APPENDIX G: PROVIDED TAX TABLES The tax tables and limits below are provided to individuals taking the March 2018 CFP Certification Examination. Exam Window Tax Rates, Tables, & Law Tested July 2017 2017 November 2017 2017 March 2018 2017 INCOME TAX RATES 2017 SINGLE INDIVIDUALS $0 9,325 $0 10% $0 9,325 37,950 932.50 15% 9,325 37,950 91,900 5,226.25 25% 37,950 91,900 191,650 18,713.75 28% 91,900 191,650 416,700 46,643.75 33% 191,650 416,700 418,400 120,910.25 35% 416,700 418,400..... 121,505.25 39.6% 418,400 2017 MARRIED INDIVIDUALS FILING JOINTLY AND SURVIVING SPOUSES $0 18,650 $0 10% $0 18,650 75,900 1,865.00 15% 18,650 75,900 153,100 10,452.50 25% 75,900 153,100 233,350 29,752.50 28% 153,100 233,350 416,700 52,222.50 33% 233,350 416,700 470,700 112,728.00 35% 416,700 470,700..... 131,628.00 39.6% 470,700 1
2017 MARRIED INDIVIDUALS FILING SEPARATELY $0 9,325 $0 10% $0 9,325 37,950 932.50 15% 9,325 37,950 76,550 5,226.25 25% 37,950 76,550 116,675 14,876.25 28% 76,550 116,675 208,350 26,111.25 33% 116,675 208,350 235,350 56,364.00 35% 208,350 235,350..... 65,814.00 39.6% 235,350 2017 HEADS OF HOUSEHOLDS $0 13,350 $0 10% $0 13,350 50,800 1,335.00 15% 13,350 50,800 131,200 6,952.50 25% 50,800 131,200 212,500 27,052.50 28% 131,200 212,500 416,700 49,816.50 33% 212,500 416,700 444,550 117,202.50 35% 416,700 444,550..... 126,950.00 39.6% 444,550 2017 NET INVESTMENT INCOME TAX The net investment income tax is applied at a rate of 3.8%. Individuals Applied to the lesser of: the net investment income, or the excess of modified adjusted gross income over the following threshold amounts: $250,000 for married filing jointly or qualifying widow(er) with dependent child $125,000 for married filing separately $200,000 in all other cases Estates & Trusts Applied to the lesser of: the undistributed net investment income, or the excess of: the adjusted gross income over $12,500 2
2017 ADDITIONAL MEDICARE TAX The additional Medicare tax is applied at a rate of 0.9%. Filing Status Threshold Amount Married filing jointly $250,000 Married filing separately $125,000 Single, Head of household, or Qualifying widow(er) $200,000 2017 LONG-TERM CAPITAL GAINS RATES Maximum Long-Term Capital Gain Tax Rate Taxpayers in the 10% or 15% ordinary income tax bracket 0% Taxpayers in the 25%, 28%, 33%, or 35% ordinary income tax bracket 15% Taxpayers in the 39.6% ordinary income tax bracket 20% IRC Section 1250 depreciation recapture 25% Collectibles 28% 2017 CORPORATE INCOME TAX RATES $0 50,000 $0 15% $0 50,000 75,000 7,500 25% 50,000 75,000 100,000 13,750 34% 75,000 100,000 335,000 22,250 39% 100,000 335,000 10,000,000 113,900 34% 335,000 10,000,000 15,000,000 3,400,000 35% 10,000,000 15,000,000 18,333,333 5,150,000 38% 15,000,000 18,333,333..... 6,416,667 35% 0 2017 ESTATES AND NON-GRANTOR TRUSTS INCOME TAX RATES $0 2,550 $0 15% $0 2,550 6,000 382.50 25% 2,550 6,000 9,150 1,245.00 28% 6,000 9,150 12,500 2,127.00 33% 9,150 12,500..... 3,232.50 39.6% 12,500 3
2017 STANDARD DEDUCTIONS & PERSONAL EXEMPTION Standard Deduction*: Single $6,350 Married filing jointly/ Qualifying widow 12,700 Married filing separately 6,350 Head of household 9,350 Dependent $1,050 ** * increased by: $1,250 for a married taxpayer age 65 or older or blind ($2,500 if both 65 and blind); $1,550 for a single taxpayer age 65 or older or blind ($3,100 if both 65 and blind). ** or $350 plus earned income, if greater. Personal Exemption: $4,050 4
2017 RETIREMENT PLAN CONTRIBUTION LIMITS & PHASE-OUTS Elective deferrals 401(k), 403(b), 457, and SARSEPS $18,000 Catch - up contribution $6,000 Defined contribution limit $54,000 Defined benefit limit $215,000 SIMPLE plan elective deferral limit $12,500 SIMPLE catch-up contribution $3,000 Maximum includible compensation $270,000 Highly compensated employee Look-back to 2015 $120,000 Look-back to 2016 $120,000 Key employee (top-heavy plan) greater than $175,000 SEP participation limit $600 IRA or Roth IRA contribution limit $5,500 IRA or Roth IRA catch-up contribution $1,000 IRA deduction phaseout for active participants Single individuals $62,000 $72,000 Married individuals filing jointly $99,000 $119,000 Married individuals filing separately $0 $10,000 Spousal IRA $186,000 $196,000 Roth IRA phaseout Single $118,000 $133,000 Married filing jointly $186,000 $196,000 5
2017 ESTATE AND GIFT TAX RATES & EXEMPTIONS Applicable credit for gift/estate taxes $2,141,800 Applicable exclusion amount $5,490,000 Maximum Estate/Gift Tax Rate 40% Maximum Generation-Skipping Transfer Tax (GSTT) Rate 40% Maximum annual gift tax exclusion $14,000 2017 SOCIAL SECURITY WAGE BASE & EARNINGS LIMITS Wage base $127,200 Earnings limitations: Below Full Retirement Age $16,920 Year attaining Full Retirement Age $44,880 Year of Birth 2017 SOCIAL SECURITY FULL RETIREMENT AGES Social Security Full Retirement Age 1943-1954 66 1955 66 and 2 months 1956 66 and 4 months 1958 66 and 8 months 1959 66 and 10 months 1960 and later 67 *Note: If your birthday is on January 1st, your benefits are determined as if your birthday was in the previous year. 6
2017 HEALTH SAVINGS ACCOUNT LIMITS High-Deductible Health Plan Minimum Deductible Amounts Single $1,300 Family $2,600 High-Deductible Health Plan Maximum Out-of-Pocket Limits Single $6,550 Family $13,100 Health Savings Account Contribution Maximums Single $3,400 Family $6,750 Catch-Up Contributions (age 55 or older) $1,000 2017 EDUCATION PHASE OUTS EE bonds for education - exclusion phase outs Single $78,150 $93,150 Married filing jointly $117,250 $147,250 Coverdell Education Savings Account - contribution phase outs Single $95,000 $110,000 Married filing jointly $190,000 $220,000 Lifetime Learning Credit - AGI phase outs Single $56,000 $66,000 Married filing jointly $112,000 $132,000 American Opportunity Tax credit - AGI phase outs Single $80,000 $90,000 Married filing jointly $160,000 $180,000 Education loan interest deduction - AGI phase outs Single $65,000 $80,000 Married filing jointly $135,000 $165,000 7
2017 ALTERNATIVE MINIMUM TAX (AMT) EXEMPTIONS, PHASE OUTS & RATES Filing Status Exemption AMTI Phase Out Single individuals $54,300 $120,700 Married individuals filing jointly $84,500 $160,900 Married individuals filing separately $42,250 $80,450 Trusts and estates $24,100 $80,450 2017 AMT RATES MFJ or Single - AMTI up to $187,800 26% MFJ or Single - AMTI over $187,800 28% MFS - AMTI up to $93,900 26% MFS - AMTI over $93,900 28% 2017 CHILD TAX CREDIT Modified AGI Beginning Phase-Out Range for Child Tax Credit Married Filing Jointly $110,000 Single/Head of Household $75,000 Married Filing Separately $55,000 Phase-out complete when MAGI exceeds applicable threshold by $20,000 per child 8