent’s rates

 

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Standard Deduction for Individuals Who Do Not Itemize 2016
Single $6,300
Married, Filing Jointly $12,600
Additional
Amount if:
Unmarried and Not Surviving Spouse Married Filing, Jointly
65 or older OR blind $1,550 $1,250
65 or older AND blind $3,100 $2,500

 

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Phase-Out of Itemized Deductions 2016
Most individual itemized deductions are reduced by all or some fraction of 3% of the excess of the taxpayer’s adjusted gross income over a certain threshold, to a maximum of 80% of the itemized deductions. The threshold is $311,300 in the case of a joint return, $259,400 for single persons, and $155,650 for married individuals filing separately. Medical expenses, investment interest, and casualty, theft, and wagering losses are not subject to the phase out.

 

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Certain Payments to Nonresident Aliens
2016
Generally, payments by a U.S. person of interest, dividends, and other fixed or determinable, annual or periodic, income items to a foreign person or corporation are subject to a 30% withholding tax. Important exceptions to this tax are certain bank and portfolio interest payments, payments to treaty country recipients, and payments that are related to a U.S. business of the recipient.

 

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Expatriation 2016
Covered Expartriate
An individual is a covered expatriate if the “average annual net income tax” for the five taxable years ending before the ,expatriation date is more than $161,000.
Gross Income Reduction Of Income Triggered By Expatriation
$693,000

 

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Federal Estate, Gift & Generation-Skipping Tax Rates 2014
If the amount with respect to which the tentative tax to be computed is: The tentative tax for estate and gift taxes is:
Not over $10,000 18% of that amount
Over $10,000 but not over $20,000 $1,800 + 20% of excess over $10,000
Over $20,000 but not over $40,000 $3,800 + 22% of excess over $20,000
Over $40,000 but not over $60,000 $8,200 + 24% of excess over $40,000
Over $60,000 but not over $80,000 $13,000 + 26% of excess over $60,000
Over $80,000 but not over $100,000 $18,200 + 28% of excess over $80,000
Over $100,000 but not over $150,000 $23,800 + 30% of excess over $100,000
Over $150,000 but not over $250,000 $38,800 + 32% of excess over $150,000
Over 250,000 but not over $500,000 $70,800 + 34% of excess over $250,000
Over $500,000 but not over $750,000 $155,800 + 37% of excess over $500,000
Over $750,000 but not over $1,000,000 $248,300 + 39% of excess over $500,000
Over $1,000,000 $345,800 + 40% of excess over $1,000,000
n/a n/a
n/a n/a
n/a n/a
The generation skipping tax rate is a flat 40%.

 

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Gift Tax Annual Exclusion 2016
The first $14,000 of gifts to any person (other than gifts of future interests in property) are not included in the total amount of taxable gifts under § 2503 made during that year.
The first $148,000 of gifts to a spouse who is not a citizen of the United States (other than gifts of future interests in property) are not included in the total amount of taxable gifts under §§ 2503 and 2523(i)(2) made during that year.
Historical Annual Exclusion Amounts:
Through 2001: $10,000
2002 – 2005: $11,000
2006 – 2008: $12,000
2009 – 2012: $13,000
2013 – 2016: $14,000

 

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Transfer Tax Exemptions and Credits 2016
Basic Exclusion Amount for Determining Unified Credit Against Estate and Gift Tax $5,450,000 (2015: 5.43M – 2014: $5.34M – 2013: 5.25M)
Generation Skipping Tax Exemption $5,450,000

 

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Reporting of Gifts & Bequests from Abroad 2015
For gifts from a nonresident alien individual or an inheritance from a foreign estate, reporting is required if the aggregate amount of gifts from that person exceeds $100,000 during the tax year (with no adjustments for inflation). For gifts from foreign corporations and foreign partnerships, the reporting threshold amount will be $15,601 in 2015 (annually adjusted for inflation).

 

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Social Security and Medicare Taxes 2016
Click Here For Diagram
Self-employed persons can claim an income tax deduction for one-half of their self-employment tax.

 

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Standard Mileage Rates 2015
Type of Expense Rate
Business 57.5 cents per mile
Charitable 14 cents per mile (no inflation indexing)
Moving/Medical 23 cents per mile

 

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Applicable Federal Rates
Link to TimeValue Software Table of Rates

 

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Florida – Corporate Income Tax Rates
5.5% of net income (3.3% alternative minimum,tax)

 

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Florida – Nonrecurring Intangible Personal,Property Tax on Recorded Secured Obligations 2016
$2.00 per $1,000 (2 mills)

 

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Florida – Sales & Use Tax
6% (except as to certain farm equipment), Additional 0.5% in Miami-Dade County and Palm Beach,County on first $5,000 on personal property sales – Varying,additional surtax in,other counties

 

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Florida – Current Documentary Stamp Taxes 2016
Real Property Deed $0.70 per $100 of consideration (0.60 per $100 in Miami-Dade County and other counties imposing a deed surtax). Additional Miami-Dade County surtax of $0.45 per $100 of consideration on transfers of property other than a single family residence.
Obligations of Indebtedness $0.35 per $100 of face value or indebtedness amount. Maximum tax of $2,450 for debt not secured by Florida real property.
Original Stock Issuance Tax repealed May 1, 2002.

 

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Florida – Historical Documentary Stamp Taxes
Year Real Property Deed Original Stock Issue Stock Transfer Obligations of Indebtedness
1964 $0.30 per $100 $0.15 per $100 $0.15 per $100 $0.15 per $100
1980 $0.40 per $100 No Change No Change No Change
1982 $0.45 per $100 No Change No Change No Change
1986 $0.50 per $100 No Change No Change No Change
1988 $0.55 per $100 No Change Repealed No Change
1991 $0.60 per $100 $0.32 per $100 —- $0.32 per $100
1993 $0.70 per $100 $0.35 per $100 —- $0.35 per $100

 

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