Tax Reference Guide - 2017 Calendar Year

The information presented below is subject to change. Contact your Worth Tax Advisor to discuss the potential application to your particular situation.

Ordinary income tax rates

Tax Rate Single Filer Head of Household Married Filling Jointly Married Filling Separately
10% $1+ $1+ $1+ $1+
15% $9,326+ $13,351+ $18,651+ $9,326+
25% $37,951+ $50,801+ $75,901+ $37,951+
28% $91,901+ $131,201+ $153,101+ $76,551+
33% $191,651+ $212,501+ $233,351+ $116,676+
35% $416,701+ $416,701+ $416,701+ $208,351+
39.6% $418,401+ $445,551+ $470,701+ $235,351+

Long-term capital gains and qualified dividends

Tax Rate Single Filer Head of Household Married Filling Jointly Married Filling Separately
0% $1+ $1+ $1+ $1+
15% $37,951+ $50,801+ $76,551+ $37,951+
20% $418,401+ $445,551+ $470,701+ $235,351+

General tax benefits

  Tax Benefit Thresholds
Personal exemption
Per exemption $4,050
Standard deduction
Single and married filing separately $6,350
Head of household $9,350
Married filing jointly $12,700
Additional deduction for aged or blind $1,250
Additional deduction for unmarried aged or blind $1,550
Deduction if you can be claimed by another
(or $350 plus earned income if greater)
$1,050
Transportation Fringe Benefit
Transit $255
Parking $255
Standard Mileage Rates
Business $0.535
Charity (not indexed) $0.14
Medical/moving $0.17
Kiddie Tax
First $1,050 not taxed $0+
Next thousand taxed at child’s rate $1,050+
Over $2,100 taxed at parent’s rate $2,100+
Adoption benefits
Adoption credit $13,570
Employer adoption benefit income exclusion $13,570
Expatriation
Average income threshold for determining if subject to tax $162,000
Exclusion from tax $699,000
Foreign earned income exclusion
Per person $102,100
Retirement accounts
401(k)/403(b) deferrals $18,000
401(k)/403(b) catch-up deferral $6,000
IRA contribution $5,500
IRA catch-up contributions $1,000

Medicare and Social Security rate change thresholds

  Rate Change Thresholds
Social Security wage cap (earned income)
Per individual $127,200
Threshold for additional 0.9% Medicare tax (earned income)
Single (not indexed) $200,000
Threshold for 3.8% Medicare tax on investment income (AGI)
Single (not indexed) $200,000
Joint (not indexed) $250,000
Trusts and estates $12,501

2018 filing deadlines for the 2017 calendar year

  Original Extension
Partnerships (Form 1065) March 15 Sept. 17
S corporations (Form 1120-S) March 15 Sept. 17
C corporations (Form 1120) April 17 Oct. 15
Trusts (Form 1041) April 17 Oct. 1
Individuals (Form 1040) April 17 Oct. 15

Qualified retirement plans: 401(k), 403(b) and most 457 plans

  Contribution Limits
Maximum employee contribution/deferral $18,000
Catch-up employee contribution/deferral (age 50 and older) $6,000
Maximum combined employer and employee contributions to a defined contribution plan $54,000
Maximum annual benefit in a defined benefit plan $215,000
Limit on compensation under 401(a)(17) that can be
considered in calculating contributions to qualified plans
$270,000
Limit on compensation under 401(a)(17) for grandfathered
employees for governmental plans under OBRA ’93
$400,000
Threshold for designation as “highly compensated employee”
for nondiscrimination testing
$120,000
Definition of key employee in a top-heavy plan $175,000

Individual retirement account (IRA) contribution limits

  Contribution Limits
Traditional and Roth IRA $5,500
Traditional and Roth IRA catch-up contribution (age 50 and older) $1,000
SIMPLE IRA $12,500
SIMPLE IRA catch-up contribution (age 50 and older) $3,000
SEP IRA (only employer may contribute)* $54,000
Minimum compensation required to participate in SEP $600
Maximum compensation for calculating contributions $270,000

C corporation income tax brackets (not indexed)

Tax Rate Tax bracket
15% $0–$50,000
25% $50,001–$75,000
34% $75,001–$100,000
39% $100,001–$335,000
34% $335,001–$10,000,000
35% $10,000,001–$15,000,000
38% $15,000,001–$18,333,333
35% More than $18,333,333