Married Filing Joint/Surviving Spouse $12,700
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
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
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.
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.