Tax Rates
Income tax rates - (Single)
· 10% - for income up to $11,000
· 12% - for income up to $44,725
· 22% - for income up to $95,375
· 24% - for income up to $182,100
· 32% - for income up to $231,250
· 35% - for income up to $578,125
· 37% - for income over $578,125
Income tax rates - (Married Filing Jointly)
· 10% - for income up to $22,000
· 12% - for income up to $89,450
· 22% - for income up to $190,750
· 24% - for income up to $364,200
· 32% - for income up to $462,500
· 35% - for income up to $693,750
· 37% - for income over $693,750
Long term Capital Gain & Qualified dividends - Individual (Single)
· 0% - for income up to $44,625
· 15% - for income up to $492,300
· 20% - for income over $492,300
Long term Capital Gain & Qualified dividends - Individual (Married Filing Jointly)
· 0% - for income up to $89,250
· 15% - for income up to $553,850
· 20% - for income over $553,850
Corporation Tax = 21%
Workers
· Social Security = @6.20% for the first $160,200 of wages
· Medicare = @1.45% for all wages
· Medicare surtax = @ 0.9% for Wages > $200K (S) / $250K (MFJ)
· Medicare surtax = @ 3.8% for Investment income > $200K (S) / $250K (MFJ)
· Self-Employment tax = 15.3%
Estate & Trust
· 18% for amount up to $10,000
· 20% for amount up to $20,000
· 22% for amount up to $40,000
· 24% for amount up to $60,000
. 26% for amount up to $80,000
. 28% for amount up to $100,000
. 30% for amount up to $150,000
. 32% for amount up to $250,000
. 34% for amount up to $500,000
. 37 % for amount up to $750,000
. 39% for amount up to $1,000,000
. 40% for amount over
Gift
· Annual exclusion = $17,000
· Lifetime exclusion = $12,920,000
Standard Deduction
· Single = $13,850
· Married Filing Jointly = $27,700
Education
· Lifetime learning credit = $2,000
· American Opportunity credit = $2,500
Children
· Earned Income credit (EIC) = Max= $7,430
· Child tax credit = $2,000
· Child & Dep. care credit = $3,000 (1 child) / $6,000 (2 children)
· Other dependent credit = $500
Business
· Mileage rate = 65.5 cent per mile
· Home Office Deduction = $5/business square foot (max 300 sqf)
· 179 Expense (property) - Max = $1,160,000
· 179 Expense (SUV) - Max = $28,900
· QBI deduction (20%) - Income <$182K (S)/ $364K(MFJ)
Retirement
· Saver’s tax credit = $1,000
· 401K contribution = $22,500
· IRA / Roth contribution = $6,500
· SEP contribution - Max (25% of compensation & $66K)
· SSN benefits at full retirement age = $3627
· Tax free SSN benefits - Income <$25K (S) / $32K (MFJ)
Foreign
· Earned Income Exclusion = $120,000
· Housing deduction = $36,000
· Gift to foreign spouse exclusion = $175,000