2016 Tax Rates

Single

IF TAXABLE INCOME IS:                                                                                                       THE TAX IS:

$0 to $9,275                                                                                                                               10% of taxable income

$9,275 to $37,650                                                                                                                       $927.50 + 15% of the amount over $9,275

$37,650 to $91,150                                                                                                                     $5,183.75 + 25% of the amount over $37,650

$91,150 to $190,150                                                                                                                   $18,558.75 + 28% of the amount over $91,150

$190,150 to $413,350                                                                                                                 $46,278.75 + 33% of the amount over $190,150

$413,350 to $415,050                                                                                                                 $119,934.75 + 35% of the amount over $413,350

Over $415,050                                                                                                                           $120,529.75 + 39.6% of the amount over $415,050

Head of Household

IF TAXABLE INCOME IS:                                                           THE TAX IS:

$0 to $13,250                                                                                                                            10% of taxable income

$13,250 to $50,400                                                                                                                  $1,325 + 15% of the amount over $13,250

$50,400 to $130,150                                                                                                                $6,897.50 + 25% of the amount over $50,400

$130,150 to $210,800                                                                                                             $26,835 + 28% of the amount over $130,150

$210,800 to $413,350                                                                                                             $49,417 + 33% of the amount over $210,800                                   

$413,350 to $441,000                                                                                                            $116,258.50 + 35% of the amount over $413,350

Over $441,000                                                                                                                      $125,936 + 39.6% of the amount over $441,000

Married Filing Jointly

IF TAXABLE INCOME IS                                                                                                THE TAX IS:

$0 to $18,550                                                                                                                       10% of taxable income

$18,550 to $75,300                                                                                                              $1,855 + 15% of the amount over $18,550

$75,300 to $151,900                                                                                                           $10,367.50 + 25% of the amount over $75,300

$151,900 to $231,450                                                                                                          $29,517.50 + 28% of the amount over $151,900

$231,450 to $413,350                                                                                                           $51,791.50 + 33% of the amount over $231,450

$413,350 to $466,950                                                                                                         $111,818.50 + 35% of the amount over $413,350

Over $466,950                                                                                                                  $130,578.50 + 39.6% of the amount over $466,950

Married Filing Separately

IF TAXABLE INCOME IS:                                                                                             THE TAX IS:

$0 to $9,275                                                                                                                     10% of taxable income

$9,275 to $37,650                                                                                                            $927.50 + 15% of the amount over $9,275

$37,650 to $75,950                                                                                                         $5,183.75 + 25% of the amount over $37,650

$75,950 to $115,725                                                                                                        $14,758.75 + 28% of the amount over $75,950

$115,725 to $206,675                                                                                                     $25,895.75 + 33% of the amount over $115,725

$206,675 to $233,475                                                                                                    $55,909.25 + 35% of the amount over $206,675

Over $233,475                                                                                                               $65,289.25 + 39.6% of the amount over $233,475

Standard Mileage Rate

USERATE

Business                                                                  54 cents

Medical Care or Move                                          19 cents

Charitable                                                             14 cents

January

Tu 17 Pay the final installment of your 2016 estimated tax – use Form 1040-ES.

Tu 17 Farmers and fishermen: Pay your estimated tax for 2016. Use Form 1040-ES.

Tu 31 Individuals: File your tax return if you did not pay your last installment of estimated

tax by Jan 17th (see Form 1040-ES)

Tu 31 File Form W-3 with Copy A of all Forms W-2 issued for 2016.

Tu 31 Furnish Forms 1098, 1099 and W-2G to recipients for certain payments during 2016. Furnish Form W-2 to employees who worked for you during 2016.

Tu 31 File Forms 940, 941, 943, 944 and/or 945 if you did not deposit all taxes when due.

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February

Fr 10 File Forms 940, 941, 943, 944 and/or 945 if you timely deposited all required payments.

We 15 File a new Form W-4 if you claimed exemption from income tax withholding in 2016.

We 15 Furnish Forms 1099-B, 1099-S and certain Forms 1099-MISC to recipients.

Th 16 Begin withholding on employees who claimed exemption from withholding in 2016 but did not file a W-4 or W-4(SP) to continue withholding exemption in 2017.

Tu 28 File Form 1096 along with Copy A of Form W-2G issued during 2016.

Tu 28 Applicable Large Employer: File paper Forms 1094-C and 1095-C; For all other providers file paper Forms 1094-B and 1095-B with the IRS

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March

We 1 Farmers and fishermen: File Form 1040 and pay any tax due. However, you have until Apr 18 to file if you paid your 2016 estimated tax payments by Jan 17, 2017.

Th 2 Applicable Large Employers provide Forms 1095-C to full time employees; For all other providers of Minimum Essential Coverage, provide Forms 1095-B to responsible individuals.

We 15 S Corps: File Form 1120S for calendar year and pay any tax due. Give copy of Sch. K-1 to each shareholder. File Form 2553 to elect S Corp status beginning with calendar year 2017. For automatic 6-month extension, file Form 7004 and deposit estimated tax.

We 15 Partnerships: File Form 1065 for the calendar year and furnish a copy of Sch. K-1 to each partner. File Form 7004 for extension (see instructions).

We 15 Electing Large Partnerships: File Form 1065-B calendar year return. Furnish Sch. K-1 to each partner. File Form 7004 for extension (see instructions).

Fr 31 Electronically file Forms W-2, W-2G, 1098, 1099, 8027, 1094-C, 1095-C, 1094-B, and 1095-B.

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April

Tu 18 Individuals: File Form 1040, 1040A, or 1040EZ. For automatic 6-month extension file Form 4868 and deposit estimated tax. Pay the first installment of 2017 estimated tax – Use Form 1040-ES.

Tu 18 Corporations: File Form 1120 for calendar year and pay any tax due. For automatic 5-month extension, file Form 7004 and deposit estimated tax.

Tu 18 Household Employers: File Sch. H with Form 1040 if you paid $2,000 or more to a household employee.

Tu 18 Corporations: Deposit the first installment of your 2017 estimated tax.

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May

Mo 1 Employers: File Form 941 for the first quarter.

Mo 1 Deposit FUTA tax owed through Mar if more than $500.

We 10 File Form 941 for the first quarter if you timely deposited all required payments.

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June

Th 15 Individuals living outside the U.S.: File Form 1040. For automatic 4 month extension file form 4868 and deposit estimated tax.

Th 15 Pay the second installment of 2017 estimated tax -Use Form 1040-ES.

Th 15 Corporations: Deposit the second installment of your 2017 estimated tax.

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July

Mo 31 Deposit FUTA owed through June if more than $500.

Mo 31 File Form 941 for the second quarter.

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August

Th 10 File Form 941 for the second quarter if you timely deposited all required payments.

Tu 15 Partnerships: File Form 1065 if you timely requested an extension.

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September

Fr 15 Pay the third installment of your 2017 estimated tax – Use Form 1040-ES.

Fr 15 Corporations: File calendar year Form 1120 or 1120S if you timely requested a 5 or 6-month extension (see instructions).

Fr 15 Corporations: Deposit the third installment of your 2017 estimated tax.

Fr 15 Electing Large Partnerships: File Form 1065-B if you timely requested an extension.

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October

Mo 16 Individuals: File Form 1040, 1040A, or 1040EZ if you timely requested a 6-month extension.

Tu 31 File Form 941 for the third quarter.

Tu 31 Deposit FUTA owed through Sep if more than $500.

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November

Mo 13 File Form 941 for the third quarter if you timely deposited all required payments.

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December

Fr 15 Corporations: Deposit the fourth installment of your 2017 estimated tax.

IRS Witholding Calculator

IRS Withholding Calculator

If you are an employee, the Withholding Calculator can help you determine whether you need to give your employer a new Form W-4, Employee’s Withholding Allowance Certificate to avoid having too much or too little Federal income tax withheld from your pay.

Who Can Benefit From The Withholding Calculator?

• Employees who would like to change their withholding to reduce their tax refund or their balance due;
• Employees whose situations are only approximated by the worksheets on the paper W-4 (e.g., anyone with concurrent jobs, or couples in which both are employed; those entitled to file as Head of Household; and those with several children eligible for the Child Tax Credit);
• Employees with non-wage income in excess of their adjustments and deductions, who would prefer to have tax on that income withheld from their paychecks rather than make periodic separate payments through the estimated tax procedures.

Tips For Using This Program

• Have your most recent pay stubs handy.
• Have your most recent income tax return handy.
• Estimate values if necessary, remembering that the results can only be as accurate as the input you provide.