Use the following Resources to help in planning your yearly taxes.

Standard Deductions

Married Filing Joint/Surviving Spouse $12,700

Single $6,350

Head of Household $9,350

Married Filing Separately $6,350

Additional Aged/Blind– Married $1,250

Additional Aged/Blind– Unmarried $1,550

Taxpayer Claimed as Dependent $1,050

 

Personal Exemption

The personal exemption amount in 2017 is $4,050.

  

2017 Social Security Changes

Maximum Taxable Earnings
Social Security Wage Base (OASDI) $127,200
Medicare Portion (HI) No Limit

Social Security Tax Rates
Tax Rate                                               Employee Rate

Employee 6.2%*

Self Employed 12.4%**

 

*The combined rate for Social Security (OASDI 6.20%) and Medicare (HI 1.45%)

**The combined rate Social Security (OASDI 12.40%) and Medicare (HI 2.90%)


At A Glance: Key Numbers For 2017

Plan Contribution Limits 2017

Defined Benefit Limit $210,000

Defined Contribution Limit $53,000**

Maximum Compensation Limits $265,000

Section 401(k) Plan $18,000

Section 403(b) Plan $18,000

Catch Up Provision401(k) and 403(b) $6,000

Section 457(b)(2)Limit $18,000***

Section 457(b)(2)Catch Up Provision $6,000

Highly Compensated Employee Definitional Limits $120,000

SIMPLE IRAs and SIMPLE 401(k) Plans $12,500

SIMPLE Plan Catch Up Provision $3,000

Traditional IRA and Roth IRA $5,500

Traditional IRA and Roth IRA Catch Up $1,000

 

**Annual additions to an employee's account, which are defined as the total of employer contributions, and forfeitures, are limited to the lesser of the dollar amount indicated or 100% compensation. This limit must be coordinated with a rule applicable to profit-sharing plans, SEPs, and stock bonus plans that limit contributions to 25% of compensation. This lower limitation does not apply to employee elective contributions or forfeitures, so annual additions may exceed 25% of compensation as long as employer contributions meet the 25% limit.

 ***Existing salary reduction SEPs (SARSEPs) are also covered by this limit.


Qualified Long Term Care Premiums                    2017 Maximum

Age 40 or less $410

More than 40 but not more than 50 $770

More than 50 but not more than 60 $1,530

More than 60 but not more than 70 $4,090

More than 70 $5,110

 

The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel.

Legal/Tax Disclosure
Neither MassMutual nor any of its employees or agents are authorized to give legal or tax advice. Consult your own personal attorney legal or tax counsel for advice on specific legal and tax matters.

Insurance products issued by Massachusetts Mutual Life Insurance Company (MassMutual), 1295 State Street,Springfield, MA 01111-0001 and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company, 100 Bright Meadow Boulevard, Enfield, CT06082. 

bottom border