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Horizon Bank

Income Tax Key Numbers

 

Alternative minimum tax (AMT)                                 

2015

2016

Maximum AMT exemption amount      

$83,400 (MFJ)
$53,600 (Single/HOH)
$41,700 (MFS)

$83,800 (MFJ)
$53,900 (Single/HOH)
$41,900 (MFS)

Exemption phase out threshold

$156,900 (MFJ)
$119,200 (Single/HOH)
$79,450 (MFS)

$159,700 (MFJ)
$119,700 (Single/HOH)
$79,850 (MFS)

26% rate applies to AMT income (AMTI) at
or below this amount (28% rate applies to
AMTI above this amount)

$185,400 ($92,700 if MFS)

$186,300 ($93,150 if MFS)

 

Exemptions/itemized deductions

2015

2016

Personal & dependency exemptions

$4,000

$4,050

Phaseout threshold for exemptions and
itemized deductions

$309,900 (MFJ)
$284,050  (HOH)
$258,250 (Single)
$154,950 (MFS)

$311,300 (MFJ)
$285,350 (HOH)
$259,400 (Single)
$155,650 (MFS)

 

Standard Deduction                                                                                  

2015

2016

Standard deduction amount

$12,600 (MFJ)
$9,250 (HOH)
$6,300 (Single)
$6,300 (MFS)

$12,600 (MFJ)
$9,300 (HOH)
$6,300 (Single)
$6,300 (MFS)

Standard deduction for dependent

Greater of $1,050 or $350
+ earned income

Greater of $1,050 or $350
+ earned income

Additional deduction for aged/blind

$1,550 (single or head of household)
$1,250 (all other filing statuses)

$1,550 (single or head of household)
$1,250 (all other filing statuses)

 

Top tax brackets                                                                                 

2015           

2016

Single

39.6% of taxable income exceeding
$413,200 + $119,996.25

39.6% of taxable income exceeding
$415,050 + $120,529.75

MFJ

39.6% of taxable income exceeding
$464,850 + $129,996.50

39.6% of taxable income exceeding
$466,950 + $130,578.50

MFS

39.6% of taxable income exceeding
$232,425 + $64,998.25

39.6% of taxable income exceeding
$233,475 + $65,289.25

HOH

39.6% of taxable income exceeding
$439,000 + $125,362

39.6% of taxable income exceeding
$441,000 + $125,936

Long-term capital gains and qualiffying
dividends1 generally taxed at maximum rate of:

2015

2016

Taxpayers in top (39.6%) tax bracket

20%

20%

Taxpayers in 25%, 28%, 33%, and 35% tax rate brackets

15%

15%

Taxpayers in tax rate bracket 15% o

$185,400 ($92,700 if MFS)

$186,300 ($93,150 if MFS)

 
1 Generally, qualifying dividends are received by an individual shareholder from domestic and qualified foreign corporations.
 

Unearned income Medicare contribution tax
(Net investment income tax)

2015

2016

Amount of tax

3.80%

3.80%

Applies to lesser of (a) net investment income or (b) modified adjusted gross income exceeding:

 

 

Individuals

​ $200,000

$200,000

 

Standard mileage rates                                                                          

2015

2016

Use of auto for business purposes (cents per mile)

$0.575

TBD

Use of auto for medical purposes (cents per mile)

$0.23

TBD

Use of auto for moving purposes (cents per mile)

$0.23

TBD

Use of auto for charitable purposes (cents per mile)

$0.14

$0.14

 

IMPORTANT DISCLOSURES

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2015.

 

 

 
 
 

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