| 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 |
$132,900 |
| 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% |
| Business expensing limit: Cap on equipment purchases |
$2,550,000 |
| Business expensing limit: New and Used Equipment and Software |
$1,020,000 |
| Qualified Business Income threshold amount: |
$160,700 (single and head of household); $321,400 (married filing joint return) |
| Qualified Small Employer Health Reimbursement Arrangement limit: |
$5,150 (single coverage); $10,450 (family coverage) |
| Prior-year safe harbor for estimated taxes of higher-income |
110% of your 2018 tax liability |
| Standard mileage rate for business driving |
58 cents |
| Standard mileage rate for medical driving |
20 cents |
| Standard mileage rate for moving driving - Members of the Armed Forces on active duty who move because of a permanent change of station |
20 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 $39,375 for single filers, $78,750 for married filing jointly |
0% |
| Maximum capital gains tax rate for taxpayers with income above $39,375 for single filers, $78,750 for married filing jointly |
15% |
| Maximum capital gains tax rate for taxpayers with income above $434,550 for single filers, $488,850 for married filing jointly |
20% |
| Capital gains tax rate for unrecaptured 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 |
$13,000 if under age 50 | $16,000 if 50 or older |
| Maximum Contribution to SEP IRA |
25% of eligible compensation up to $56,000 |
| 401(k) maximum employee contribution limit |
$19,000 if under age 50 | $25,000 if 50 or older |
| Estate tax exemption |
$11,400,000 |
| Annual Exclusion for Gifts |
$15,000 |
| Continental U.S. |
2019-20 Tax Rates (July 1, 2019-June 30, 2020) |
| For each breakfast |
$1.33 |
| For each lunch or supper |
$2.49 |
| For each snack (up to 3 per day for each child) |
$0.74 |
| Alaska |
2019-20 Tax Rates (July 1, 2019-June 30, 2020) |
| For each breakfast |
$1.33 |
| For each lunch or supper |
$2.49 |
| For each snack (up to 3 per day for each child) |
$0.74 |
| Hawaii |
2019-20 Tax Rates (July 1, 2019-June 30, 2020) |
| For each breakfast |
$1.33 |
| For each lunch or supper |
$2.49 |
| For each snack (up to 3 per day for each child) |
$0.74 |
| Source: Federal Register |
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