Federal Tax Database

Individual Deductions and Credits     2017 2018 2019 2020 2021 Standard Deduction, Joint Return And Surviving Spouse $12,700 $24,000 $24,400 $24,800 $25,100 Standard Deduction, Head of Household $9,350 $18,000 $18,350 $18,650 $18,800 Standard Deduction, Single $6,350 $12,000 $12,200 $12,400 $12,550 Standard Deduction, Married Filing Separate $6,350 $12,000 $12,200 $12,400 $12,550 Personal exemption $4,050 N/A N/A N/A N/A Taxpayer Claimed As A Dependent $1,050 N/A N/A N/A N/A Additional Standard Deduction For Blindness or Age, Single $1,550 $1,600 $1,650 $1,600 $1,700 Additional Standard Deduction For Blindness or Age, Married  $1,250 $1,300 $1,300 $1,300 $1,300 Itemized Deduction Income Threshold (deductions reduced by 3% of amount your adjusted gross income exceeds threshold) Single $261,500 MFJ $313,800 MFS $156,900 HOH $287,650 N/A N/A N/A N/A Maximum IRA Deduction $5,500 $5,500 $6,000 $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 Child Tax Credit Under 6 $1,000 $1,000 $2,000 $2,000 $3,600 Child Tax Credit Ages 6-17 $1,000 $1,000 $2,000 $2,000 $3,000     Business Deductions     2017 2018 2019 2020 2021 Section 179 Deduction  $500,000 $1 mil $1,020,000 $1,040,000 $1,050,000l Phaseout Amount   $2 mil $2.5 mil $2.55 mil $2.59 mil $2.62 mil Capital Gain and Dividend Tax Rates     2017 2018 2019 2020 2021 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     2017 2018 2019 2020 2021 Business Mileage Rate .535 .545 .58 .575 .56 Medical/Moving Mileage Rate .17 .18 .20 .17 .16 Charity Mileage Rate .14 .14 .14 .14 .14 Vehicle/Transit Pass Limit $255 $260 $265 $270 $270 Qualified Parking Limit $255 $260 $265 $270 $270 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     2017 2018 2019 2020 2021 FICA Taxable Maximum Earnings $127,200 $128,400 $132,900 $137,700 $142,800 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  $16,920 $17,040 $17,640 $17,640 $18,960 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     2017 2018 2019 2020 2021 Limit on 401(k) Elective Deferrals $18,000 $18,500 $19,000 $19,500 $19,500 Allowable Catch-Up Contribution For Employees 50 and Over $6,000 $6,000 $6,000 $6,500 $6,500 Compensation Limit Under 401(a)(17), 404(I) and 408(k)(3)(C) $270,000 $275,000 $280,000 $285,000 $290,000 Deferral Limit Under A SIMPLE Plan $12,500 $12,500 $13,000 $13,500 $13,500 SIMPLE Plan Deferral Limit - Age 50 $15,500 $15,500 $16,000 $16,500 $16,500 Limit on Annual Benefit From A Defined Benefit Plan $215,000 $220,000 $225,000 $225,000 $230,000 Earnings Definition of Highly Compensated Employee $120,000 $120,000 $125,000 $130,000 $130,000 Limit on Deductible Contributions to Defined Contribution Plans $54,000 $55,000 $56,000 $57,000 $58,000 Compensation Limit To Trigger a SEP $600 $600 $600 $600 $600     Estate And Gift Amounts     2017 2018 2019 2020 2021 Annual Gift Exclusion $14,000 $15,000 $15,000 $15,000 $15,000 Lifetime Gift Exclusion $5.49 million  $11.18 million  $11.4 million  $11.58 million  $11.7 million  Estate Tax Exclusion $5.49 million  $11.18 million  $11.4 million  $11.58 million  $11.7 million           Links to external sites are provided as a courtesy. 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