Leake CPA, PC

    If taxable income is over

    But not over

    The tax is

    $0

    $9,875

    10% of the taxable amount

    $9,875

    $40,125

    $987.50 plus 12% of the excess over $9,875

    $40,125

    $85,525

    $4,617.50 plus 22% of the excess over $40,125

    $85,525

    $163,300

    $14,605.50 plus 24% of the excess over $85,525

    $163,300

    $207,350

    $33,271.50 plus 32% of the excess over $163,300

    $207,350

    $518,400

    $47,367.50 plus 35% of the excess over $207,350

    $518,400

    no limit

    $156,235.00 plus 37% of the excess over $518,400

    If taxable income is over

    But not over

    The tax is

    $0

    $19,750

    10% of the taxable amount

    $19,750

    $80,250

    $1,975.00 plus 12% of the excess over $19,750

    $80,250

    $171,050

    $9,235.00 plus 22% of the excess over $80,250

    $171,050

    $326,600

    $29,211.00 plus 24% of the excess over $171,050

    $326,600

    $414,700

    $66,543.00 plus 32% of the excess over $326,600

    $414,700

    $622,050

    $94,735.00 plus 35% of the excess over $414,700

    $622,050

    no limit

    $167,307.50 plus 37% of the excess over $622,050

    If taxable income is over

    But not over

    The tax is

    $0

    $9,875

    10% of the taxable amount

    $9,875

    $40,125

    $987.50 plus 12% of the excess over $9,875

    $40,125

    $85,525

    $4,617.50 plus 22% of the excess over $40,125

    $85,525

    $163,300

    $14,605.50 plus 24% of the excess over $85,525

    $163,300

    $207,350

    $33,271.50 plus 32% of the excess over $163,300

    $207,350

    $311,025

    $47,367.50 plus 35% of the excess over $207,350

    $311,025

    no limit

    $83,653.75 plus 37% of the excess over $311,025

    If taxable income is over

    But not over

    The tax is

    $0

    $14,100

    10% of the taxable amount

    $14,100

    $53,700

    $1,410.00 plus 12% of the excess over $14,100

    $53,700

    $85,500

    $6,162.00 plus 22% of the excess over $53,700

    $85,500

    $163,300

    $13,158.00 plus 24% of the excess over $85,500

    $163,300

    $207,350

    $31,830.00 plus 32% of the excess over $163,300

    $207,350

    $518,400

    $45,926.00 plus 35% of the excess over $207,350

    $518,400

    no limit

    $154,793.50 plus 37% of the excess over $518,400

    If taxable income is over

    But not over

    The tax is

    $0

    $2,600

    10% of the taxable income

    $2,600

    $9,450

    $260.00 plus 24% of the excess over $2,600

    $9,450

    $12,950

    $1,904.00 plus 35% of the excess over $9,450

    $12,950

    no limit

    $3,129.00 plus 37% of the excess over $12,950

    Social Security 2020 Tax Rates

    Base Salary

    $137,700

    Social Security Tax Rate

    6.20%

    Maximum Social Security Tax

    $8,537.40

    Medicare Base Salary

    unlimited

    Medicare Tax Rate

    1.45%

    Additional Medicare 2020 Tax Rates

    Additional Medicare Tax

    0.90%

    Filing status

    Compensation over

    Married filing jointly

    $250,000

    Married filing separate

    $125,000

    Single

    $200,000

    Head of household (with qualifying person)

    $200,000

    Qualifying widow(er) with dependent child

    $200,000

    Education 2020 Credit and Deduction Limits

    American Opportunity Tax Credit (Hope)

    $2,500

    Lifetime Learning Credit

    $2,000

    Student Loan Interest Deduction

    $2,500

    Coverdell Education Savings Contribution

    $2,000

    Miscellaneous 2020 Tax Rates

    Standard Deduction:

    • Married filing jointly or Qualifying Widow(er)

    $24,800

    • Head of household

    $18,650

    • Single or Married filing separately

    $12,400

    Business Equipment Expense Deduction

    $1,040,000

    Prior-year safe harbor for estimated taxes of higher-income

    110% of your 2019 tax liability

    Standard mileage rate for business driving

    57.5 cents

    Standard mileage rate for medical/moving driving

    17 cents

    Standard mileage rate for charitable driving

    14 cents

    Child Tax Credit

    $2,000 per qualifying child

    Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $80,000 for joint filers and surviving spouses, $53,600 for heads of household, $40,000 for single filers, $40,000 for married taxpayers filing separately, and $2,650 for estates and trusts

    0%

    Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $496,600 for joint filers and surviving spouses, $469,050 for heads of household, $441,450 for single filers, $248,300 for married taxpayers filing separately, and $13,150 for estates and trusts

    15%

    Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $496,600 for joint filers and surviving spouses, $469,050 for heads of household, $441,450 for single filers, $248,300 for married taxpayers filing separately, and $13,150 for estates and trusts

    20%

    Capital gains tax rate for unrecaptured Sec. 1250 gains

    25%

    Capital gains tax rate on collectibles and qualified small business stock

    28%

    Maximum contribution for Traditional/Roth IRA

    $6,000 if under age 50$7,000 if 50 or older

    Maximum employee contribution to SIMPLE IRA

    $13,500 if under age 50$16,500 if 50 or older

    Maximum Contribution to SEP IRA

    25% of compensation up to $57,000

    401(k) maximum employee contribution limit

    $19,500 if under age 50$26,000 if 50 or older

    Self-employed health insurance deduction

    100%

    Estate tax exemption

    $11,580,000

    Annual Exclusion for Gifts

    $15,000

    Foreign Earned Income Exclusion

    $107,600

    View Site in Mobile | Classic
    Share by: