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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.

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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