Here are the key tax figures for 1996, adjusted for inflation.
Tax Brackets
- 15%
- 28%
- 31%
- 36%
- 39.6%
Alternative Minimum Tax (AMT)
- 26% on the first $175,000 of excess AMTI.
- 28% on excess AMTI over $175,000.
Deductions and Exemptions
- Standard Deduction: $6,700 (Joint), $4,000 (Single).
- Personal Exemption: $2,550. Phased out for high-income earners.
- Itemized Deduction Phase-out: Begins at AGI of $117,950.
Payroll Taxes
- Social Security (OASDI): 6.2% on the first $62,700 of wages.
- Medicare (HI): 1.45% on all wages (no limit).