|
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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