DISCLAIMER: The information below is intended to highlight changes that have occurred or are scheduled to occur.  I assume no liability for actions that you may or may not take based on the information below.

 

Summary:

 

   For 2017, the following changes will be in effect. Details are contained in Revenue Procedure 16-55. 

   Selected highlights are below.  For complete details, click on the above link to the Revenue Procedure.

 

   Social Security Wage Base:

   The Social Security wage base has increased to $127,200

 

   Individual tax brackets: 

Married Individuals Filing Joint Returns and Surviving Spouses

If Taxable Income Is:                                      The Tax Is:

Not over $18,650                                            10% 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              $10,453 plus 25% of the excess over $75,900

Over $153,100 but not over $233,350            $29,753 plus 28% of the excess over $153,100

Over $233,350 but not over $416,700            $52,223 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

 

Heads of Household

If Taxable Income Is:                                      The Tax Is:

Not over $13,350                                            10% 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              $6,953 plus 25% of the excess over $50,800

Over $131,200 but not over $212,500            $27,053 plus 28% of the excess over $131,200

Over $212,500 but not over $416,700            $49,817 plus 33% of the excess over $212,500

Over $416,700 but not over $444,550            $117,203 plus 35% of the excess over $416,700

Over $444,550                                                $126,950 plus 39.6% of the excess over $444,550

 

Unmarried Individuals (other than Surviving Spouses and Heads of Households)

If Taxable Income Is:                                      The Tax Is:

Not over $9,325                                              10% of the taxable income

Over $9,325 but not over $37,950                  $933 plus 15% of the excess over $9,325

Over $37,950 but not over $91,900                $5,226 plus 25% of the excess over $37,950

Over $91,900 but not over $191,650              $18,714 plus 28% of the excess over $91,900

Over $191,650 but not over $416,700            $46,644 plus 33% of the excess over $191,650

Over $416,700 but not over $418,400            $120,910 plus 35% of the excess over $416,700

Over $418,400                                                $121,505 plus 39.6% of the excess over $418,400

 

Married Individuals Filing Separate Returns

If Taxable Income Is:                                      The Tax Is:

Not over $9,325                                              10% of the taxable income

Over $9,325 but not over $37,950                  $933 plus 15% of the excess over $9,325

Over $37,950 but not over $76,550                $5,226 plus 25% of the excess over $37,950

Over $76,550 but not over $116,675              $14,876 plus 28% of the excess over $76,550

Over $116,675 but not over $208,350            $26,111 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 Trusts

If Taxable Income Is:                                      The Tax Is:

Not over $2,550                                              15% of the taxable income

Over $2,550 but not over $6,000                    $383 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                                                  $3,233 plus 39.6% of the excess over $12,500  

  

  

   Personal Exemptions:

   Personal exemptions remain at $4,050

 

   Standard Deductions:

   The standard deduction amounts increase slightly (by $50):

   Single: $6,350

   Married - Joint and Surviving Spouse: $12,700

   Married - Separate: $6,350

   Head of Household: $9,350

 

   Estate Tax Exclusion:

   The Federal estate tax exclusion will increase from $5.45Million to $5.49Million