Tax Facts
Below you will find the latest federal tax brackets as well as additional rates and guidelines for social security, education, estate taxes, and more.
FEDERAL INCOME TAX RATES
| SINGLE | |
|---|---|
| $0 - $9,700 | 10% |
| $9,700 - $39,475 | 12% |
| $39,475 - $84,200 | 22% |
| $84,200 - $160,725 | 24% |
| $160,725 - $204,100 | 32% |
| $204,100 - $306,175 | 35% |
| Over $510,300 | 37% |
| HEAD OF HOUSEHOLD | |
|---|---|
| $0 - $13,580 | 10% |
| $13,850 - $52,850 | 12% |
| $52,850-$84,200 | 22% |
| $84,200 - $160,700 | 24% |
| $160,725 - $204,000 | 32% |
| $204,100 - $510,300 | 35% |
| Over $510,300 | 37% |
| MARRIED, FILING JOINTLY | |
|---|---|
| $0 - $19,400 | 10% |
| $19,400 - $78,950 | 12% |
| $78,950 - $168,400 | 22% |
| $168,400 - $321,450 | 24% |
| $321,450 - $408,200 | 32% |
| $408,200 - $612,350 | 35% |
| Over $612,350 | 37% |
| MARRIED, FILING SEPARATELY | |
|---|---|
| $0 - $9,700 | 10% |
| $9,700 - $39,475 | 12% |
| $39,475 - $84,200 | 22% |
| $84,200 - $160,725 | 24% |
| $160,725 - $204,000 | 32% |
| $204,100 - $510,300 | 35% |
| Over $306,175 | 37% |
| ESTATES & TRUSTS | |
|---|---|
| $0 - $2,600 | 10% |
| $2,600 - $9,300 | 24% |
| $9,300 - $12,75 | 35% |
| Over $12,750 | 37% |
| STANDARD DEDUCTION | |
|---|---|
| Single | $12,200 |
| Married, Filing Jointly | $24,400 |
| Head of Household | $18,350 |
| Married, Filing Separately | $12,200 |
| Additional standard deduction for taxpayers who are age 65 or older, or who are blind: $1,300 for married; $1,650 for unmarried and not a surviving spouse. | |
| Kiddie Tax Exemption | $2,200 |
|---|---|
| A "kiddie" is under age 18; or age 18 provided child's earned income does not exceed ½ of his/her support; or ages 19-23 if full-time student and earned income does not exceed½ of support. Unearned income uses trust rates. | |
| Rates for long-term capital gains and qualified dividends | |||||
|---|---|---|---|---|---|
| Individuals | Head of Household | Married, Filing Jointly | Married, Filing Separately | Estates and trusts | |
| 0% | $0 - $39,375 | $0 - $52,750 | $0 - $78,750 | $0 - $39,375 | $0-$2,650 |
| 15% | $39,375 - $434,550 | $52,750 - $461,700 | $78,750 - $488,850 | $39,375 - $244,425 | $2,650-$12,950 |
| 20% | Over $434,550 | Over $461,700 | Over $488,850 | Over $244,425 | Over $12,950 |
| 28% | Collectibles | ||||
| 3.8% Medicare surtax thresholds | |
|---|---|
| Single or HOH | $200,000 |
| Married, Filing Jointly | $250,000 |
| Married, Filing Separately | $125,000 |
| Estates and Trusts | $12,750 |
| The tax is assessed on the lesser of the amount of income over the threshold or the amount of net investment income. | |
OTHER FEDERAL TAXES
| Federal Gift and Estate Tax | |
|---|---|
| Gift tax annual exclusion | $15,000 |
| Annual exclusion for gift to non-citizen spouse | $155,000 |
| Highest estate and gift tax rate | 40% |
| Unified estate and gift tax credit amount | $11,400,000 |
| Generation-skipping transfer tax exclusion | $11,400,000 |
| Unused credit can pass to the surviving spouse if decedent spouse elects on Form 706. | |
SOCIAL SECURITY TAXES
| Social Security | |
|---|---|
| Maximum earnings (during working years) subject to payroll tax | $132,900 |
| Social Security Payroll Tax | |
|---|---|
| Employees pay 7 .65% | Self-employed pay 15.30% |
| Additional 0.9% high-income payroll tax for wages in excess of | |
|---|---|
| Single or HOH | $200,000 |
| Married, filing jointly | $250,000 |
| Married, filing separately | $125,000 |
| Social Security Payroll Tax | |
|---|---|
| Employees pay 7 .65% | $132,900 |
| Income (in retirement) causing Social Security benefits to be taxable (MAGI = Modified Adjusted Gross Income) | |
|---|---|
| Single or HOH | |
| Up to 85% taxable | $34,000 MAGI |
| Up to 50% taxable | $25,000 MAGI |
| Married, filing jointly | |
| Up to 85% taxable | $34,000 MAGI |
| Up to 50% taxable | $25,000 MAGI |
| Max earnings (from a job) between age 62 and full (normal Social Security retirement age before Social Security benefits are reduced $1 for every $2 above $17,640. For individuals who reach FRA in 2019, $1 for every additional $3 earned: $46,920 up until first of month of birthday. Thereafter unlimited. | |
Long-Term Care Insurance
| LTC | |
|---|---|
| Maximum premium amount allowed as a medical expense (deductible to extent all medical expenses exceed 10% adjusted gross income) | |
| Age 40 or less | $420 |
| More than age 40 but not more than 50 | $790 |
| More than age 50 but not more than 60 | $1,580 |
| More than age 60 but not more than 70 | $4,220 |
| More than 70 | $5,270 |
Education
| Student Loans | |
|---|---|
| Student loan interest deduction | $2,500 |
| Phase-out: Single | $70,000 - $85,000 |
| Phase-out: Married, filing jointly | $140,000 - $170,000 |
| American Opportunity Tax Credit (Hope Scholarship Credit) | |
|---|---|
| Maximum $2,500 (100% of first $2,000 + 25% of next $2,000 of eligible expenses) | |
| Phase-out: Single | $80,000 - $90,000 |
| Phase-out: Married, filing jointly | $160,000 - $180,000 |
| Lifelong Learning Credit | 20% of qualified expenses up to $10,000 |
| Phase-out: Single or HOH | $58,000 - $68,000 |
| Phase-out: Married, filing jointly | $116,000 - $136,000 |
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