Retirement Plans
Married Filing Jointly
Traditional and Roth IRA
Taxable Income Tax Rate
$0 to $18,550 10%
$18,551 to $75,300 15%
$75,301 to $151,900 25%
$151,901 to $231,450 28%
$231,451 to $413,350 33%
$413,351 to $466,950 35%
More than $466,950 39.6%
IRA Annual 2015 2016
Contribution Limit $5500 $5,500
50+ Catch up $1,000 $1,000
Traditional IRA Phase-Out
Participants in Employer Plans
Married filing Jointly $98,000-$118,000 Same
Married filing Sep $0-$10,000 Same
All Others $61,000-$71,000 Same
Single
Roth IRA Phase-Out
Taxable Income Tax Rate
$0 to $9,275 10%
$9,276 to $37,650 15%
$37,651 to $91,150 25%
$91,151 to $190,150 28%
$190,151 to $413,350 33%
$413,351 to $415,050 35%
More than $415,050 39.6%
Standard Deductions 2015 2016
Single $6,300 $6,300
Married filing jointly $12,600 $12,600
Married filing separately $6,300 $6,300
Head of household $9,250 $9,300
Personal Exemption $4,000 $4,050
Kiddie Tax $1,050 $1,050
Self-Employment Tax
- Tax rate: 15.3%
- Surtax: .9% Medicare surtax is added to SE income over $200,000 (single), $250,000 (MFJ) or $125,000 (MFS)
- Wage base: $118,500 of Self-employment income for Social Security; no ceiling on Medicare Tax
Standard Mileage Rate
- Business: 54 cents per mile
- Medical and moving: 19 cents per mile
- Charitable services: 14 cents per mile
Source: IRS Revenue Procedure 2015-13
Married – Joint $183,000-$193,000 $184,000-$194,000
Married – Sep $0-$10,000 $0-$10,000
All Others $116,000-$131,000 $117,000-$132,000
SEP IRA and SIMPLE IRA
Contribution Limit 2015 2016
Max Additions to SEP $53,000 $53,000
Max Compensation for SEP $265,000 $265,000
SIMPE IRA salary deferral max $12,500 $12,500
50+ catch-up $3,000 $3,000
Qualified Plans
Contribution Limit 2015 2016
401(k), 403(b), 457(b)
Salary Deferral Max $18,000 $18,000
50+ catch-up $6,000 $6,000
Max Annual Additions $53,000 $53,000
In a Defined Contribution Plan
Max Annual Benefit in $210,000 $210,000
In a Defined Benefit Plan
Max Compensation $265,000 $265,000
Considered
Highly Compensated $120,000 $120,000
Employee
Key Employee-Officer $170,000 $170,000
Source: IRS News Release IR-2015-118