TAX RATE | SINGLE or MARRIED FILING SEPERATELY | MARRIED FILING JOINT RETURNS | HEAD HOUSEHOLD |
10% | $0 to $12,400 | $0 to $24,800 | $0 to $17,700 |
12% | $12,400 to $50,400 | $24,800 to $100,800 | $17,700 to $67,450 |
22% | $50,400 to $105,700 | $100,8000 to $211,400 | $67,450 to $105,700 |
24% | $105,700 to $201,775 | $211,400 to $403,550 | $105,700 to $201,750 |
32% | $201,775 to $256,225 | $403,550 to $512,450 | $201,750 to $256,200 |
35% | $256,225 to $640,600 | $512,450 to $768,700 | $256,200 to $640,600 |
37% | $640,600 or more | $768,700 or more | $640,600 or more |
FILING STATUS | STANDARD DEDUCTION |
Single or Married, filing separately | $16,100 |
Head of household | $24,150 |
Married, filing jointly and surviving spouses | $32,200 |
Child Tax Credit per child | $2,200 |
FICA on Taxable income up to $160,200 | PERCENTAGE WITHHELD | MAXIMUM TAX PAYABLE | MEDICARE on all Taxable income | PERCENTAGE WITHHELD |
Employer pays | 6.2% | $11,439.00 | Employer pays | 1.45% |
Employee pays | 6.2% | $11,439.00 | Employee pays | 1.45% + 0.9% on wages over $200,000 (single) or $250,000 (joint) |
Self-employed pays | 12.4% | $22,878.00 | Self-employed pays | 2.90% + 0.9% on self-employment income over $200,000 (single) or $250,000 (joint) |
FLEXIBLE SPENDING ACCTs (FSA) Health Care includes limited purpose FSA | MAXIMUM CONTRIBUTION | FLEXIBLE SPENDING ACCTs (DC-FSA) Dependent Care | MAXIMUM CONTRIBUTION | HEALTH SAVINGS ACCOUNTS (HSA) with HDHP PLANS | MAXIMUM CONTRIBUTION |
Employee Salary deferral | $3,400 | Employee Salary deferral (Single & Married filing jointly) | $7,500 | Employee Only Coverage | $4,400 |
Employer Match (if no EE contrib.) | - | Employee Salary deferral (Married filing separately) | $3,750 | Family Coverage | $8,750 |
Carry over amount (2.5 month grace period to spend) | $680 |
|
| Catch-up 55+ by 12/31 | $1,000 |
RETIREMENT TYPE | MAX. CONTRIBUTION LIMIT | CATCH-UP (50+) | MAX. COMPENSATION TAKEN INTO ACCOUNT |
|---|---|---|---|
SEP IRA | The lesser of 25% of comp or $72,000 | N/A | Employer contributions cannot take into account compensation in excess of $360,000 |
SIMPLE IRA | $17,000 | $4,000 | If matching contributions, up to 3% of employee compensation. If non-elective contribution (2% to 10%), employee compensation for calculation capped at $360,000, generally subject to a maximum $5,300 |
DEFINED BENEFIT PLAN | Individual benefit limited to the lesser of: 100% of avg. comp in highest 3 consecutive calendar years, or $290,000 | N/A | Compensation for benefit calculation capped at $360,000 or lower limit defined in the plan |
403 (b), 570(b), Roth, 401 (k) | $24,500 | $8,000 | Employer contributions cannot take into account compensation in excess of $360,000 |
