W-2 and 1099 Filing Deadlines Compressed Next Year
October 4, 2016
Inflation Adjustment Amounts for 2017
December 6, 2016The IRS Announces the 2017 Social Security Wage Base, Standard Deductions, Exemption Amounts And More
The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2017 will increase to $127,200.
The Social Security Administration has announced that, for 2017, cash remuneration paid by an employer for domestic service in the employer’s private home isn’t FICA wages if the amount paid during the year is less than $2,000.
The standard deduction for single taxpayers and married couples filing separately is $6,350 in 2017, up from $6,300 in 2016; for married couples filing jointly, the standard deduction is $12,700, up $100 from the prior year; and for heads of households, the standard deduction is $9,350 for 2017, up from $9,300.
The personal exemption amount for 2017 is $4,050, up from $4,000 in 2016. However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $261,500 ($313,800 for married couples filing jointly). It phases out completely at $384,000 ($436,300 for married couples filing jointly).
Other amounts have also changed slightly for the 2017 year, so if there is a specific item you are wondering about, please don’t hesitate to let us know. We’ll be glad to provide that number to you.
