2020 Tax Rates - Single Taxpayers - Standard Deduction

$12,400

10%                                                    0 to $9,875

12%                                         $9,875 to $40,125

22%                                       $40,125 to $85,525

24%                                     $85,525 to $163,300

32%                                   $163,300 to $207,350

35%                                   $207,350 to $518,400

37%                                              Over $518,400

2020 Tax Rates - Married Filing Separately - Standard Deduction

$12,400

10%                                                    0 to $9,875

12%                                         $9,875 to $40,125

22%                                       $40,125 to $85,525

24%                                     $85,525 to $163,300

32%                                   $163,300 to $207,350

35%                                   $207,350 to $311,025

37%                                              Over $311,025

2020 Tax Rates - Estates & Trusts

10%                                                    0 to $2,600

24%                                           $2,600 to $9,450

35%                                         $9,450 to $12,950

37%                                                Over $12,950

2020 Tax Rates

Miscellaneous

Business expensing limit: Cap on equipment purchases                                           $2,590,000

Business expensing limit: New and Used Equipment and Software                   $1,040,000

Qualified Business Income threshold amount:

$163,300 (single and head of household); $326,600 (married filing joint return)

Qualified Small Employer Health Reimbursement Arrangement limit:         $5,250

(single coverage); $10,450 (family coverage)

Prior-year safe harbor for estimated taxes of higher-income    110% of your 2019 tax liability

Standard mileage rate for business driving                                                                       57.5 cents

Standard mileage rate for medical driving

                                                                17 cents

Standard mileage rate for moving driving - Members of the Armed Forces on active duty who move because of a permanent change of station                                                     17 cents

Standard mileage rate for charitable driving

                                                                14 cents

Child Tax Credit                                       $2,000

Unearned income maximum for children under 19 before kiddie tax applies                      $1,100

Maximum capital gains tax rate for taxpayers with income up to $40,000 for single filers, $80,000 for married filing jointly                   0%

Maximum capital gains tax rate for taxpayers with income above $40,000 for single filers, $80,000 for married filing jointly                 15%

Maximum capital gains tax rate for taxpayers with income above $441,450 for single filers, $496,600 for married filing jointly               20%

Capital gains tax rate for un-recaptured Sec. 1250 gains                                                    25%

Capital gains tax rate on collectibles            28%

Maximum contribution for Traditional/Roth IRA                                 

                                         $6,000 if under age 50
                                            $7,000 if 50 or older

Maximum employee contribution to SIMPLE IRA

                                       $13,500 if under age 50
                                          $16,500 if 50 or older

Maximum Contribution to SEP IRA

                             25% of eligible compensation
                                                       up to $57,000

401(k) maximum employee contribution limit

                                       $19,500 if under age 50
                                          $26,000 if 50 or older

Estate tax exemption                        $11,580,000

Annual Exclusion for Gifts                     $15,000

2020 Tax Rates

Education

American Opportunity Credit (Hope)      $2,500

Lifetime Learning Credit                          $2,000

Student Loan Interest Deduction              $2,500

Coverdell Education Savings Contribution                                                                            $2,000

 

 

2019 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction

$24,800

10%                                                  0 to $19,750

12%                                       $19,750 to $80,250

22%                                     $80,250 to $171,050

24%                                   $171,050 to $326,600

32%                                   $326,600 to $414,700

35%                                   $414,700 to $622,050

37%                                              Over $622,050

2019 Tax Rates - Head of Household - Standard Deduction

$18,650

 

10%                                                  0 to $14,100

12%                                       $14,100 to $53,700

22%                                       $53,700 to $85,500

24%                                     $85,500 to $163,300

32%                                   $163,300 to $207,350

35%                                   $207,350 to $518,400

37%                                              Over $518,400

2019 Tax Rates

Social Security

Social Security Tax Rate: Employers          6.2%

Social Security Tax Rate: Employees         6.2%

Social Security Tax Rate: Self-Employed 15.3%

Maximum Taxable Earnings                 $137,700

Medicare Base Salary                          Unlimited

Medicare Tax Rate: Employers                 1.45%

Medicare Tax Rate: Employees                1.45%

Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)                                                           0.9%

Medicare tax on net investment income ($200,000 single filers, $250,000

joint filers)                                                   3.8%