Marcum LLP
2017 Year-End Tax Guide

 

2017 Tax Reference Tables

2017 Tax Reference Tables
 
AMT EXEMPTION
AMT EXEMPTION 2017
Foreign Source Taxable Income $1,000,000
Foreign Income Taxes (34%) $340,000
U.S. Individual Federal Income Taxes (39.6%) $396,000
Less Direct Foreign Tax Credit ($340,000)
Total U.S. and Foreign Taxes $396,000
   
U.S. Effective Tax Rate 39.60%
Note: As AGI increases over a certain thresh- old, the AMT exemption is phased out.

2017 CORPORATE TAX RATES
OVER BUT NOT OVER THE TAX IS OF THE AMOUNT OVER
$-- $50,000 15% $--
$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% --


INFLATION/COST OF LIVING TAX UPDATES
TAX BENEFIT 2017
Personal/Dependent Exemption $4,050
STANDARD DEDUCTION
Married Filing Joint $12,700
Single $6,350
Married Filing Separately $6,350
Head of Household $9,350
Foreign Earned Income Exclusion $102,100
Maximum Taxable Social Security Earnings Base $127,200


PHASE-OUT OF ITEMIZED DEDUCTIONS: THE "PEASE" LIMITATIONS
FILING STATUS AGI THRESHOLD FOR PEASE LIMITATION 2017
Married Filing Jointly $313,800
Married Filing Separately $156,900
Single $261,500
Head Of Household $287,650
Subject to limitations, certain itemized deductions are phased out once Adjusted Gross Income (AGI) exceeds certain thresholds.

2017 INDIVIDUAL INCOME TAX RATES
RATE SINGLE HEAD OF HOUSEHOLD MARRIED-JOINT MARRIED-SEPARATE
10% $0 - $9,325 $0 - $13,350 $0 - $18,650 $0 - $9,325
15% $9,326 - $37,950 $13,351 - $50,800 $18,651 - $75,900 $9,326 - $37,950
25% $37,951 - $91,900 $50,801 - $131,200 $75,901 - $153,100 $37,951 - $76,550
28% $91,901 - $191,650 $131,201 - $212-500 $153,101 - $233,350 $76,551 - $116,675
33% $191,651 - $416,700 $212,501 - $416,700 $233,351 - $416,700 $116,676 - $208,350
35% $416,701 - $470,700 $416,701 - $444,550 $416,701 - $470,700 $208,351 - $235,350
39.60% Over $470,701 Over $444,551 Over $470,701 Over $235,351


2017 TAXABLE INCOME THRESHOLD
FILING STATUS 2017 TAXABLE INCOME THRESHOLD FOR THE 20% RATE FOR LONG-TERM CAPITAL GAIN AND QUALIFIED DIVIDENDS
Married Filing Jointly $470,700
Head of Household $444,550
Single $418,400
Married Filing Separately $235,350
Trust & Estates $12,500


DOLLAR LIMITS FOR RETIREMENT PLANS
PLAN TYPES 2017 LIMITS
Defined contribution plans $54,000
Defined benefit plans $270,000
Defined contribution plans – 401(k), 403(b) and 457 plans: Under age 50 $18,000
Age 50 and older $24,000
SIMPLE plans: Under age 50 $12,500
Age 50 and older $15,500
IRA, traditional and Roth: Under age 50 $5,500
Age 50 and older $6,500
IRA AGI Phase-Out (married) $99,000
IRA AGI Phase-Out (single/HOH) $62,000
OTHER THRESHOLDS 2017 LIMITS
SEP Annual compensation limit $270,000
Key employee in a top-heavy plan $175,000
Highly compensated employee $120,000
Social Security Wage Base $127,200


2017 ESTATES AND TRUSTS TAX RATES
OVER BUT NOT OVER THE TAX IS OF THE AMOUNT OVER
$-- $2,550 15% $--
$2,551 $5,950 $382.50 + 25% $2,550
$5,951 $9,050 $1,232.50 + 28% $5,950
$9,051 $12,400 $2,100.50 + 33% $9,050
$12,401 $-- $3,206 + 39.6% $12,400


GIFT & ESTATE TAX EXEMPTION
  2012 2013 2014 2015 2016 2017
Gift Tax Exemption $5,120,000 $5,250,000 $5,340,000 $5,430,000 $5,450,000 5,490,000
Estate Tax Exemption $5,120,000 $5,000,000 $5,340,000 $5,430,000 $5,450,000 5,490,000
GST Tax Exemption $5,120,000 $5,250,000 $5,340,000 $5,430,000 $5,450,000 5,490,000
Highest Estate & Gift Tax Rates 35% 40% 40% 40% 40% 40%


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