Federal individual tax and brackets for 2016

The indexing factor for federal tax credits and brackets for 2016 is 1.3%. The following federal tax rates and brackets will be in effect for individuals for the 2016 tax year:

Income level                           Federal tax rate

$11,327–$45,282                            15%

$45,283–$90,563                           20.5%

$90,564–$140,388                          26%

$140,389–$200,000                         29%

Above $200,000                              33%

The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation