Married filing Joint & Qualifying Widow (er) $12,700.00, Head of Household $9,350.00, Single/Married Separate $6,350.00.
$4,050.00; starts to phase out at $261,500.00 for single filers, $156,900.00 for married filing separate, $313,800.00 for joint filers and $287,650.00 for Head of Household.
AMT Exemption $86,200.00 joint, $55,400.00 single, $43,100.00 married-separate
Minimum wage effective 07/01/2011:
Tax brackets; Minimum Filing Requirements:
Child’s maximum amount of investment income not subject to parent’s rate (kiddie tax) is $2,100.00
Education credit: American Opportunity Tax Credit of $2,500 (100% of the first $2,000 of qualified expenses and 25% of the next $2,000.00) per student, subject to limitation due to adjusted gross income (not available to individuals with income exceeding$80,000 and for married couples with income exceeding $160,000).
Student Loan Interest Deduction: A maximum deduction of $2,500 that phases out for individuals with incomes (AGI) between $65,000 and $80,000 and phases out for married couples with AGI’s between $130,000 and $160,000).
|Business||$0.535 ($0.545 in 2018)|
|Charity||$0.14 (does not change, set by statute)|
|Medical||$0.17 ($0.18 in 2018)|
|Moving||$0.17 ($0.18 in 2018)|
IRA Deduction: Follow this link to see the latest from the IRS:
HSA Deduction: Single maximum is $3,400.00, family maximum $6,750.00 with $1,000.00 catch-up for 55 and older.
401(k) Limits: $18,000.00 Catch-up limit is $6,000.00 for a total possible of $24,000
FICA Limit: $127,200.00 ($128,400 for 2018)
Section 179: $500,000.00, No reduction in this deduction until capital purchases exceed $2,000,000.00 of property investment.
Bonus depreciation: only for NEW equipment; a deduction of 50% for new equipment in 2017 (40% deduction in 2018 and 30% in 2019).
IRA Required minmum distribution at age 70 ½, see IRS FAQ’s at following link:
Annual Gift Tax Exclusion: $14,000.00; Federal Estate/Gift Tax Unified Exclusion: $5,490,000.00 for 2017 and $5,600,000 for 2018. For Illinois, the exclusion is $4,000,000.00 for 2017 and the same for 2018.
For 2017, FICA taxes are required to be withheld from employee pay at a rate of 6.2% of the first $127,200 ($128,400 in 2018) and 1.45% for unlimited pay for medicare. An additional medicare tax of 0.9% is required to be withheld from that portion of payroll exceeding $200,000 in a calendar year for single, head of household and qualifying widow(er) with qualifying child and $250,000 married filing jointly, .
Internal Revenue Service – home page
IRS – Application for EIN
IRS – Individual Tax Return Refund status
Illinois Department of Revenue
Illinois Secretary of State
Illinois Dept of Employment Security – information, forms & publications
McHenry County Tax Collector (Property Taxes)
Interest Rates for Mortgages and Certificates of Deposit, bank rating (soundness of the bank)
Bank Rating (soundness of the bank) Information
National Do Not Call Registry
USPS – Zip Code Look-up