PATRICK R. GRADY, CPA
Tax, Bookkeeping, Payroll
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