Can you believe it, 2016 is over, and we are already talking about taxes? The 2016 Federal Tax Table & Tax Calculator are released, and they are listed below.
The 2016 tax forms: Form 1040, 1040A, or 1040EZ are not available from the irs yet. The tax softwares like Turbo Tax 2016 and others are available, and they are able to do these tax calculations online for free. But in the mean time, here is the latest tax info for 2016 (for filing in April 2017).
2016 IRS Tax Brackets (Tax Rate Schedules)
Depending upon your filing status (Single, Head of Household, Married Filing Jointly or Married Filing Separately, your tax brackets are different. Please note that the income in all the tables below refers to your Taxable Income not Gross Income. i.e. your gross income minus all the deductions, exemptions and credits. The first table below gives you an idea which marginal tax bracket you fall into for the 2016 tax year.
[table "1" not found /]
The tables below show you exactly how much tax you owe (or have already paid) for 2016 year. Once again, the income below refers to your gross income minus the standard or itemized deductions, exemptions and tax credits. The easiest way to ensure you get every single deduction and credit available to you, make sure to either read all the documentation on the IRS website, or use free turbo tax online or software.
Use this table if you were not married any time during 2016.
[table "2" not found /]
Head of Household
You may be eligible to pay lower taxes that the single status if you are unmarried by the end of 2016, and you paid more than 50% of the cost of keeping up a home for 2016 and have a qualifying dependent who lived in your home for more than 50% of the tax year.
[table "3" not found /]
Married Filing Jointly or Qualifying Widow(er)
If you are married on Dec 31st 2016, you are eligible to file in this category. If your spouse died during 2016, you can still file a joint return for this year.
[table "5" not found /]
Married, Filing Separately
Depending upon your incomes and deductions, you may consider filing separately.
[table "4" not found /]