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

2016 - Tax Facts

2016 Social Security: 

Maximum Taxable Wages                            $118,500



Maximum Taxable Salary:                           Unlimited


Medicare Tax Rate:                                        1.45%


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



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)



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

of higher-income:                                              


Standard mileage rate for business driving           54 cents / mile



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


Valentine Seevers & Associates Certified Public Accountants

13976 W Bowles Avenue

Suite #200

Littleton, Colorado  80127

Phone: 303-674-5561


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