Tax Rates

2019 Tax Rates

2019 Tax Rates – Single Taxpayers – Standard Deduction $12,200

10%

0 to $9,700

12%

$9,700 to $39,475

22%

$39,475 to $84,200

24%

$84,200 to $160,725

32%

$160,725 to $204,100

35%

$204,100 to $510,300

37%

Over $510,300

2019 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $24,400

10%

0 to $19,400

12%

$19,400 to $78,950

22%

$78,950 to $168,400

24%

$168,400 to $321,450

32%

$321,450 to $408,200

35%

$408,200 to $612,350

37%

Over $612,350

2019 Tax Rates – Married Filing Separately – Standard Deduction $12,200

10%

0 to $9,700

12%

$9,700 to $39,475

22%

$39,475 to $84,200

24%

$84,200 to $160,725

32%

$160,725 to $204,100

35%

$204,100 to $306,175

37%

Over $306,175

2019 Tax Rates – Head of Household – Standard Deduction $18,350

10%

0 to $13,850

12%

$13,850 to $52,850

22%

$52,850 to $84,200

24%

$84,200 to $160,700

32%

$160,700 to $204,100

35%

$204,100 to $510,300

37%

Over $510,300

2019 Tax Rates – Estates & Trusts

10%

0 to $2,600

24%

$2,600 to $9,300

35%

$9,300 to $12,750

37%

Over $12,750

Social Security

2019 Tax Rates

Social Security Tax Rate: Employers

6.2%

Social Security Tax Rate: Employees

6.2%

Social Security Tax Rate: Self-Employed

15.3%

Maximum Taxable Earnings

$132,900

Medicare Base Salary

Unlimited

Medicare Tax Rate: Employers

1.45%

Medicare Tax Rate: Employees

1.45%

Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)

0.9%

Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers)

3.8%

Miscellaneous

2019 Tax Rates

Business expensing limit: Cap on equipment purchases

$2,550,000

Business expensing limit: New and Used Equipment and Software

$1,020,000

Qualified Business Income threshold amount:

$160,700 (single and head of household); $321,400 (married filing joint return)

Qualified Small Employer Health Reimbursement Arrangement limit:

$5,150 (single coverage); $10,450 (family coverage)

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2018 tax liability

Standard mileage rate for business driving

58 cents

Standard mileage rate for medical driving

20 cents

Standard mileage rate for moving driving – Members of the Armed Forces on active duty who move because of a permanent change of station

20 cents

Standard mileage rate for charitable driving

14 cents

Child Tax Credit

$2,000

Unearned income maximum for children under 19 before kiddie tax applies

$1,100

Maximum capital gains tax rate for taxpayers with income up to $39,375 for single filers, $78,750 for married filing jointly

0%

Maximum capital gains tax rate for taxpayers with income above $39,375 for single filers, $78,750 for married filing jointly

15%

Maximum capital gains tax rate for taxpayers with income above $434,550 for single filers, $488,850 for married filing jointly

20%

Capital gains tax rate for unrecaptured Sec. 1250 gains

25%

Capital gains tax rate on collectibles

28%

Maximum contribution for Traditional/Roth IRA

$6,000 if under age 50
$7,000 if 50 or older

Maximum employee contribution to SIMPLE IRA

$13,000 if under age 50
$16,000 if 50 or older

Maximum Contribution to SEP IRA

25% of eligible compensation
up to $56,000

401(k) maximum employee contribution limit

$19,000 if under age 50
$25,000 if 50 or older

Estate tax exemption

$11,400,000

Annual Exclusion for Gifts

$15,000

Education

2019 Tax Rates

American Opportunity Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Source: IRS Revenue Procedure 2018-57

Standard Meal Rates for Family Child Care Providers for 2019 income tax returns

Continental U.S.

2019-20 Tax Rates (July 1, 2019-June 30, 2020)

For each breakfast

$1.33

For each lunch or supper

$2.49

For each snack (up to 3 per day for each child)

$0.74

Alaska

2019-20 Tax Rates (July 1, 2019-June 30, 2020)

For each breakfast

$2.12

For each lunch or supper

$4.04

For each snack (up to 3 per day for each child)

$1.20

Hawaii

2019-20 Tax Rates (July 1, 2019-June 30, 2020)

For each breakfast

$1.54

For each lunch or supper

$2.92

For each snack (up to 3 per day for each child)

$0.87

Source: Federal Register

2018 Tax Rates

2018 Tax Rates – Single Taxpayers – Standard Deduction $12,000

2017 Rates

10%

0 to $9,525

12%

$9,525 to $38,700

22%

$38,700 to $82,500

24%

$82,500 to $157,500

32%

$157,500 to $200,000

35%

$200,000 to $500,000

37%

Over $500,000

2018 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $24,000

10%

0 to $19,050

12%

$19,050 to $77,400

22%

$77,400 to $165,000

24%

$165,000 to $315,000

32%

$315,000 to $400,000

35%

$400,000 to $600,000

37%

Over $600,000

2018 Tax Rates – Married Filing Separately – Standard Deduction $12,000

10%

0 to $9,525

12%

$9,525 to $38,700

22%

$38,700 to $82,500

24%

$82,500 to $157,500

32%

$157,500 to $200,000

35%

$200,000 to $500,000

37%

Over $500,000

2018 Tax Rates – Head of Household – Standard Deduction $18,000

10%

0 to $13,600

12%

$13,600 to $51,800

22%

$51,800 to $82,500

24%

$82,500 to $157,500

32%

$157,500 to $200,000

35%

$200,000 to $500,000

37%

Over $500,000

2018 Tax Rates – Estates & Trusts

10%

0 to $2,550

24%

$2,550 to $9,150

35%

$9,150 to $12,500

37%

Over $12,500

Social Security

2018 Tax Rates

Social Security Tax Rate: Employers

6.2%

Social Security Tax Rate: Employees

6.2%

Social Security Tax Rate: Self-Employed

15.3%

Maximum Taxable Earnings

$128,400

Medicare Base Salary

Unlimited

Medicare Tax Rate: Employers

1.45%

Medicare Tax Rate: Employees

1.45%

Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)

0.9%

Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers)

3.8%

Miscellaneous

2018 Tax Rates

Business expensing limit: Cap on equipment purchases

$2,500,000

Business expensing limit: New and Used Equipment and Software

$1,000,000

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2018 tax liability

2017 Tax Rates

2017 Tax Rates – Single Taxpayers – Standard Deduction $6,350

2016 Rates

10%

0 to $9,325

15%

$9,325 to $37,950

25%

$37,950 to $91,900

28%

$91,900 to $191,650

33%

$191,650 to $416,700

35%

$416,700 to $418,400

39.6%

Over $418,400

2017 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $12,700

10%

0 to $18,650

15%

$18,650 to $75,900

25%

$75,900 to $153,100

28%

$153,100 to $233,350

33%

$233,350 to $416,700

35%

$416,700 to $470,700

39.6%

Over $470,700

2017 Tax Rates – Married Filing Separately – Standard Deduction $6,350

10%

0 to $9,325

15%

$9,325 to $37,950

25%

$37,950 to $76,550

28%

$76,550 to $116,675

33%

$116,675 to $208,350

35%

$208,350 to $235,350

39.6%

Over $235,350

2017 Tax Rates – Head of Household – Standard Deduction $9,350

10%

0 to $13,350

15%

$13,350 to $50,800

25%

$50,800 to $131,200

28%

$131,200 to $212,500

33%

$212,500 to $416,700

35%

$416,700 to $444,500

39.6%

Over $444,500

2017 Tax Rates – Estates & Trusts

15%

0 to $2,550

25%

$2,550 to $6,000

28%

$6,000 to $9,150

33%

$9,150 to $12,500

39.6%

Over $12,500

Social Security

2017 Tax Rates

Social Security Tax Rate: Employers

6.2%

Social Security Tax Rate: Employees

6.2%

Social Security Tax Rate: Self-Employed

15.3%

Maximum Taxable Earnings

$127,200

Medicare Base Salary

Unlimited

Medicare Tax Rate

1.45%

Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)

0.9%

Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers)

3.8%

Miscellaneous

2017 Tax Rates

Personal Exemption $4,050

Business expensing limit: Cap on equipment purchases

$2,030,000

Business expensing limit: New and Used Equipment and Software

$510,000

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2017 tax liability

Standard mileage rate for business driving

53.5 cents

Standard mileage rate for medical/moving driving

17 cents

Standard mileage rate for charitable driving

14 cents

Child Tax Credit

$1,000

Unearned income maximum for children under 19 before kiddie tax applies

$1,050

Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket

0%

Maximum capital gains tax rate for taxpayers above the 15% bracket but below the 39.6% bracket

15%

Maximum capital gains tax rate for taxpayers in the 39.6% bracket

20%

Capital gains tax rate for unrecaptured Sec. 1250 gains

25%

Capital gains tax rate on collectibles

28%

Maximum contribution for Traditional/Roth IRA

$5,500 if under age 50
$6,500 if 50 or older

Maximum employee contribution to SIMPLE IRA

$12,500 if under age 50
$15,500 if 50 or older

Maximum Contribution to SEP IRA

25% of eligible compensation
up to $54,000

401(k) maximum employee contribution limit

$18,000 if under age 50
$24,000 if 50 or older

Estate tax exemption

$5,490,000

Annual Exclusion for Gifts

$14,000

Education

2017 Tax Rates

American Opportunity Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Standard Meal Rates for Family Child Care Providers for 2017 income tax returns

Continental U.S.

2016-17 Tax Rates

For each breakfast

$1.31

For each lunch or supper

$2.46

For each snack (up to 3 per day for each child)

$0.73

Alaska

2016-17 Tax Rates

For each breakfast

$2.09

For each lunch or supper

$3.99

For each snack (up to 3 per day for each child)

$1.19

Hawaii

2016-17 Tax Rates

For each breakfast

$1.53

For each lunch or supper

$2.88

For each snack (up to 3 per day for each child)

$0.86

Contact Us:

303 Convention Way, Suite 4
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Tel: 650-361-1235
Fax: 650-361-1726
Email: lori@llopezcpa.com

Hours:

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lori@llopezcpa.com