Tax Rates

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

10%

0 to $9,5255

12%

$9,526 to $38,700

22%

$38,701 to $82,500

24%

$82,501 to $157,500

32%

$157,501 to $200,000

35%

$200,001 to $500,000

37%

Over $500,001

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

10%

0 to $19,050

12%

$19,051 to $77,400

22%

$77,401 to $165,000

24%

$165,001 to $315,000

32%

$315,001 to $400,000

35%

$400,001 to $600,000

37%

Over $600,001

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

10%

0 to $9,525

12%

$9,526 to $38,700

22%

$38,701 to $82,500

24%

$82,501 to $157,500

32%

$157,501 to $200,000

35%

$200,001 to $300,000

37%

Over $300,001

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

10%

0 to $13,600

12%

$13,601 to $51,800

22%

$51,801 to $82,500

24%

$82,501 to $157,500

32%

$157,501 to $200,000

35%

$200,001 to $500,000

37%

Over $500,001

2019 Tax Rates – Estates & Trusts

10%

0 to $2,550

24%

$2,551 to $9,150

35%

$9,151 to $12,500

37%

Over $12,500

 

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

12.4%

Maximum Taxable Earnings

$132,900

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

2019 Tax Rates

Personal Exemption $0

Business expensing limit: Cap on equipment purchases

$2,500,000

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/moving driving

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 in the 0% or 12% bracket

0%

Maximum capital gains tax rate for taxpayers above the 12% bracket but below the 20% bracket

15%

Maximum capital gains tax rate for taxpayers in the 37% 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

$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