Other

What was the standard deduction in 2016?

What was the standard deduction in 2016?

If a taxpayer doesn’t itemize, then the basic standard deduction for 2016 depends on their filing status. If the taxpayer is: Single – $6,300. Married Filing Jointly – $12,600.

What is the standard deduction for 2017 and 2018?

The TCJA almost doubled the standard deduction amounts. The 2018 standard deductions are: * $12,000 if you are single or use married filing separate status (up from $6,350 for 2017). * $24,000 if you are a married joint-filer (up from $12,700).

What was the 2017 standard deduction?

For example, in 2017 the standard deduction was $12,700 for a married couple, $6,350 for a single filer, and $9,350 for a head of household; each personal exemption was $4,050.

What is the tax table for 2016?

Estimated Income Tax Brackets and Rates

Rate Single Filers Head of Household Filers
10% $0 to $9,275 $0 to $13,250
15% $9,275 to $37,650 $13,250 to $50,400
25% $37,650 to $91,150 $50,400 to $130,150
28% $91,150 to $190,150 $130,150 to $210,800

How much were exemptions in 2016?

In 2016, the personal exemption was $4,050. Thus, a married couple with three children received a maximum exemption of $20,250, or $4,050 for each of the five family members. However, the exemptions phase out for wealthier filers.

What was standard deduction for 2019?

$12,200
2019 standard deduction amounts

Filing status 2019 standard deduction Increase from 2018
Married filing jointly $24,400 $400
Married filing separately $12,200 $200
Single $12,200 $200
Head of household $18,350 $350

What was the standard deduction for seniors in 2017?

The amount of additional standard deduction for 2017 is: $1,550 – Single or Head of Household. $1,250 – Married Filing Jointly (for each person age 65 or older or blind), Married Filing Separately, or Qualifying Widow(er)

What is the personal exemption for 2016?

$4,050
The personal exemption amount for 2016 is $4,050, up from $4,000 in 2015. However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $259,400 ($311,300 for married couples filing jointly). It phases out completely at $381,900 ($433,800 for married couples filing jointly.)

What was the highest tax bracket in 2016?

Income is divided into tax brackets, and a percentage rate applies to each bracket and the corresponding segment of income. These percentage rates began at 10% in 2016 and gradually increased to 15%, 25%, 28%, 33%, 35%, and finally a top rate of 39.6%.