TAX RATE 2019

 

   
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

   
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

   
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

   
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

   
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 Tax Rate: Employers 6.20%
Social Security Tax Rate: Employees 6.20%
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 $204,100 (single filers) or $250,000 (joint filers) 0.90
Medicare tax on net investment income ($204,100 single filers, $250,000 joint filers) 3.8%

Business expensing limit: Cap on equipment purchases 2550000
Business expensing limit: New and Used Equipment and Software 1020000
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 2000
Unearned income maximum for children under 19 before kiddie tax applies 1100
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 11400000
Annual Exclusion for Gifts 15000

   
American Opportunity Credit (Hope) $2,500
Lifetime Learning Credit $2,000
Student Loan Interest Deduction $2,500
Coverdell Education Savings Contribution $2,000

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OFFICE LINE

240.579.4929

EMAIL

[email protected]

WORKING HOURS

9:00am – 5:00pm