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Tax Rates

Due Dates

Retention Guide

2017 Tax Rates Schedule X - Single

If taxable income is over

But not over

The tax is

$0

$9,325

10% of the taxable amount

$9,325

$37,950

$932.50 plus 15% of the excess over $9,325

$37,950

$91,900

$5,226.25 plus 25% of the excess over $37,950

$91,900

$191,650

$18,713.75 plus 28% of the excess over $91,900

$191,650

$416,700

$46,643.75 plus 33% of the excess over $191,650

$416,700

$418,400

$120,910.25 plus 35% of the excess over $416,700

Over $418,400

no limit

$121,505.25 plus 39.6% of the excess over $418,400

2017 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)

If taxable income is over

But not over

The tax is

$0

$18,650

10% of the taxable amount

$18,650

$75,900

$1,865 plus 15% of the excess over $18,650

$75,900

$153,100

$10,452.50 plus 25% of the excess over $75,900

$153,100

$233,350

$29,752.50 plus 28% of the excess over $153,100

$233,350

$416,700

$52,222.50 plus 33% of the excess over $233,350

$416,700

$470,700

$112,728 plus 35% of the excess over $416,700

$470,700

no limit

$131,628 plus 39.6% of the excess over $470,700

2017 Tax Rates Schedule Y-2 - Married Filing Separately

If taxable income is over

But not over

The tax is

$0

$9,325

10% of the taxable amount

$9,325

$37,950

$932.50 plus 15% of the excess over $9,325

$37,950

$76,550

$5,226.25 plus 25% of the excess over $37,950

$76,550

$116,675

$14,876.25 plus 28% of the excess over $76,550

$116,675

$208,350

$26,111.25 plus 33% of the excess over $116,675

$208,350

$235,350

$56,364 plus 35% of the excess over $208,350

Over $235,350

no limit

$65,814 plus 39.6% of the excess over $235,350

July 10

Employees who work for tips - If you received $20 or more in tips during June, report them to your employer. You can use Form 4070 Employee's Report of Tips to Employer.

July 15

Employers - Nonpayroll Withholding. If the monthly deposit rule applies, deposit the tax for payments in June.

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in June.

July 31

Employers - Social Security, Medicare, and withheld income tax. File form 941 for the second quarter of the current year. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you have deposited the tax for the quarter in full and on time, you have until August 10 to file the return.

Employers - Federal Unemployment Tax. Deposit the tax owed through June if more than $500.

Employers - If you maintain an employee benefit plan, such as a pension, profit sharing, or stock bonus plan, file form 5500 or 5500-EZ for previous calendar year. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends.

August 10

Employers - File Form 941 for the second quarter. This due date applies only if you deposited the tax for the quarter in full and on time.

Employees who work for tips - If you received $20 or more in tips during July, report them to your employer. You can use Form 4070 Employee's Report of Tips to Employer.

August 15

Employers - Nonpayroll Withholding. If the monthly deposit rule applies, deposit the tax for payments in July.

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in July.

September 10

Employees who work for tips - If you received $20 or more in tips during August, report them to your employer. You can use Form 4070 Employee's Report of Tips to Employer.

September 15

Individuals - Make a payment of your current year estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the third installment date for estimated tax in the current year.

Partnerships - File Form 1065. This due date applies only if you were given an additional 6-month extension. Provide each partner with a copy of Schedule K-1 (Form 1065) or a substitute K-1.

Electing large partnerships - File Form 1065-B. This due date applies only if you were given an additional 6-month extension. See March 15 for the due date for furnishing the Schedules K-1 to the partners.

S Corporations - File Form 1120S and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 15. Provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1.

Corporations - Deposit the third installment of your estimated income tax. A worksheet, Form 1120-W, is available to help you make an estimate of your tax for the year.

Employers - Nonpayroll Withholding. If the monthly deposit rule applies, deposit the tax for payments in August.

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in August.

September 30

Trusts and Estates - File Form 1041. This due date applies only if you were given an additional 5-month extension. Otherwise, see April 15.

October 10

Employees who work for tips - If you received $20 or more in tips during September, report them to your employer. You can use Form 4070 Employee's Report of Tips to Employer.

October 15

Individuals - If you have an automatic 6-month extension to file your income tax return, file Form 1040, 1040A, 1040EZ, FBAR Form 114, or 709 and pay any tax, interest, and penalties due.

Corporations - File Form 1120 or 1120-A and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see April 15.

Employers - Nonpayroll Withholding. If the mo

Storing tax records: How long is long enough?

April 15 has come and gone and another year of tax forms and shoeboxes full of receipts is behind us. But what should be done with those documents after your check or refund request is in the mail?

Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.

However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit. If there is any indication of fraud, or you do not file a return, no period of limitation exists.To be safe, use the following guidelines.

Business Documents To Keep For One Year

  • Correspondence with Customers and Vendors
  • Duplicate Deposit Slips
  • Purchase Orders (other than Purchasing Department copy)
  • Receiving Sheets
  • Requisitions
  • Stenographer's Notebooks
  • Stockroom Withdrawal Forms

Business Documents To Keep For Three Years

  • Employee Personnel Records (after termination)
  • Employment Applications
  • Expired Insurance Policies
  • General Correspondence
  • Internal Audit Reports
  • Internal Reports
  • Petty Cash Vouchers
  • Physical Inventory Tags
  • Savings Bond Registration Records of Employees
  • Time Cards For Hourly Employees

Business Documents To Keep For Six Years

  • Accident Reports, Claims
  • Accounts Payable Ledgers and Schedules
  • Accounts Receivable Ledgers and Schedules
  • Bank Statements and Reconciliations
  • Cancelled Checks
  • Cancelled Stock and Bond Certificates
  • Employment Tax Records
  • Expense Analysis and Expense Distribution Schedules
  • Expired Contracts, Leases
  • Expired Option Records
  • Inventories of Products, Materials, Supplies
  • Invoices to Customers
  • Notes Receivable Ledgers, Schedules
  • Payroll Records and Summaries, including payment to pensioners
  • Plant Cost Ledgers
  • Purchasing Department Copies of Purchase Orders
  • Sales Records
  • Subsidiary Ledgers
  • Time Books
  • Travel and Entertainment Records
  • Vouchers for Payments to Vendors, Employees, etc.
  • Voucher Register, Schedules

Business Records To Keep Forever

While federal guidelines do not require you to keep tax records "forever," in many cases there will be other reasons you'll want to retain these documents indefinitely.

  • Audit Reports from CPAs/Accountants
  • Cancelled Checks for Important Payments (especially tax payments)
  • Cash Books, Charts of Accounts
  • Contracts, Leases Currently in Effect
  • Corporate Documents (incorporation, charter, by-laws, etc.)
  • Documents substantiating fixed asset additions
  • Deeds
  • Depreciation Schedules
  • Financial Statements (Year End)
  • General and Private Ledgers, Year End Trial Balances
  • Insurance Records, Current Accident Reports, Claims, Policies
  • Investment Trade Confirmations
  • IRS Revenue Agent Reports
  • Journals
  • Legal Re