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Tax Rates

These are the tax rates and tax brackets for the most recent tax years. Each year, the IRS updates the tax rates and tax brackets. Find the applicable tax year for you and refer to those rates for that tax year. If you have an questions, please reach out to us. We are more than happy to help you in any way that we can! For more information regarding the latest tax rates and the latest information about the current tax year, stay tuned, as more information is to come!

2019 Tax Rates - Single Taxpayer - 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 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 2019 Tax Rates
Social Security Tax Rate: Employers 6.2%
Social Security Tax Rate: Employees 6.2%
Social Security Tax Rate: Self-Employed 15.3%
Maximum Taxable Earnings $132,900
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 2019 Tax Rates
Business expensing limit: Cap on equipment purchases $2,550,000
Business expensing limit: New and Used Equipment and Software $1,020,000
Qualified Business Income threshold amount: $160,700 (single and head of household); $321,400 (married filing joint return)
Qualified Small Employer Health Reimbursement Arrangement limit: $5,150 (single coverage); $10,450 (family coverage)
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 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
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 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%
Maximum contribution for Traditional/Roth IRA $6,000 if under age 50, or $7,000 if age 50 or older
Maximum employee contribution to SIMPLE IRA $13,000 if under age 50 or $16,000 if age 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 or $25,000 if age 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
Source: IRS Revenue Procedure 2018-57
Standard Meal Rates for Family Child Care Providers for 2018 income tax returns
Continental U.S. 2018-19 Tax Rates (July 1, 2018-June 30, 2019)
For each breakfast $2.09
For each lunch or supper $3.99
For each snack (up to 3 per day for each child) $1.19
Hawaii 2018-19 Tax Rates (July 1, 2018-June 30, 2019)
For each breakfast $1.53
For each lunch or supper $2.88
For each snack (up to 3 per day for each child) $0.86
Source: Federal Register

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