Federal Tax Database

        Federal Tax Database

Individual Deductions and Credits

 

 

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
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
 

 

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.

Auto And Transportation Allowances

 

 

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

 

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

 

 

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.

Retirement Plan Amounts

 

 

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
 

 

Estate And Gift Amounts

 

 

2019 2020 2021 2022 2023
Annual Gift Exclusion $15,000 $15,000 $15,000 $16,000 $17,000
Lifetime Gift Exclusion

$11.4 million 

$11.58 million 

$11.7 million 

$12.06 million 

$12.92 million 

Estate Tax Exclusion

$11.4 million 

$11.58 million 

$11.7 million 

$12.06 million

$12.92 million 

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