Summary of Numbers - Tax Income

Personal and Dependant exemption Amount
4000

Standrad deduction Amount
Married couples filing jointly - 12600.
Singles - 6300
Head of household - 9250
65 or older - higher deductions.

Capital gain tax
  • 0% if 10-15% tax bracket
  • 15% top rate if 25%,28%,33% or 35%tax bracket
  • 20% if taxed at 39.6% tax bracket
    •

    IRA contributions
    5500 contribution limit if age is < 50.
    6500 contribution limit if age is 50 or over.

    Maximum credit limit
    6242 with => 3 children
    5548 for 2 children
    3359 for 1 child
    503 for no child

    AMT limits
    Married couple filing jointly - 83400
    Singles - 53600

    Milage claim
  • 57.5 cent a mile for business.
  • 23 cent a mile for medical or other qualiied travel
  • 14 cent a mile for charitable

    • Deferred retirement account
    18000 is limit for 401(k), 403(b) if age < 50
    24000 is limit if age is 50 or older.

    Earned income tax credit
    Income tax must be no greater than
  • 47,747 with 3 qualifying children. 53,267 if married filling jointly with 3 children.
  • 44,454 with 2 children. $49,974 if married filling jointly with 2 children.
  • 39131 with 1 child. 44651 if married filling jointly with 1 child
  • 14820 with no child. 20330 if married filing jointly.
    •

    Estate tax exemption
  • 5,43,000 exclusion for individual estates of people who died in 2015
    •

    Gift tax exemption limit
    Gift tax exclsion of 14000$. Married couple give 14000. Each of them can give gift to same person.


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