2019 TAX RATES AND LIMITS

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

Social Security Tax Rate: Employers - 6.2%

Social Security Tax Rate: Employees - 6.2%

Self-Employment Income Tax Rate - 15.3%

Maximum Taxable Social Security Earnings - $132,900


Medicare

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

Qualified Business Income threshold amount: $160,700 (single and head of household); $321,400 (married filing joint return)

Mileage Rates

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


Unearned Income (Children)

Unearned income maximum for children under 19 before kiddie tax applies - $1,100


Capital Gains Tax Rates

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%


Retirement Contributions

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 Taxes

Estate tax exemption -$11,400,000

Annual Exclusion for Gifts - $15,000


Credits / Adjustments

Child Tax Credit - $2,000

American Opportunity Credit (Hope) - $2,500

Lifetime Learning Credit - $2,000

Student Loan Interest Deduction - $2,500

Coverdell Education Savings Contribution - $2,000