2015 Tax Rate Laws

2017

2016

Business Standard Milage Rate $0.535 per mile $0.54 per mile
Maximum Wages Subject to Social Security $127,200 $118,500
Estate Tax Exemption $5,490,000 $5,450,000
Gift Tax Exclusion $14,000 $14,000
Equipment Expensing Deduction $500,000 $500,000

Maximum Retirement Plan Contributions

IRA for Those Under 50 $5,500 $5,500
IRA for Those Over 50 $6,500 $6,500
SIMPLE Plan for those Under 50 $12,500 $12,500
SIMPLE Plan for those Over 50 $15,500 $15,500
401K Plan for those Under 50 $18,000 $18,000
401K Plan for those Over 50 $24,000 $24,000

Standard Deduction

Single $6,350 $6,300
Join Returns $12,700 $12,600
Married Filing Separate $6,350 $6,300
Head of Household $9,350 $9,300
Personal Exemption $4,050 $4,050