Federal Tax Summary Information
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Federal Tax Summary Info |
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The following
represents our "quick reference" section for those rates and amounts you need on
specific occasions. Please remember that tax laws (and these amounts) are
continually changing and this listing is only to be used as a starting reference point.
If you need professional advice or further elaboration on a number listed below,
please call our office.
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Individual
Deductions and Credits |
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2019 |
2020 |
2021 |
2022 |
2023 |
Standard Deduction, Joint Return And
Surviving Spouse |
$24,400 |
$24,800 |
$25,100 |
$25,900 |
$27,700 |
Standard Deduction, Head of Household |
$18,350 |
$18,650 |
$18,800 |
$19,400 |
$20,800 |
Standard Deduction, Single |
$12,200 |
$12,400 |
$12,550 |
$12,950 |
$13,850 |
Standard Deduction, Married Filing
Separate |
$12,200 |
$12,400 |
$12,550 |
$12,950 |
$13,850 |
Personal exemption |
N/A |
N/A |
N/A |
N/A |
N/A |
Taxpayer Claimed As A Dependent |
N/A |
N/A |
N/A |
N/A |
N/A |
Additional Standard Deduction For
Blindness or Age, Single |
$1,650 |
$1,600 |
$1,700 |
$1,750 |
$1,850 |
Additional Standard Deduction For
Blindness or Age, Married |
$1,300 |
$1,300 |
$1,300 |
$1,400 |
$1,400 |
Itemized Deduction Income Threshold
(deductions
reduced by 3% of amount your adjusted gross income exceeds
threshold) |
N/A |
N/A |
N/A |
N/A |
N/A |
Maximum IRA Deduction |
$6,000 |
$5,500 |
$6,000 |
$6,000 |
$6,500 |
Additional IRA Deduction For Age 50
and Over |
$1,000 |
$1,000 |
$1,000 |
$1,000 |
$1,000 |
Hope Scholarship Credit Per Eligible
Student |
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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 |
Child Tax Credit Under 6 |
$2,000 |
$2,000 |
$3,600 |
$2,000 |
$2,000 |
Child Tax Credit
Ages 6-17 |
$2,000 |
$2,000 |
$3,000 |
$2,000 |
$2,000 |
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Business
Deductions |
|
2020 |
2021 |
2021 |
2022 |
2023 |
Section 179 Deduction |
$1,040,000 |
$1,050,000l |
$1,050,000l |
$1,080,000l |
$1,160,000l |
Phaseout Amount
|
$2.59 mil |
$2.62 mil |
$2.62 mil |
$2.7 mil |
$2.8 mil |
Capital Gain and Dividend
Tax Rates |
|
2020 |
2021 |
2021 |
2022 |
2023 |
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.
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Auto
And Transportation Allowances |
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2019 |
2020 |
2021 |
2022 |
2023 |
Business Mileage Rate |
.58 |
.575 |
.56 |
.58.5* .62.5* |
.65 |
Medical/Moving Mileage Rate |
.20 |
.17 |
.16 |
.18* .22* |
.22 |
Charity Mileage Rate |
.14 |
.14 |
.14 |
.14 |
.14 |
Vehicle/Transit Pass Limit |
$265 |
$270 |
$270 |
$280 |
$300 |
Qualified Parking Limit |
$265 |
$270 |
$270 |
$280 |
$300 |
Inclusion
Amount For Leased Autos (smbiz.com)
* 2022 Mileage rates increased on July 1, 2022
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Federal
Income Tax Schedules |
IRS
2017
Individual Tax Table |
2017
Individual Tax Rate Schedules |
2000-2017
Corporate Tax Rates |
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Social
Security and Self-Employment Tax |
|
2019 |
2020 |
2021 |
2022 |
2023 |
FICA Taxable Maximum Earnings |
$132,900 |
$137,700 |
$142,800 |
$147,000 |
$160,200 |
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 |
$17,640 |
$17,640 |
$18,960 |
$19,560 |
$21,240 |
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 |
**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.
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Retirement
Plan Amounts |
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2019 |
2020 |
2021 |
2022 |
2023 |
Limit on 401(k) Elective Deferrals |
$19,000 |
$19,500 |
$19,500 |
$20,500 |
$22,500 |
Allowable Catch-Up Contribution For
Employees 50 and Over |
$6,000 |
$6,500 |
$6,500 |
$6,500 |
$7,500 |
Compensation Limit Under 401(a)(17),
404(I) and 408(k)(3)(C) |
$280,000 |
$285,000 |
$290,000 |
$305,000 |
$330,000 |
Deferral Limit Under A SIMPLE Plan |
$13,000 |
$13,500 |
$13,500 |
$14,000 |
$15,500 |
SIMPLE Plan Deferral Limit - Age 50 |
$16,000 |
$16,500 |
$16,500 |
$17,000 |
$19,000 |
Limit on Annual Benefit From A Defined
Benefit Plan |
$225,000 |
$225,000 |
$230,000 |
$230,000 |
$245,000 |
Earnings Definition of Highly
Compensated Employee |
$125,000 |
$130,000 |
$130,000 |
$135,000 |
$150,000 |
Limit on Deductible Contributions to
Defined Contribution Plans |
$56,000 |
$57,000 |
$58,000 |
$61,000 |
$66,000 |
Compensation Limit To Trigger a SEP
|
$600 |
$600 |
$600 |
$600 |
$600 |
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Estate
And Gift Amounts |
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2019 |
2020 |
2021 |
2022 |
2023 |
Annual Gift Exclusion |
$15,000 |
$15,000 |
$15,000 |
$16,000 |
$17,000 |
Lifetime Gift Exclusion |
$11.4 million
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$11.58 million
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$11.7 million
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$12.06 million
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$12.92 million
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Estate Tax Exclusion |
$11.4 million
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$11.58 million
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$11.7 million
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$12.06 million |
$12.92 million
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