1 Bethany Road Building 1, Suite 16 Hazlet, NJ 07730
(732) 936-9494
8519 4th Avenue 2nd Floor Brooklyn, NY 11209
(718) 921-1818
Annual Tax Rates
- 2022 Tax Rates
- 2021 Tax Rates
- 2020 Tax Rates
- 2019 Tax Rates
- 2018 Tax Rates
2022 Tax Rates Schedule X – Single |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $10,275 | 10% of the taxable amount |
| $10,275 | $41,775 | $1,027.50 plus 12% of the excess over $10,275 |
| $41,775 | $89,075 | $4,807.50 plus 22% of the excess over $41,775 |
| $89,075 | $170,050 | $15,213.50 plus 24% of the excess over $89,075 |
| $170,050 | $215,950 | $34,647.50 plus 32% of the excess over $170,050 |
| $215,950 | $539,900 | $49,335.50 plus 35% of the excess over $215,950 |
| $539,900 | no limit | $162,718.00 plus 37% of the excess over $539,900 |
2022 Tax Rates Schedule Y-1 – Married Filing Jointly or Qualifying Widow(er) |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $20,550 | 10% of the taxable amount |
| $20,550 | $83,550 | $2,055.00 plus 12% of the excess over $20,550 |
| $83,550 | $178,150 | $9,615.00 plus 22% of the excess over $83,550 |
| $178,150 | $340,100 | $30,427.00 plus 24% of the excess over $178,150 |
| $340,100 | $431,900 | $69,295.00 plus 32% of the excess over $340,100 |
| $431,900 | $647,850 | $98,671.00 plus 35% of the excess over $431,900 |
| $647,850 | no limit | $174,253.50 plus 37% of the excess over $647,850 |
2022 Tax Rates Schedule Y-2 – Married Filing Separately |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $10,275 | 10% of the taxable amount |
| $10,275 | $41,775 | $1,027.50 plus 12% of the excess over $10,275 |
| $41,775 | $89,075 | $4,807.50 plus 22% of the excess over $41,775 |
| $89,075 | $170,050 | $15,213.50 plus 24% of the excess over $89,075 |
| $170,050 | $215,950 | $34,647.50 plus 32% of the excess over $170,050 |
| $215,950 | $323,925 | $49,335.50 plus 35% of the excess over $215,950 |
| $323,925 | no limit | $87,126.75 plus 37% of the excess over $323,925 |
2022 Tax Rates Schedule Z – Head of Household |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $14,650 | 10% of the taxable amount |
| $14,650 | $55,900 | $1,465.00 plus 12% of the excess over $14,650 |
| $55,900 | $89,050 | $6,415.00 plus 22% of the excess over $55,900 |
| $89,050 | $170,050 | $13,708.00 plus 24% of the excess over $89,050 |
| $170,050 | $215,950 | $33,148.00 plus 32% of the excess over $170,050 |
| $215,950 | $539,900 | $47,836.00 plus 35% of the excess over $215,950 |
| $539,900 | no limit | $161,218.50 plus 37% of the excess over $539,900 |
2022 Tax Rates Estates & Trusts |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $2,750 | 10% of the taxable income |
| $2,750 | $9,850 | $275 plus 24% of the excess over $2,750 |
| $9,850 | $13,450 | $1,979 plus 35% of the excess over $9,850 |
| $13,450 | no limit | $3,239 plus 37% of the excess over $13,450 |
Social Security 2022 Tax Rates |
|
| Base Salary | $147,000 |
| Social Security Tax Rate | 6.20% |
| Maximum Social Security Tax | $9,114 |
| Medicare Base Salary | unlimited |
| Medicare Tax Rate | 1.45% |
Additional Medicare 2022 Tax Rates |
|
| Additional Medicare Tax | 0.90% |
| Filing status | Compensation over |
| Married filing jointly | $250,000 |
| Married filing separate | $125,000 |
| Single | $200,000 |
| Head of household (with qualifying person) | $200,000 |
| Qualifying widow(er) with dependent child | $200,000 |
Education 2022 Credit and Deduction Limits |
|
| American Opportunity Tax Credit (Hope) | $2,500 |
| Lifetime Learning Credit | $2,000 |
| Student Loan Interest Deduction | $2,500 |
| Coverdell Education Savings Contribution | $2,000 |
Miscellaneous 2022 Tax Rates |
|
| Standard Deduction: | |
|
$25,900 |
|
$19,400 |
|
$12,950 |
| Business Equipment Expense Deduction | $1,080,000 |
| Prior-year safe harbor for estimated taxes of higher-income | 110% of your 2021 tax liability |
| Standard mileage rate for business driving | 58.5 cents |
| Standard mileage rate for medical/moving driving | 18 cents |
| Standard mileage rate for charitable driving | 14 cents |
| Child Tax Credit | $2,000 per qualifying child |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $83,350 for joint filers and surviving spouses, $55,800 for heads of household, $41,675 for single filers, $41,675 for married taxpayers filing separately, and $2,800 for estates and trusts | 0% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $517,200 for joint filers and surviving spouses, $488,500 for heads of household, $459,750 for single filers, $258,600 for married taxpayers filing separately, and $13,700 for estates and trusts | 15% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $517,200 for joint filers and surviving spouses, $488,500 for heads of household, $459,750 for single filers, $258,600 for married taxpayers filing separately, and $13,700 for estates and trusts | 20% |
| Long-term gain attributable to certain depreciation recapture | 25% |
| Capital gains tax rate on collectibles and qualified small business stock | 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 | $14,000 if under age 50 $17,000 if 50 or older |
| Maximum Contribution to SEP IRA | 25% of compensation up to $61,000 |
| 401(k) maximum employee contribution limit | $20,500 if under age 50 $27,000 if 50 or older |
| Self-employed health insurance deduction | 100% |
| Estate tax exemption | $12,060,000 |
| Annual Exclusion for Gifts | $16,000 |
| Foreign Earned Income Exclusion | $112,000 |
2021 Tax Rates Schedule X – Single |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $9,950 | 10% of the taxable amount |
| $9,950 | $40,525 | $995 plus 12% of the excess over $9,950 |
| $40,525 | $86,375 | $4,664 plus 22% of the excess over $40,525 |
| $86,375 | $164,925 | $14,751 plus 24% of the excess over $86,375 |
| $164,925 | $209,425 | $33,603 plus 32% of the excess over $164,925 |
| $209,425 | $523,600 | $47,843 plus 35% of the excess over $209,425 |
| $523,600 | no limit | $157,804.25 plus 37% of the excess over $523,600 |
2021 Tax Rates Schedule Y-1 – Married Filing Jointly or Qualifying Widow(er) |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $19,900 | 10% of the taxable amount |
| $19,990 | $81,050 | $1,990 plus 12% of the excess over $19,990 |
| $81,050 | $172,750 | $9,328 plus 22% of the excess over $81,050 |
| $172,750 | $329,850 | $29,502 plus 24% of the excess over $172,750 |
| $329,850 | $418,850 | $67,206 plus 32% of the excess over $329,850 |
| $418,850 | $628,300 | $95,686 plus 35% of the excess over $418,850 |
| $628,300 | no limit | $168,993.50 plus 37% of the excess over $628,300 |
2021 Tax Rates Schedule Y-2 – Married Filing Separately |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $9,950 | 10% of the taxable amount |
| $9,950 | $40,525 | $995 plus 12% of the excess over $9,950 |
| $40,525 | $86,375 | $4,664 plus 22% of the excess over $40,525 |
| $86,375 | $164,925 | $14,751 plus 24% of the excess over $86,375 |
| $164,925 | $209,425 | $33,603 plus 32% of the excess over $164,925 |
| $209,425 | $314,150 | $47,843 plus 35% of the excess over $209,425 |
| $314,150 | no limit | $84,496.75 plus 37% of the excess over $314,150 |
2021 Tax Rates Schedule Z – Head of Household |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $14,200 | 10% of the taxable amount |
| $14,200 | $54,200 | $1,420 plus 12% of the excess over $14,200 |
| $54,200 | $86,350 | $6,220 plus 22% of the excess over $54,200 |
| $86,350 | $164,900 | $13,293 plus 24% of the excess over $86,350 |
| $164,900 | $209,400 | $32,145 plus 32% of the excess over $164,900 |
| $209,400 | $523,600 | $46,385 plus 35% of the excess over $209,400 |
| $523,600 | no limit | $156,355 plus 37% of the excess over $523,600 |
2021 Tax Rates Estates & Trusts |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $2,650 | 10% of the taxable income |
| $2,650 | $9,550 | $265 plus 24% of the excess over $2,650 |
| $9,550 | $13,050 | $1,921 plus 35% of the excess over $9,550 |
| $13,050 | no limit | $3,146 plus 37% of the excess over $13,050 |
Social Security 2021 Tax Rates |
|
| Base Salary | $142,800 |
| Social Security Tax Rate | 6.20% |
| Maximum Social Security Tax | $8,853.60 |
| Medicare Base Salary | unlimited |
| Medicare Tax Rate | 1.45% |
Additional Medicare 2021 Tax Rates |
|
| Additional Medicare Tax | 0.90% |
| Filing status | Compensation over |
| Married filing jointly | $250,000 |
| Married filing separate | $125,000 |
| Single | $200,000 |
| Head of household (with qualifying person) | $200,000 |
| Qualifying widow(er) with dependent child | $200,000 |
Education 2021 Credit and Deduction Limits |
|
| American Opportunity Tax Credit (Hope) | $2,500 |
| Lifetime Learning Credit | $2,000 |
| Student Loan Interest Deduction | $2,500 |
| Coverdell Education Savings Contribution | $2,000 |
Miscellaneous 2021 Tax Rates |
|
| Standard Deduction: | |
|
$25,100 |
|
$18,800 |
|
$12,550 |
| Business Equipment Expense Deduction | $1,050,000 |
| Prior-year safe harbor for estimated taxes of higher-income | 110% of your 2020 tax liability |
| Standard mileage rate for business driving | 56 cents |
| Standard mileage rate for medical/moving driving | 16 cents |
| Standard mileage rate for charitable driving | 14 cents |
| Child Tax Credit | $2,000 per qualifying child |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $80,800 for joint filers and surviving spouses, $54,100 for heads of household, $40,400 for single filers, $40,400 for married taxpayers filing separately, and $2,700 for estates and trusts | 0% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $501,600 for joint filers and surviving spouses, $473,750 for heads of household, $445,850 for single filers, $250,800 for married taxpayers filing separately, and $13,250 for estates and trusts | 15% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $501,600 for joint filers and surviving spouses, $473,750 for heads of household, $445,850 for single filers, $250,800 for married taxpayers filing separately, and $13,250 for estates and trusts | 20% |
| Long-term gain attributable to certain depreciation recapture | 25% |
| Capital gains tax rate on collectibles and qualified small business stock | 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 | $13,500 if under age 50 $16,500 if 50 or older |
| Maximum Contribution to SEP IRA | 25% of compensation up to $58,000 |
| 401(k) maximum employee contribution limit | $19,500 if under age 50 $26,000 if 50 or older |
| Self-employed health insurance deduction | 100% |
| Estate tax exemption | $11,700,000 |
| Annual Exclusion for Gifts | $15,000 |
| Foreign Earned Income Exclusion | $108,700 |
2020 Tax Rates Schedule X – Single |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $9,875 | 10% of the taxable amount |
| $9,875 | $40,125 | $987.50 plus 12% of the excess over $9,875 |
| $40,125 | $85,525 | $4,617.50 plus 22% of the excess over $40,125 |
| $85,525 | $163,300 | $14,605.50 plus 24% of the excess over $85,525 |
| $163,300 | $207,350 | $33,271.50 plus 32% of the excess over $163,300 |
| $207,350 | $518,400 | $47,367.50 plus 35% of the excess over $207,350 |
| $518,400 | no limit | $156,235.00 plus 37% of the excess over $518,400 |
2020 Tax Rates Schedule Y-1 – Married Filing Jointly or Qualifying Widow(er) |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $19,750 | 10% of the taxable amount |
| $19,750 | $80,250 | $1,975.00 plus 12% of the excess over $19,750 |
| $80,250 | $171,050 | $9,235.00 plus 22% of the excess over $80,250 |
| $171,050 | $326,600 | $29,211.00 plus 24% of the excess over $171,050 |
| $326,600 | $414,700 | $66,543.00 plus 32% of the excess over $326,600 |
| $414,700 | $622,050 | $94,735.00 plus 35% of the excess over $414,700 |
| $622,050 | no limit | $167,307.50 plus 37% of the excess over $622,050 |
2020 Tax Rates Schedule Y-2 – Married Filing Separately |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $9,875 | 10% of the taxable amount |
| $9,875 | $40,125 | $987.50 plus 12% of the excess over $9,875 |
| $40,125 | $85,525 | $4,617.50 plus 22% of the excess over $40,125 |
| $85,525 | $163,300 | $14,605.50 plus 24% of the excess over $85,525 |
| $163,300 | $207,350 | $33,271.50 plus 32% of the excess over $163,300 |
| $207,350 | $311,025 | $47,367.50 plus 35% of the excess over $207,350 |
| $311,025 | no limit | $83,653.75 plus 37% of the excess over $311,025 |
2020 Tax Rates Schedule Z – Head of Household |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $14,100 | 10% of the taxable amount |
| $14,100 | $53,700 | $1,410.00 plus 12% of the excess over $14,100 |
| $53,700 | $85,500 | $6,162.00 plus 22% of the excess over $53,700 |
| $85,500 | $163,300 | $13,158.00 plus 24% of the excess over $85,500 |
| $163,300 | $207,350 | $31,830.00 plus 32% of the excess over $163,300 |
| $207,350 | $518,400 | $45,926.00 plus 35% of the excess over $207,350 |
| $518,400 | no limit | $154,793.50 plus 37% of the excess over $518,400 |
2020 Tax Rates Estates & Trusts |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $2,600 | 10% of the taxable income |
| $2,600 | $9,450 | $260.00 plus 24% of the excess over $2,600 |
| $9,450 | $12,950 | $1,904.00 plus 35% of the excess over $9,450 |
| $12,950 | no limit | $3,129.00 plus 37% of the excess over $12,950 |
Social Security 2020 Tax Rates |
|
| Base Salary | $137,700 |
| Social Security Tax Rate | 6.20% |
| Maximum Social Security Tax | $8,537.40 |
| Medicare Base Salary | unlimited |
| Medicare Tax Rate | 1.45% |
Additional Medicare 2020 Tax Rates |
|
| Additional Medicare Tax | 0.90% |
| Filing status | Compensation over |
| Married filing jointly | $250,000 |
| Married filing separate | $125,000 |
| Single | $200,000 |
| Head of household (with qualifying person) | $200,000 |
| Qualifying widow(er) with dependent child | $200,000 |
Education 2020 Credit and Deduction Limits |
|
| American Opportunity Tax Credit (Hope) | $2,500 |
| Lifetime Learning Credit | $2,000 |
| Student Loan Interest Deduction | $2,500 |
| Coverdell Education Savings Contribution | $2,000 |
Miscellaneous 2020 Tax Rates |
|
| Standard Deduction: | |
|
$24,800 |
|
$18,650 |
|
$12,400 |
| Business Equipment Expense Deduction | $1,040,000 |
| Prior-year safe harbor for estimated taxes of higher-income | 110% of your 2019 tax liability |
| Standard mileage rate for business driving | 57.5 cents |
| Standard mileage rate for medical/moving driving | 17 cents |
| Standard mileage rate for charitable driving | 14 cents |
| Child Tax Credit | $2,000 per qualifying child |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $80,000 for joint filers and surviving spouses, $53,600 for heads of household, $40,000 for single filers, $40,000 for married taxpayers filing separately, and $2,650 for estates and trusts | 0% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $496,600 for joint filers and surviving spouses, $469,050 for heads of household, $441,450 for single filers, $248,300 for married taxpayers filing separately, and $13,150 for estates and trusts | 15% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $496,600 for joint filers and surviving spouses, $469,050 for heads of household, $441,450 for single filers, $248,300 for married taxpayers filing separately, and $13,150 for estates and trusts | 20% |
| Capital gains tax rate for unrecaptured Sec. 1250 gains | 25% |
| Capital gains tax rate on collectibles and qualified small business stock | 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 | $13,500 if under age 50 $16,500 if 50 or older |
| Maximum Contribution to SEP IRA | 25% of compensation up to $57,000 |
| 401(k) maximum employee contribution limit | $19,500 if under age 50 $26,000 if 50 or older |
| Self-employed health insurance deduction | 100% |
| Estate tax exemption | $11,580,000 |
| Annual Exclusion for Gifts | $15,000 |
| Foreign Earned Income Exclusion | $107,600 |
2019 Tax Rates Schedule X – Single |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $9,700 | 10% of the taxable amount |
| $9,700 | $39,475 | $970.00 plus 12% of the excess over $9,700 |
| $39,475 | $84,200 | $4,543.00 plus 22% of the excess over $39,475 |
| $84,200 | $160,725 | $14,382.50 plus 24% of the excess over $84,200 |
| $160,725 | $204,100 | $32,748.50 plus 32% of the excess over $160,725 |
| $204,100 | $510,300 | $46,628.50 plus 35% of the excess over $204,100 |
| $510,300 | no limit | $153,798.50 plus 37% of the excess over $510,300 |
2019 Tax Rates Schedule Y-1 – Married Filing Jointly or Qualifying Widow(er) |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $19,400 | 10% of the taxable amount |
| $19,400 | $78,950 | $1,940.00 plus 12% of the excess over $19,400 |
| $78,950 | $168,400 | $9,086.00 plus 22% of the excess over $78,950 |
| $168,400 | $321,450 | $28,765.00 plus 24% of the excess over $168,400 |
| $321,450 | $408,200 | $65,497.00 plus 32% of the excess over $321,450 |
| $408,200 | $612,350 | $164,709.50 plus 35% of the excess over $408,200 |
| $612,350 | no limit | $153,798.50 plus 37% of the excess over $612,350 |
2019 Tax Rates Schedule Y-2 – Married Filing Separately |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $9,700 | 10% of the taxable amount |
| $9,700 | $39,475 | $970.00 plus 12% of the excess over $9,700 |
| $39,475 | $84,200 | $4,543.00 plus 22% of the excess over $39,475 |
| $84,200 | $160,725 | $14,382.50 plus 24% of the excess over $84,200 |
| $160,725 | $204,100 | $32,748.50 plus 32% of the excess over $160,725 |
| $204,100 | $306,175 | $46,628.50 plus 35% of the excess over $204,100 |
| $306,175 | no limit | $82,354.75 plus 37% of the excess over $306,175 |
2019 Tax Rates Schedule Z – Head of Household |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $13,850 | 10% of the taxable amount |
| $13,850 | $52,850 | $1,385.00 plus 12% of the excess over $13,850 |
| $52,850 | $84,200 | $6,065.00 plus 22% of the excess over $52,850 |
| $84,200 | $160,700 | $12,962.00 plus 24% of the excess over $84,200 |
| $160,700 | $204,100 | $31,322.00 plus 32% of the excess over $160,700 |
| $204,100 | $510,300 | $45,210.00 plus 35% of the excess over $204,100 |
| $510,300 | no limit | $152,380.00 plus 37% of the excess over $510,300 |
2019 Tax Rates Estates & Trusts |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $2,600 | 10% of the taxable income |
| $2,600 | $9,300 | $260.00 plus 24% of the excess over $2,600 |
| $9,300 | $12,750 | $1,868.00 plus 35% of the excess over $9,300 |
| $12,750 | no limit | $3,075.50 plus 37% of the excess over $12,750 |
Social Security 2019 Tax Rates |
|
| Base Salary | $132,900 |
| Social Security Tax Rate | 6.20% |
| Maximum Social Security Tax | $8,239.80 |
| Medicare Base Salary | unlimited |
| Medicare Tax Rate | 1.45% |
Additional Medicare 2019 Tax Rates |
|
| Additional Medicare Tax | 0.90% |
| Filing status | Compensation over |
| Married filing jointly | $250,000 |
| Married filing separate | $125,000 |
| Single | $200,000 |
| Head of household (with qualifying person) | $200,000 |
| Qualifying widow(er) with dependent child | $200,000 |
Education 2019 Credit and Deduction Limits |
|
| American Opportunity Tax Credit (Hope) | $2,500 |
| Lifetime Learning Credit | $2,000 |
| Student Loan Interest Deduction | $2,500 |
| Coverdell Education Savings Contribution | $2,000 |
Miscellaneous 2019 Tax Rates |
|
| Standard Deduction: | |
|
$24,400 |
|
$18,350 |
|
$12,200 |
| Business Equipment Expense Deduction | $1,020,000 |
| 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 per qualifying child |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $78,750 for joint filers and surviving spouses, $52,750 for heads of household, $39,375 for single filers, $39,375 for married taxpayers filing separately, and $2,650 for estates and trusts | 0% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $488,850 for joint filers and surviving spouses, $461,700 for heads of household, $434,550 for single filers, $244,425 for married taxpayers filing separately, and $12,950 for estates and trusts | 15% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $488,850 for joint filers and surviving spouses, $461,700 for heads of household, $434,550 for single filers, $244,425 for married taxpayers filing separately, and $12,950 for estates and trusts | 20% |
| Capital gains tax rate for unrecaptured Sec. 1250 gains | 25% |
| Capital gains tax rate on collectibles and qualified small business stock | 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 compensation up to $55,000 |
| 401(k) maximum employee contribution limit | $19,000 if under age 50 $25,000 if 50 or older |
| Self-employed health insurance deduction | 100% |
| Estate tax exemption | $11,400,000 |
| Annual Exclusion for Gifts | $15,000 |
| Foreign Earned Income Exclusion | $105,900 |
2018 Tax Rates Schedule X – Single |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $9,525 | 10% of the taxable amount |
| $9,525 | $38,700 | $952.50 plus 12% of the excess over $9,525 |
| $38,700 | $82,500 | $4,453.50 plus 22% of the excess over $38,700 |
| $82,500 | $157,500 | $14,089.50 plus 24% of the excess over $82,500 |
| $157,500 | $200,000 | $32,089.50 plus 32% of the excess over $157,500 |
| $200,000 | $500,000 | $45,689.50 plus 35% of the excess over $200,000 |
| Over $500,000 | no limit | $150,689.50 plus 37% of the excess over $500,000 |
2018 Tax Rates Schedule Y-1 – Married Filing Jointly or Qualifying Widow(er) |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $19,050 | 10% of the taxable amount |
| $19,050 | $77,400 | $1,905 plus 12% of the excess over $19,050 |
| $77,400 | $165,000 | $8,907 plus 22% of the excess over $77,400 |
| $165,000 | $315,000 | $28,179 plus 24% of the excess over $165,000 |
| $315,000 | $400,000 | $64,179 plus 32% of the excess over $315,000 |
| $400,000 | $600,000 | $91,379 plus 35% of the excess over $400,000 |
| $600,000 | no limit | $161,379 plus 37% of the excess over $600,000 |
2018 Tax Rates Schedule Y-2 – Married Filing Separately |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $9,525 | 10% of the taxable amount |
| $9,525 | $38,700 | $952.50 plus 12% of the excess over $9,525 |
| $38,700 | $82,500 | $4,453.50 plus 22% of the excess over $38,700 |
| $82,500 | $157,500 | $14,089.50 plus 24% of the excess over $82,500 |
| $157,500 | $200,000 | $32,089.50 plus 32% of the excess over $157,500 |
| $200,000 | $300,000 | $45,689.50 plus 35% of the excess over $200,000 |
| Over $300,000 | no limit | $80,689.50 plus 37% of the excess over $300,000 |
2018 Tax Rates Schedule Z – Head of Household |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $13,600 | 10% of the taxable amount |
| $13,600 | $51,800 | $1,360 plus 12% of the excess over $13,600 |
| $51,800 | $82,500 | $5,944 plus 22% of the excess over $51,800 |
| $82,500 | $157,500 | $12,698 plus 24% of the excess over $82,500 |
| $157,500 | $200,000 | $30,698 plus 32% of the excess over $157,500 |
| $200,000 | $500,000 | $44,298 plus 35% of the excess over $200,000 |
| $500,000 | no limit | $149,298 plus 37% of the excess over $500,000 |
2018 Tax Rates Estates & Trusts |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $2,550 | 10% of the taxable income |
| $2,550 | $9,150 | $255 plus 24% of the excess over $2,550 |
| $9,150 | $12,500 | $1,839 plus 35% of the excess over $9,150 |
| $12,500 | no limit | $3,011.50 plus 37% of the excess over $12,500 |
Social Security 2018 Tax Rates |
|
| Base Salary | $128,400 |
| Social Security Tax Rate | 6.2% |
| Maximum Social Security Tax | $7,960.80 |
| Medicare Base Salary | unlimited |
| Medicare Tax Rate | 1.45% |
Additional Medicare 2018 Tax Rates |
|
| Additional Medicare Tax | 0.9% |
| Filing status | Compensation over |
| Married filing jointly | $250,000 |
| Married filing separate | $125,000 |
| Single | $200,000 |
| Head of household (with qualifying person) | $200,000 |
| Qualifying widow(er) with dependent child | $200,000 |
Education 2018 Credit and Deduction Limits |
|
| American Opportunity Tax Credit (Hope) | $2,500 |
| Lifetime Learning Credit | $2,000 |
| Student Loan Interest Deduction | $2,500 |
| Coverdell Education Savings Contribution | $2,000 |
Miscellaneous 2018 Tax Rates |
|
| Standard Deduction: | |
|
$24,000 |
|
$18,000 |
|
$12,000 |
| Business Equipment Expense Deduction | $1,000,000 |
| Prior-year safe harbor for estimated taxes of higher-income | 110% of your 2017 tax liability |
| Standard mileage rate for business driving | 54.5 cents |
| Standard mileage rate for medical/moving driving | 18 cents |
| Standard mileage rate for charitable driving | 14 cents |
| Child Tax Credit | $2,000 per qualifying child |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $77,200 for joint filers and surviving spouses, $51,700 for heads of household, $38,600 for single filers, $38,600 for married taxpayers filing separately, and $2,600 for estates and trusts | 0% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $479,000 for joint filers and surviving spouses, $452,400 for heads of household, $425,800 for single filers, $239,500 for married taxpayers filing separately, and $12,700 for estates and trusts | 15% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $479,000 for joint filers and surviving spouses, $452,400 for heads of household, $425,800 for single filers, $239,500 for married taxpayers filing separately, and $12,700 for estates and trusts | 20% |
| Capital gains tax rate for unrecaptured Sec. 1250 gains | 25% |
| Capital gains tax rate on collectibles and qualified small business stock | 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 compensation up to $55,000 |
| 401(k) maximum employee contribution limit | $18,500 if under age 50 $24,500 if 50 or older |
| Self-employed health insurance deduction | 100% |
| Estate tax exemption | $11,180,000 |
| Annual Exclusion for Gifts | $15,000 |
| Foreign Earned Income Exclusion | $104,100 |
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