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Tax Info > 2016 Quick Facts > Flashcards

2016 Quick Facts Flashcards

1
Q

Personal exemption

A

4,050

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2
Q

Personal exemption and itemized deduction phase-out begins at AGI of…MFJ/QW

A

311,300

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3
Q

Personal exemption and itemized deduction phase-out begins at AGI of…Single

A

259,400

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4
Q

Personal exemption and itemized deduction phase-out begins at AGI of…HOH

A

285,350

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5
Q

Personal exemption and itemized deduction phase-out begins at AGI of…MFS

A

155,650

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6
Q

To qualify for EIC, earned income and AGI must be less than…. for no children:

A

20,430 (14,880 for HOH, Single)

5,550 less than MFJ

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7
Q

To qualify for EIC, earned income and AGI must be less than…. for 1 child:

A

44,846 (39,296 for HOH, Single)

5,550 less than MFJ

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8
Q

To qualify for EIC, earned income and AGI must be less than…. for no children:

A

50,198 (44,648 for HOH, Single)

5,550 less than MFJ

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9
Q

To qualify for EIC, earned income and AGI must be less than…. for no children:

A

53,505 (47,955 for HOH, Single)

5,550 less than MFJ

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10
Q

Advance payment of health insurance premium tax credit- repayment limit if income < 2x federal poverty limit (FPL)

A

600

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11
Q

Advance payment of health insurance premium tax credit- repayment limit if income 2-3x federal poverty limit (FPL)

A

1,500

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12
Q

Advance payment of health insurance premium tax credit- repayment limit if income < 3-4x federal poverty limit (FPL)

A

2,550

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13
Q

Advance payment of health insurance premium tax credit- repayment limit if income < 4x federal poverty limit (FPL)

A

No limit

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14
Q

Child tax credit

A

$1,000 per child

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15
Q

Earned income floor- additional (refundable) floor for child tax credit

A

3,000

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16
Q

adoption credit/exclusion

A

13,460

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17
Q

adoption credit phase-out (for all except MFS)

A

201,920

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18
Q

foreign earned income exclusion

A

101,300

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19
Q

Max earnings subject to tax: Soc. Sec.

A

118,500

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20
Q

Max earnings subject to tax: Medicare

A

No limit

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21
Q

Employee- Soc. Sec.

A

7,347

22
Q

Self-employed- Soc. Sec.

A

14,694

23
Q

Employee or Self-employed- Medicare

A

No limit

24
Q

Additional Medicare tax begins at earnings of (MFJ):

A

250,000

25
Q

Additional Medicare tax begins at earnings of (Single, HOH, or QW):

A

200,000

26
Q

Additional Medicare tax begins at earnings of (MFS):

A

125,000

27
Q

Section 179 deduction- limit

A

25,000

28
Q

Section 179 deduction- SUV limit (per vehicle)

A

25,000

29
Q

Section 179 deduction- qualified real property limit

A

N/A

30
Q

Section 179 deduction- qualified real property phase-out threshold

A

200,000

31
Q

Depreciation limit- autos, trucks & vans

A

3,160, 3,460

32
Q

Mileage allowances:
Business
Charity work
Medical

A

.575
.14
.23

33
Q

HSA, self-only coverage:
Annual contribution limit
Min deductible
Out-of-pocket limit

A

3,350
1,300
6,550

34
Q

HSA, family coverage:
Annual contribution limit
Min deductible
Out-of-pocket limit

A

All double those of self-only coverage.

35
Q

HSA additional contribution limit for 55+

A

1,000

36
Q

AMT exemption- MFJ/QW

A

83,800

37
Q

AMT exemption- Single/HOH

A

53,900

38
Q

AMT exemption- MFS

A

41,900

39
Q

AMT exemption- kiddie tax

A

7,400

40
Q

Net investment income tax begins at AGI of… MFJ/QW

A

250,000

41
Q

Net investment income tax begins at AGI of… Single/HOH

A

200,000

42
Q

Net investment income tax begins at AGI of… MFS

A

125,000

43
Q

Key employee compensation threshold (retirement saver’s credit)

A

170,000

44
Q

Highly compensated threshold (retirement saver’s credit)

A

120,000

45
Q

Max earnings and still receive soc. sec. benefits: under full retirement age at year-end, benefits reduced by $1 for each $2 earned over

A

15,720

46
Q

Max earnings and still receive soc. sec. benefits: year FRA reached, benefits reduced by $1 for each $3 earned over (months up to FRA only)

A

41,880

47
Q

Month FRA reached and later

A

No Limit

48
Q

Estate and gift tax exclusion

A

5,450,000

49
Q

GST tax exemption

A

5,450,000

50
Q

Gift tax annual exclusion

A

14,000

Tax Info (6 decks)

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