State Tax Rates 2017

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Fed. Tax Rates 2017

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Sales Tax Rates 2017

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If the Taxable Income is between The Tax Due is
$0 – $9,325 10% of Taxable Income
$9,326 – $37,950 $932.50 plus 15% of the excess over $9325
$37,951 – $76,550 $5,226.25 plus 25% of the excess over $37,950
$76,551 – $116,675 $18,713.75 plus 28% of the excess over $91,900
$116,676 – $208,350 $46,643.75 plus 33% of the excess over $191,650
$208,351 – $235,350 $120,910.25 plus 35% of the excess over $416,700
$235,351+ $121,505.25 plus 39.6% of the excess over $418,400
If the Taxable Income is between The Tax Due is
$0 - $18,650 10% of Taxable Income
$18,650 - $75,900 $1,865 plus 15% of the excess over $18,650
$75,900 - $153,100 $10,452.50 plus 25% of the excess over $75,900
$153,100 - $233,350 $29,752.50 plus 28% of the excess over $153,100
$233,350 - $416,700 $52,222.50 plus 33% of the excess over $233,350
$416,700 - $470,700 $112,728 plus 35% of the excess over $416,700
$470,700+ $131,628 plus 39.6% of the excess over $470,700
If the Taxable Income is between The Tax Due is
$0 – $9,325 10% of Taxable Income
$9,326 – $37,950 $932.50 plus 15% of the excess over $9325
$37,951 – $76,550 $5,226.25 plus 25% of the excess over $37,950
$76,551 – $116,675 $14,876.25 plus 28% of the excess over $76,550
$116,676 – $208,350 $26,111.25 plus 33% of the excess over $116,675
$208,351 – $235,350 $56,364 plus 35% of the excess over $208,350
$235,351+ $65,814 plus 39.6% of the excess over $235,350
If the Taxable Income is between The Tax Due is
$0 - $13,350 10% of Taxable Income
$13,351 – $50,800 $1,335 plus 15% of the excess over $13,350
$50,801 – $131,200 $6,952.50 plus 25% of the excess over $50,800
$131,201 – $212,500 $27,052.50 plus 28% of the excess over $131,200
$212,501 – $416,700 $49,816.50 plus 33% of the excess over $212,500
$416,701 – $444,550 $117,202.50 plus 35% of the excess over $416,701
$444,551+ $126,950 plus 39.6% of the excess over $444,550

Standard Deduction

For 2017, the additional standard deduction amount for the aged or the blind is $1,250. The additional standard deduction amount is increased to $1,550 if the individual is also unmarried and not a surviving spouse.

If a taxpayer can be claimed as a dependent by another taxpayer, their standard deduction is the lesser of $1,050 or $350 plus their earned income, capped by the standard deductions discussed earlier in this section.

Filing Status Standard Deduction Amount
Single $6,350
Married Filing Jointy& Surviving Spouse $12,700
Married Filing Seperately $6,350
Head of Household $9,350

Personal Exemption

The personal exemption is $4,050 for 2017, and is unchanged from 2016. For higher-income individuals, the personal exemption begins to phase out, and eventually disappears completely above a certain income threshold.

Filing Status Personal exemption begins to phase out above... Personal exemption disappears above...
Single $261,500 $384,000
Married Filing Jointy $313,800 $436,300
Married Filing Seperately $156,900 $218,150
Head of Household $287,650 $410,150

Pease Threshhold

For those taxpayers who itemize their deductions, the Pease limitations, named after former Rep. Don Pease (D-OH) may cap or phase out certain deductions for high-income taxpayers. The Pease thresholds for 2017 are:

Filing Status Pease Threshhold Begins:
Single $261,500
Married Filing Jointy& Surviving Spouses $313,800
Married Filing Seperately $156,900
Head of Household $287,650

If the Pease limitations apply, the total of all your itemized deductions is reduced by the lesser of:

3% of AGI above the applicable threshold; or

80% of the amount of itemized deductions otherwise allowable for the tax year.

Pease limitations apply to charitable donations, the home mortgage interest deduction, state and local tax deductions and miscellaneous itemized deductions. They do not apply to medical expenses, investment expenses, gambling losses, and certain theft and casualty losses.

Alternative Minimum Tax Exemptions

Filing Status Exemption Amount
Individual $54,300
Married Filing Jointly& Surviving Spouses $84,500
Married Filing Seperately $42,250
Trusts& Estates $24,100

Kiddie Tax

The kiddie tax applies to unearned income for children under the age of 19 and college students under the age of 24. For 2017, the threshold for the kiddie tax - meaning the amount of unearned net income that a child can take home without paying any federal income tax - is $1,050. All unearned income in excess of $2,100 is taxed at the parent’s tax rate.

Earned Income Tax Credit (EITC)

For 2017, the maximum EITC amount available is $6,318 for taxpayers filing jointly who have 3 or more qualifying children. The revenue procedure has a table providing maximum credit amounts for other categories, income thresholds, and phase-outs.

Child & Dependent Care Credit

For 2017, the value used to determine the amount of credit that may be refundable is $3,000 (the credit amount has not changed). Keep in mind that this is the value of the expenses used to determine the credit and not the actual amount of the credit.

Adoption Credit

For 2017, the credit allowed for an adoption of a child with special needs is $13,570, and the maximum credit allowed for other adoptions is the amount of qualified adoption expenses up to $13,570. Phaseouts do apply beginning at taxpayers with modified adjusted gross income (MAGI) in excess of $203,540 and completely phased out for taxpayers with MAGI of $243,540 or more.

Hope Scholarship Credit

The Hope Scholarship Credit for 2017 will remain an amount equal to 100% of qualified tuition and related expenses not in excess of $2,000 plus 25% of those expenses in excess of $2,000 but not in excess of $4,000. That means that the maximum Hope Scholarship Credit allowable for 2017 is $2,500.

Lifetime Learning Credit

As with the Hope Scholarship Credit, income restrictions apply to the Lifetime Learning Credit. For 2017, the adjusted gross income amount used to determine the reduction in the Lifetime Learning Credit is $56,000 ($112,000 for joint filers).

Kiddie Tax

The kiddie tax applies to unearned income for children under the age of 19 and college students under the age of 24. For 2017, the threshold for the kiddie tax - meaning the amount of unearned net income that a child can take home without paying any federal income tax - is $1,050. All unearned income in excess of $2,100 is taxed at the parent’s tax rate.

TAX DEDUCTIONS, DEFERRALS & EXCLUSIONS

Student Loan Interest Deduction

For 2017, the maximum amount that you can take as a deduction for interest paid on student loans remains at $2,500. Phaseouts apply for taxpayers with modified adjusted gross income (MAGI) in excess of $65,000 ($135,000 for joint returns) and is completely phased out for taxpayers with modified adjusted gross income (MAGI) of $80,000 or more ($165,000 or more for joint returns).

Foreign Earned Income Exclusion

For tax year 2017, the foreign earned income exclusion is $102,100, up from $101,300 for tax year 2016.

Transportation and Parking Benefits

For 2017, the monthly limitation for the qualified transportation fringe benefit is $255 for transportation in a commuter highway vehicle or any transit pass, as well as qualified parking.

Medical Savings Accounts

For 2017, the term "high deductible health plan" means, for participants who have self-only coverage in a Medical Savings Account, an annual deductible that is not less than $2,250 but not more than $3,350. For self-only coverage, the maximum out of pocket expense amount is $4,500. For 2017, the term "high deductible health plan" means, for participants with family coverage, an annual deductible that is not less than $4,500 but not more than $6,700. For family coverage, the maximum out of pocket expense is $8,250.