Federal Tax Database

        Federal Tax Database

Individual Deductions and Credits

 

 

2015 2016 2017 2018 2019
Standard Deduction, Joint Return And Surviving Spouse $12,600 $12,600 $12,700 $24,000 $24,400
Standard Deduction, Head of Household $9,250 $9,300 $9,350 $18,000 $18,350
Standard Deduction, Single $6,300 $6,300 $6,350 $12,000 $12,200
Standard Deduction, Married Filing Separate $6,300 $6,300 $6,350 $12,000 $12,200
Personal exemption $4,000 $4,050 $4,050 N/A N/A
Taxpayer Claimed As A Dependent $1,050 $1,050 $1,050 N/A N/A
Additional Standard Deduction For Blindness or Age, Single $1,550 $1,550 $1,550 $1,600 $1,650
Additional Standard Deduction For Blindness or Age, Married  $1,250 $1,250 $1,250 $1,300 $1,300
Itemized Deduction Income Threshold (deductions reduced by 3% of amount your adjusted gross income exceeds threshold) Single $258,250
MFJ
$309,900
MFS
$154,950
HOH
$284,050
Single $258,250
MFJ
$309,900
MFS
$154,950
HOH
$284,050
Single $261,500
MFJ
$313,800
MFS
$156,900
HOH
$287,650
N/A N/A
Maximum IRA Deduction $5,500 $5,500 $5,500 $5,500 $6,000
Additional IRA Deduction For Age 50 and Over $1,000 $1,000 $1,000 $1,000 $1,000
Hope Scholarship Credit Per Eligible Student
American Opportunity Tax Credit Per Eligible Student $2,500 $2,500 $2,500 $2,500 $2,500
Lifetime Learning Credit  $2,000 $2,000 $2,000 $2,000 $2,000
Maximum Contribution To Education Savings Account (previously Education IRA) $2,000 $2,000 $2,000 $2,000 $2,000
Maximum Child Tax Credit $1,000 $1,000 $1,000 $1,000 $2,000
 

 

Business Deductions

 

 

2015 2016 2017 2018 2019
Section 179 Deduction  $500,000 $500,000 $500,000 $1 mil $1 mil
Phaseout Amount

 

$2 mil $2 mil $2 mil $2.5 mil $2.5 mil

Capital Gain and Dividend Tax Rates

 

 

2015 2016 2017 2018 2019
Tax Rate On Qualified Dividends and Capital Gains 15% 15% 15% 15%* 15%*
Dividend and Capital Gain Tax Rate For High Income Taxpayers (Income in the 39.6% marginal tax bracket) 20% 20% 20% 20%* 20%*
Tax Rate On Dividends For Low Income Taxpayers (10% and 15% Brackets) 0% 0% 0% 0%* 0%*
 * 0% rate applies to incomes below $39,375 single, $78,750 MFJ and $52,750 HH.  15% rate applies to incomes between $39,376-$434,550 single, $78,751-$488,850 MFJ and $52,751-$461,700 HH.  20% rate applies to incomes exceeding $434,550 single, $488,850 MFJ and $461,700 HH.

Auto And Transportation Allowances

 

 

2015 2016 2017 2018 2019
Business Mileage Rate .575 .54 .535 .545 .58
Medical/Moving Mileage Rate .23 .19 .17 .18 .20
Charity Mileage Rate .14 .14 .14 .14 .14
Vehicle/Transit Pass Limit $250 $255 $255 $260 $265
Qualified Parking Limit $250 $255 $255 $260 $265

Inclusion Amount For Leased Autos (smbiz.com)

 

Federal Income Tax Schedules



IRS 2017 Individual Tax Table
2017 Individual Tax Rate Schedules
2000-2017 Corporate Tax Rates

Social Security and Self-Employment Tax

 

 

2015 2016 2017 2018 2019
FICA Taxable Maximum Earnings $118,500 $118,500 $127,200 $128,400 $132,900
FICA Tax Rate On Employee 6.2% 6.2% 6.2% 6.2% 6.2%
Tax on Self-Employment Earnings 12.4% 12.4% 12.4% 12.4% 12.4%
Medicare Taxable Maximum Earnings No Limit No Limit No Limit No Limit No Limit
Medicare Tax Rate on Employee 1.45%** 1.45%** 1.45%** 1.45%** 1.45%**
Medicare Tax on Self-Employment Earnings 2.9% 2.9% 2.9% 2.9% 2.9%
Social Security Earnings Cap - Recipients Under 65  $15,720 $15,720 $16,920 $17,040 $17,640
Social Security Earnings Cap - Recipients 65-69 * No Limit No Limit No Limit No Limit No Limit
Social Security Earnings Cap - Recipients Over 70  No Limit No Limit No Limit No Limit No Limit
For More Social Security Limits : SSA.gov
* While the earnings cap was dropped for persons over 65 as of January 1, 2000, there remains an earnings cap of ($37,680 in 2009) during the retiree's 65th year for those months prior to the actual birthday.
**Beginning in 2013, there is an additional .9% Medicare tax on single taxpayers earning more than $200,000 and joint filers earning more than $250,000.

Retirement Plan Amounts

 

 

2015 2016 2017 2018 2019
Limit on 401(k) Elective Deferrals $18,000 $18,000 $18,000 $18,500 $19,000
Allowable Catch-Up Contribution For Employees 50 and Over $6,000 $6,000 $6,000 $6,000 $6,000
Compensation Limit Under 401(a)(17), 404(I) and 408(k)(3)(C) $265,000 $265,000 $270,000 $275,000 $280,000
Deferral Limit Under A SIMPLE Plan $12,500 $12,500 $12,500 $12,500 $13,000
SIMPLE Plan Deferral Limit - Age 50 $15,500 $15,500 $15,500 $15,500 $16,000
Limit on Annual Benefit From A Defined Benefit Plan $210,000 $210,000 $215,000 $220,000 $225,000
Earnings Definition of Highly Compensated Employee $120,000 $120,000 $120,000 $120,000 $125,000
Limit on Deductible Contributions to Defined Contribution Plans $53,000 $53,000 $54,000 $55,000 $56,000
Compensation Limit To Trigger a SEP $600 $600 $600 $600 $600
 

 

Estate And Gift Amounts

 

 

2015 2016 2017 2018 2019
Annual Gift Exclusion $14,000 $14,000 $14,000 $15,000 $15,000
Lifetime Gift Exclusion

$5.43 million 

$5.45 million 

$5.49 million 

$11.18 million 

$11.4 million 

Estate Tax Exclusion

$5.43 million 

$5.45 million 

$5.49 million 

$11.18 million 

$11.4 million 

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