Valentine Seevers & Associates, PC
Valentine Seevers & Associates, PC

2016 - Tax Facts

2016 Social Security: 

Maximum Taxable Wages                            $118,500

 

Medicare: 

Maximum Taxable Salary:                           Unlimited

 

Medicare Tax Rate:                                        1.45%

 

Do I need to file this year?  (Click here for the filing requirements)

https://www.irs.gov/uac/do-i-need-to-file-a-tax-return

 

 

Want some help with determining the proper number of exemptions to claim on your W-4 for wage withholding? 

(click the link for the IRS’s withholding calculator or call our office for assistance)

https://www.irs.gov/individuals/irs-withholding-calculator

 

 

Prior-year Safe Habor for estimated taxes           110% of prior year tax

of higher-income:                                              

 

Standard mileage rate for business driving           54 cents / mile

2016

 

Unearned income maximum for children              $1,900

before kiddie tax applies

 

Maximum capital gains tax rate for taxpayers       0% 

ub tge 10% - 15% bracket

 

Maximum capital gains tax rate for taxpayers       15-20% 

above the 15% bracket                                     (high income taxpayers)

 

Capital gains tax rate on collectiblees                  28%

 

2016 Traditional / Roth IRA Contribution limit       $5,500 or

                                                                       $6,500 (age 49+)

 

Maximum employee contribution to                     Cannot exceed

SIMPLE IRA 2016                                              $12,500

 

                                                                       25% of compensation

Maximum employee contribution to SEP IRA        up to $51,000

 

401(k) Maximum employee contribtuion limit       $17,500 under 50

                                                                       $23,000 above 50 

 

Self-employed health insurance deduction           100%

 

Federal Estate Tax                                            40% on Estate's excess

                                                                      value of $5.25 million

 

Annual Exclusion for Gifts                                 $14,000 per receipient

                                                                      (per year)

 

IRC Section 121 Capital Gains exclusion on        up to $500,000 for

of primary residence if house was lived in 2       for married couples

of the 5 years preceding sale date                    ($250,000 single)

 

 

 

 

 

   Contact Us Today

Valentine Seevers & Associates Certified Public Accountants

28000 Meadow Drive

Suite #104

Evergreen, Colorado  80439

Phone: 303-674-5561

E-mail: info@vsaacpa.com

Valentine Seevers & Associates Certified Public Accountants

13976 W Bowles Avenue

Suite #200

Littleton, Colorado  80127

Phone: 303-674-5561

E-mail: info@vsaacpa.com

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