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What's a debt ceiling?
The government borrows money when spending exceeds receipts. The borrowing is done through the issue of securities by the Treasury and other federal government agencies.
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Costs up 9%
Employers' spending on health coverage for workers spiked abruptly this year
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Employment Taxes Rising
State and federal taxes are rising for employers across the U.S.
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2016 Individual Income Tax Rate Schedule
| Tax Rate |
Single |
Married/Joint
& Widow(er) |
Married/Separate |
Head of Household |
| 10% |
$1 - $9,275 |
$1 - $18,550 |
$1 - $9,275 |
$1 - $13,250 |
| 15% |
$9,275-$37,650 |
$18,550 to $75,300 |
$9,275-$37,650 |
$13,250 to $50,400 |
| 25% |
$37,650 to $91,150 |
$75,300 to $151,900 |
$37,650 to $75,950 |
$50,400 to $130,150 |
| 28% |
$91,150 to $190,150 |
$151,900 to $231,450 |
$75,950 to $115,725 |
$130,150 to $210,800 |
| 33% |
$190,150 to $413,350 |
$231,450 to $413,350 |
$115,725 to $206,675 |
$210,800 to $413,350 |
| 35% |
$413,350 to $415,050 |
$413,350 to $466,950 |
$206,675 to $233,475 |
$413,350 to $441,000 |
| 39.6% |
over $415,050 |
over $466,950 |
over $233,475 |
over $441,000 |
- Social Security Tax at a rate of 12.4% on wages and self-employment income up to the annual Social Security wage base of $118,500. Maximum tax is $7,347
- Medicare Tax at a rate of 2.9% on wages and self-employment income.
- Additional Medicare Tax at a rate of 0.9% on wages and self-employment income over the following thresholds:
•Married Filing Jointly: $250,000
•Single or Head of Household or Qualifying Widow(er): $200,000
•Married Filing Separately: $125,000
- The 2016 AMT exemption amounts include (a 26% minimum tax):
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For individuals with a status of married filing jointly, or are a qualifying widow or widower, the exemption amount is $83,800.
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For individuals with a status of unmarried individual (other than surviving spouse), the exemption amount is $53,900.
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For individuals with a status of married filing separately, the exemption amount is $41,900.
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The exemption for estates and trusts is now $23,900.
In 2016, a minimum 28% tax rate applies to the following:
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For married individuals filing separate returns, all income above $93,150.
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For married individuals filing joint returns, unmarried individuals (other than surviving spouse), and estates and trusts, all income above $186,300.
- Net investment income tax at a rate of 3.8% on the lower of net investment income or modified adjusted gross income over the following thresholds:
•Married Filing Jointly or Qualifying Widow(er): $250,000
•Single or Head of Household: $200,000
•Married Filing Separately: $125,000
- Capital Gains tax rates vary depending on whether the gains are short-term or long-term.
Short-term gains taxed at ordinary income tax rates.
Long-term gains and qualified dividends taxed at
• 0% if taxable income falls in the 10% or 15% marginal tax brackets
• 15% if taxable income falls in the 25%, 28%, 33%, or 35% marginal tax brackets
• 20% if taxable income falls in the 39.6% marginal tax bracket
• 25% on Depreciation Recapture
• 28% on Collectibles
• 28% on qualified small business stock after exclusion
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