Provided Tax Tables
The tax tables and limits below are provided to individuals taking the March 2016 CFP®
Certification Examination.
Exam Window
Tax Rates, Tables, & Law Tested
March 2016
July 2016
November 2016
2015
2016
2016
INCOME TAX RATES
2015 SINGLE
Taxable Income
But Not
Over
% on
Over
$
0
--
$
9,225
9,225
--
37,450
Pay
+
Excess
of the amount
over
$
0
10%
$
0
37,450
922.50
15
9,225
--
90,750
5,156.25
25
37,450
90,750
--
189,300
18,481.25
28
90,750
189,300
--
411,500
46,075.25
33
189,300
411,500
--
413,200
119,401.25
35
411,500
413,200
--
-------
119,996.25
39.6
413,200
2015 MARRIED FILING JOINTLY
Taxable Income
But Not
Over
$
% on
Over
$
18,450
Pay
$
+
0
of the
amount over
Excess
0
--
10%
$
0
18,450
--
74,900
1,845.00
15
18,450
74,900
--
151,200
10,312.50
25
74,900
151,200
--
230,450
29,387.50
28
151,200
230,450
--
411,500
51,577.50
33
230,450
411,500
--
464,850
111,324.00
35
411,500
464,850
--
-------
129,996.50
39.6
464,850
2015 MARRIED FILING SEPARATELY
Taxable Income
But Not
Over
% on
Over
Pay
+
Excess
10%
of the amount
over
$
0
--
$
9,225
$
0
$
0
9,225
--
37,450
922.50
15
9,225
37,450
--
75,600
5,156.25
25
37,450
75,600
--
115,225
14,693.75
28
75,600
115,225
--
205,750
25,788.75
33
115,225
205,750
--
232,425
55,662.00
35
205,750
232,425
--
-------
64,989.25
39.6
232,425
Page 2 of 11
2015 HEAD OF HOUSEHOLD
Taxable Income
But Not
Over
$
% on
Over
$
13,150
Pay
$
+
0
of the
amount over
Excess
0
--
10%
$
0
13,150
--
50,200
1,315.00
15
13,150
50,200
--
129,600
6,872.50
25
50,200
129,600
--
209,850
26,722.50
28
129,600
209,850
--
411,500
49,192.50
33
209,850
411,500
--
439,000
115,737.00
35
411,500
439,000
--
-------
125,362.00
39.6
439,000
2015 NET INVESTMENT INCOME TAX
The net investment income tax is applied at a rate of 3.8%.
Individuals
Applied to the lesser of:
•
•
the net investment income, or
the excess of modified adjusted gross income over the following
threshold amounts:
o $250,000 for married filing jointly or qualifying widow(er) with
dependent child
o $125,000 for married filing separately
o $200,000 in all other cases
Estates & Trusts
Applied to the lesser of:
•
•
the undistributed net investment income, or
the excess of:
o the adjusted gross income over $12,300
Page 3 of 11
2015 ADDITIONAL MEDICARE TAX
The additional Medicare tax is applied at a rate of 0.9%.
Filing Status
Threshold Amount
Married filing jointly
$250,000
Married filing separately
$125,000
Single, Head of household, or Qualifying
widow(er)
$200,000
2015 LONG-TERM CAPITAL GAINS RATES
Maximum Long-Term
Capital Gain Tax Rate
Taxpayers in the 10% or 15% ordinary income tax bracket
0%
Taxpayers in the 25%, 28%, 33%, or 35% ordinary income tax bracket
15%
Taxpayers in the 39.6% ordinary income tax bracket
20%
IRC Section 1250 depreciation recapture
25%
Collectibles
28%
Page 4 of 11
2015 CORPORATE INCOME TAX RATES
Taxable Income
But Not
Over
$
% on
Over
$
50,000
Pay
$
+
0
Excess
of the
amount over
15%
$
0
--
0
50,000
--
75,000
7,500
25
50,000
75,000
--
100,000
13,750
34
75,000
100,000
--
335,000
22,250
39
100,000
335,000
--
10,000,000
113,900
34
335,000
10,000,000
--
15,000,000
3,400,000
35
10,000,000
15,000,000
--
18,333,333
5,150,000
38
15,000,000
18,333,333
--
----------
35
0
2015 ESTATES AND NON-GRANTOR TRUSTS INCOME TAX RATES
Taxable Income
But Not
Over
$
% on
Over
$
2,500
Pay
$
0
+
of the
amount over
Excess
0
--
15%
$
0
2,500
--
5,900
375.00
25
2,500
5,900
--
9,050
1,225.00
28
5,900
9,050
--
12,300
2,107.00
33
9,050
12,300
--
------
3,179.50
39.6
12,300
Page 5 of 11
2015 STANDARD DEDUCTIONS AND PERSONAL EXEMPTION
Standard Deduction*:
Single
Married filing jointly/ Qualifying widow
$ 6,300
12,600
Married filing separately
6,300
Head of household
9,250
Dependent
1,050**
*increased by $1,250 for a married taxpayer age 65 or older or blind
($2,500 if both 65 and blind); by $1,550 for a single taxpayer age 65
or older or blind ($3,100 if both 65 and blind)
**or $350 plus earned income, if greater
Personal Exemption:
$4,000
Page 6 of 11
2015 RETIREMENT PLAN CONTRIBUTION LIMITS AND PHASE-OUTS
Elective deferrals 401(k), 403(b), 457, and SARSEPS
Catch - up contribution
Defined contribution limit
Defined benefit limit
$18,000
$6,000
$53,000
$210,000
SIMPLE plan elective deferral limit
$12,500
SIMPLE catch-up contribution
$3,000
Maximum includible compensation
$265,000
Highly compensated employee
Look-back to 2014
$115,000
Look-back to 2015
$120,000
Key employee (top-heavy plan)
SEP participation limit
IRA or Roth IRA contribution limit
IRA or Roth IRA catch-up
>$170,000
$600
$5,500
$1,000
IRA deduction phaseout for active participants
Single
Married filing jointly
Married filing separately
Spousal IRA
$61,000-$71,000
$98,000-$118,000
$0-$10,000
$183,000-$193,000
Roth IRA phaseout
Single
$116,000-$131,000
Married filing jointly
$183,000-$193,000
Page 7 of 11
2015 ESTATE AND GIFT TAX RATES AND EXEMPTIONS
Applicable credit for gift/estate taxes
$2,117,800
Applicable exclusion amount
$5,430,000
Max Estate/Gift Tax Rate
40%
Max Generation-Skipping Transfer Tax (GSTT) Rate
40%
$14,000
Annual gift tax exclusion
2015 SOCIAL SECURITY WAGE BASE AND EARNINGS LIMITS
Wage base
$118,500
Earnings limitations:
Below Full Retirement Age
$15,720
Persons reaching Full Retirement Age
$41,880
2015 SOCIAL SECURITY FULL RETIREMENT AGES
Year of Birth
Social Security
Full Retirement Age
Year of Birth
Social Security
Full Retirement Age
1943-54
66
1958
66 and 8 months
1955
66 and 2 months
1959
66 and 10 months
1956
66 and 4 months
1960 and later
67
1957
66 and 6 months
Page 8 of 11
2015 HEALTH SAVINGS ACCOUNT LIMITS
High Deductible Health Plan
Minimum Deductible Amounts
Single
$1,300
Family
$2,600
Maximum Out-of-Pocket Limits
Single
$6,450
Family
$12,900
Contribution Maximums
Single
$3,350
Family
$6,650
Catch-Up Contributions (age 55 or older)
$1,000
Page 9 of 11
2015 EDUCATION PHASE-OUTS
EE bonds for education - exclusion phaseout
Single
Married filing jointly
$77,200 -
$92,200
$115,750 - $145,750
Coverdell Education Savings Account- contribution phase-out
Single
Married filing jointly
$95,000 - $110,000
$190,000 - $220,000
Lifetime Learning Credit - AGI phase-out
Single
Married filing jointly
$55,000 -
$65,000
$110,000 - $130,000
American Opportunity Tax credit - AGI phase-out
Single
Married filing jointly
$80,000 -
$90,000
$160,000 - $180,000
Education loan interest deduction - AGI phase-out
Single
Married filing jointly
$65,000 -
$80,000
$130,000 - $160,000
Page 10 of 11
2015 ALTERNATIVE MINIMUM TAX (AMT) EXEMPTIONS AND PHASE-OUTS
Filing Status
Exemption
AMTI Phase-Out
Single
$53,600
$119,200
Married filing jointly
$83,400
$158,900
Married filing separately
$41,700
$79,450
Trusts and estates
$23,800
$79,450
2015 AMT RATES
AMTI up to $185,400
26%
AMTI over
28%
$185,400
2015 CHILD TAX CREDIT
Modified AGI Beginning Phase-Out Range for Child Tax Credit
Married Filing Jointly
$110,000
Single/Head of Household
$ 75,000
Married Filing Separately
$ 55,000
Phase-out complete when MAGI exceeds applicable threshold by $20,000/child
Page 11 of 11