2020 federal income tax brackets
Single
 
Taxable Income Tax owed
$0 - $9,875 10% of taxable income
$9,876 to $40,125 $987.50 plus 12% of the amount over $9,875
$40,126 to $85,525 $4,617.50plus 22% of the amount over $40,125
$85,526 to $163,300 $14,605.50plus 24% of the amount over $85,525
$163,301 to $207,350 $33,271.50plus 32% of the amount over $163,300
$207,351 to $518,400 $47,367.50plus 35% of the amount over $207,350
$518,401 or more $156,235plus 37% of the amount over $518,400
Married Filing Jointly
Taxable Income Tax owed
$0 to $19,750 10% of taxable income
$19,751 to $80,250 $1,975 plus 12% of the amount over $19,75
$80,251 to $171,050 $9,235plus 22% of the amount over $80,250
$171,051 to $326,600 $29,211 plus 24% of the amount over $171,050
$326,601 to $414,700 $66,543plus 32% of the amount over $326,600
$414,701 to $622,050 $94,735 plus 35% of the amount over $414,700
$622,051 or more $167,307.50plus 37% of the amount over $622,050
Married Filing Separately
Taxable Income Tax owed
$0 to $9,875 10% of taxable income
$9,876 to $40,125 987.50plus 12% of the amount over $9,875
$40,126 to $85,525 $4,617.50plus 22% of the amount over $40,125
$85,526 to $163,300 $14,605.50plus 24% of the amount over $85,525
$163,301 to $207,350 $33,271.50plus 32% of the amount over $163,300
$207,351 to $311,025 $47,367.50plus 35% of the amount over $207,350
$311,026 or more $83,653.75plus 37% of the amount over $311,025
Head of Household
Taxable Income Tax owed
$0 to $14,100 10% of taxable income
$14,101 to $53,700 $1,410plus 12% of the amount over $14,100
$53,701 to $85,500 $6,162 plus 22% of the amount over $53,700
$85,501 to $163,300 $13,158plus 24% of the amount over $85,500
$163,301 to $207,350 $31,830 plus 32% of the amount over $163,300
$207,351 to $518,400 $45,926plus 35% of the amount over $207,350
$518,401 or more $154,793.50plus 37% of the amount over $518,400
2020 Capital Gain and Qualified dividends Tax Rates
Rate Single Filer Married Filing Jointly Head of Household Married Filing Separately
0% $0-$40,000 $0-$80,000 $0-$53,600 $0-$40,000
15% $40,001 to $441,450 $80,001 to $496,600 $53,601 to $469,050 $40,001 to $248,300
20% Over $441450 Over $496,600 Over $469,050 Over $248,300

* Additional 3.8% tax imposed on the lesser of the individual's Net investment Income or the excess of the individual's MAGI over certain thresholds ($250,000 for married couples filing jointly or surviving spouse, $125,000 for married couples filing separately, and $200,000 for all other individual taxpayers.) *Short-term capital gains are taxed at the same rate as ordinary income.

2018 Kiddie Tax
 
2018 Trust Tax Brackets and Rates on Ordinary Income %
$0 to $2,550 10
$2,551 to $9,150 24
$9,151 to $12,500 35
over $12,500 37
2018 Trust Tax Rates On Capital Gains And Qualified Dividends %
$0 to $2,599 0
$2,600 to $12,699 15
$12,700 and over 20
2018 AMT Rates for Individuals
Taxpayer AMT Taxable Income Threshold 2016 AMT Rate
Single, Married Filing Joint, Head of Household $0-$191,500 26%
$191,500 or more 28%
Married Filing Separately $0-$95,750 26%
$95,750 or more 28%
2018 AMT Exemption
Taxpayer 2018 AMT Exemption
Single,Head of Household $70,300
Married Filing Joint $109,400
Married Filing Separately $54,700
2018 Maximum Social Security Benefit Subject to FICA
  Maximum Amount  FICA Tax Rate
OASDI Maximum $128,400 12.4% Social Security tax for Self-employed
6.2% employees
High Income Maximum * No Limit 2.9% Medicare Tax for Self-employed
1.45% Medicare Tax for employees

* Additional 0.9% tax imposed on employment wages for certain higher-income taxpayer (income of more than $250,000 for married couples filing jointly or surviving spouse, $125,000 for married couples filing separately, and $200,000 for all other individual taxpayers)

Modified Adjusted Gross Income Amount for Social Security Benefits to Be Taxable
Taxpayer Up to 50% of Benefit Taxable if provisional income exceeds Up to 85% of Benefit Taxable if provisional income exceeds
Married Filing Jointly $32,000 $44,000
Married Filing separately $0 $0
Single and Head of Household $25,000 $34,000


2018 Standard Mileage Rates
Purpose Rate
Business 54.5C per mile
Medical 18C per mile
charitable 14C per mile
Moving 18C per mile
2018 Education Incentives
Above the Line Tuition Deduction Up to $4,000 Qualified tuition and related expenses
Above the Line Student loan Interest Deduction Up to $2,500 Subject to income limitations
Education Credits American Opportunity Credit Up to $2,500 For first four years of higher education expenses paid
Lifetime Learning Credit 20% of tuition paid, up to $2,000 per return
Both are subject to income limitations, 
Cannot be used in conjunction with each other for the same student
Section 529 Plans-distributions used for qualified higher education expenses are income tax free.
subject to income limitations.
2018 Standard Deductions
Standard Deductions Annual Additional Amount for Age 65 or older or Blind
Married Filing Jointly/ Surviving Spouse $24,000 $1,300
Married Filing Separately $12,000 $1,300
Head of Household $18,000 $1,600
Single $12,000 $1,600


2018 Phaseout of Itemized Deductions
Married Filing Jointly/ Surviving Spouse none
Married Filing Separately none
Head of Household none
Single none


2018 Personal Exemptions
NONE
2018 Sec. 179 Expenses Allowance
Dollar Limitation $1000,000
Investment Limitation $2500,000
2018 Estate and Gift Taxes
Annual Gift Tax Exclusion-non spouse $15,000
Annual Gift Tax Exclusion for non-citizen Spouses $152,000
Estate Tax Exclusion $5,600,000
Who die in 2018, Gift Tax Exclusion $5,600,000
Who die in 2018, Gift Tax Exemption $5,600,000
Foreign Gift not report to Form 3520 $100,000
2018 Child Tax Credit and Exclusions
Maximum child Tax Credit $2,000
Phase out $440,000 (married filing jointly),
$240,000(other filing status). refundable up to $1400  
2018 Foreign Earned Income Exclusion
Foreign Earned Income Exclusion $104,100
Traditional IRAs Contribution
  Regular Catch-up (for age at least 50 by the end of the year)
Contribution limits $5,500 $1,000
2018 Roth IRAs phaseout
Taxpayer MAGI phaseout Range
Married Filing Jointly/ Surviving Spouse $189,000-199,000
Single, Head of Household $120,000-135,000
Married Filing Separately $0-10,000
2017 Qualified Plans
Maximum elective deferral to retirement plans (e.g., 401(k), 403(b)) $18,500
Maximum elective deferral to SIMPLE IRA plans $12,500
Catch up contribution to SIMPLE plans $3,000
Maximum elective deferral to 457 plans or exempt employers $18,500
Limit on annual additions to Keogh plans and SEP-IRAs $55,000
Limit on annual additions to defined contribution plans $55,000
Maximum annual compensation taken into account for contributions $275,000
Annual benefit limit under defined benefit plans $220,000
Threshold amount of definition of highly compensated employee $120,000
Threshold amount of definition of highly compensated employees $175,000
Catch-up contribution Limits (individual who will be at least age 50 by the end of the year):
401(k), 403(b), SARSEP and 457 plans 6,000
Individual Estimated Taxes
Individuals can base federal estimated tax payments on: 
1) 90% of current tax
2) 100% of prior year's tax, or
3) 110% of prior year's tax if prior year's AGI is :>$150,000 (>$75,000 for married Filing Separately)
.  Annualization exception
. No penalty if tax <$1,000 or no tax liabilities in preceding tax year.
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