Steven S. Chalawsky, CPA

Helping Legally Pay The Least Amount Of Taxes
Towson, MD
Why Choose Us?
  • Free Initial Consultation (Call For Details)
  • Attention To Detail
  • Dedicated To Client Satisfaction
  • In Business For Over 25 Years
  • Certified (CPA)
  • Year-Round Service
  • Flexible Hours
Business Hours
Mon - Fri: 9:00am - 5:00pm Weekends: By appointment

2017 Tax Rates Schedule X - Single

If taxable income is over
But not over
The tax is
$0
$9,325
10% of the taxable amount
$9,325
$37,950
$932.50 plus 15% of the excess over $9,325
$37,950
$91,900
$5,226.25 plus 25% of the excess over $37,950
$91,900
$191,650
$18,713.75 plus 28% of the excess over $91,900
$191,650
$416,700
$46,643.75 plus 33% of the excess over $191,650
$416,700
$418,400
$120,910.25 plus 35% of the excess over $416,700
Over $418,400
no limit
$121,505.25 plus 39.6% of the excess over $418,400

2017 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)

If taxable income is over
But not over
The tax is
$0
$18,650
10% of the taxable amount
$18,650
$75,900
$1,865 plus 15% of the excess over $18,650
$75,900
$153,100
$10,452.50 plus 25% of the excess over $75,900
$153,100
$233,350
$29,752.50 plus 28% of the excess over $153,100
$233,350
$416,700
$52,222.50 plus 33% of the excess over $233,350
$416,700
$470,700
$112,728 plus 35% of the excess over $416,700
$470,700
no limit
$131,628 plus 39.6% of the excess over $470,700

2017 Tax Rates Schedule Y-2 - Married Filing Separately

If taxable income is over
But not over
The tax is
$0
$9,325
10% of the taxable amount
$9,325
$37,950
$932.50 plus 15% of the excess over $9,325
$37,950
$76,550
$5,226.25 plus 25% of the excess over $37,950
$76,550
$116,675
$14,876.25 plus 28% of the excess over $76,550
$116,675
$208,350
$26,111.25 plus 33% of the excess over $116,675
$208,350
$235,350
$56,364 plus 35% of the excess over $208,350
Over $235,350
no limit
$65,814 plus 39.6% of the excess over $235,350

2017 Tax Rates Schedule Z - Head of Household

If taxable income is over
But not over
The tax is
$0
$13,350
10% of the taxable amount
$13,350
$50,800
$1,335 plus 15% of the excess over $13,350
$50,800
$131,200
$6,952.50 plus 25% of the excess over $50,800
$131,200
$212,500
$27,052.50 plus 28% of the excess over $131,200
$212,500
$416,700
$49,816.50 plus 33% of the excess over $212,500
$416,700
$444,550
$117,202.50 plus 35% of the excess over $416,700
$444,550
no limit
$126,950 plus 39.6% of the excess over $444,550

2017 Tax Rates Estates & Trusts

If taxable income is over
But not over
The tax is
$0
$2,550
15% of the taxable income
$2,550
$6,000
$382.50 plus 25% of the excess over $2,550
$6,000
$9,150
$1,245 plus 28% of the excess over $6,000
$9,150
$12,500
$2,127 plus 33% of the excess over $9,150
$12,500
no limit
$3,232.50 plus 39.6% of the excess over $12,500

Social Security 2017 Tax Rates

Base Salary
$127,200
Social Security Tax Rate
6.2%
Maximum Social Security Tax
$7,886.40
Medicare Base Salary
unlimited
Medicare Tax Rate
1.45%

Additional Medicare 2017 Tax Rates

Additional Medicare Tax
0.9%
Filing status
Compensation over
Married filing jointly
$250,000
Married filing separate
$125,000
Single
$200,000
Head of household (with qualifying person)
$200,000
Qualifying widow(er) with dependent child
$200,000

Education 2017 Credit and Deduction Limits

American Opportunity Tax Credit (Hope)
$2,500
Lifetime Learning Credit
$2,000
Student Loan Interest Deduction
$2,500
Coverdell Education Savings Contribution
$2,000

Miscellaneous 2017 Tax Rates

Personal Exemption (Adjusted Gross Income below $156,900)
$4,050
Business Equipment Expense Deduction
$500,000
Prior-year safe harbor for estimated taxes of higher-income
110% of your 2016 tax liability
Standard mileage rate for business driving
53.5 cents
Standard mileage rate for medical/moving driving
17 cents
Standard mileage rate for charitable driving
14 cents
Child Tax Credit
$1,000 per qualifying child
Unearned income maximum for children before kiddie tax applies
$1,050
Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket
0%
Maximum capital gains tax rate for taxpayers in the 25%, 28%, 33%, or 35% bracket
15%
Maximum capital gains tax rate for taxpayers in the 39.6% bracket
20%
Capital gains tax rate for unrecaptured Sec. 1250 gains
25%
Capital gains tax rate on collectibles and qualified small business stock
28%
Maximum contribution for Traditional/Roth IRA
$5,500 if under age 50 $6,500 if 50 or older
Maximum employee contribution to SIMPLE IRA
$12,500 if under age 50 $15,500 if 50 or older
Maximum Contribution to SEP IRA
25% of compensation up to $54,000
401(k) maximum employee contribution limit
$18,000 if under age 50 $24,000 if 50 or older
Self-employed health insurance deduction
100%
Estate tax exemption
$5,490,000
Annual Exclusion for Gifts
$14,000
Foreign Earned Income Exclusion
$102,100
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