Tax Year 2016; Inflation Adjusted Tax Amounts Issued by the IRS
IRS is giving a small concession to those who are not getting a raise in 2016.
Today, the IRS announced a $50 increase in the personal exemption to $4,050, permitting the taxpayers to guard just some more of their income from the government when it comes to paying the tax returns which will be filed in early 2017.
This year, the low-income families that have minimum three children will get a maximum earned-income tax credit of $6,269, which is $27 up. There is not alteration in the standard deduction for the single taxpayers or the married couples.
There are several tax thresholds which are connected to the rate of inflation. It could affect the tax payers in both ways depending majorly on the circumstances of an individual. It the prices are somewhat steady the tax brackets hardly move, so people who have incomes increasing can face higher tax bills.
The top tax rate which is 39.6 percent applies to the married couple whose taxable income is beyond $466,950 in 2016. That's an increase of $464,850 from the current year. That implies, when the rich gather more wealth, their increased income attracts more taxed at a higher rate.
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