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12 months or less: 37% / 37%
More than 12 months: 20% / 20%
Depreciation recapture on real estate: 25% / 25%
Collectibles and certain small bus. stock: 28% / 28%
Qualified Dividend Income
Medicare surtax on investment income for higher-income filers: 3.8% / 3.8%
MFJ: $24,000 / $24,400
Single: $12,000 / $12,200
Head of Household: $18,000 / $18,350
MFS: $12,000 / $12,200
Additional Blind or Elderly
Deduction for each taxpayer spouse and dependent: $0/ $0
Type of Plan
IRA's: $5,500 / $6,000
Section 401(k): $18,500 / $19,000
Section 403(b): $18,500 / $19,000
Section 408(p)(2)(E) Simple: $12,500 / $13,000
Section 457(b)(2) limit: $18,500 / $19,000
Section 415 limit for
Highly compensated employees
Age 50 and over additional contributions
Use
Business: .545 / .58
Charitable: .14 / .14
Medical and Moving: .18 / .20
All numbers are in cents per mil
Estate tax exemption: $11,180,000 / $11,400,000
Applicable credit amount: N/A / N/A
Top Estate Tax Rate: 40% / 40%
Lifetime gift tax exemption: $11,180,000 / $11,400,000
Annual gift tax exclusion
Top gift tax rate: 40% / 40%
FICA taxable wage base
Social security 6.2% for employees and employers: $128,400 / $132,900
Medicare 1.45% for employees and employers: No limit / No limit
Additional Medicare employee portion for employees:
If taxable income is between:
$0 - $19,400: 10%
$19,401- $78,950: 12%
$78,951 - $168,400: 22%
$168,401 - $321,450: 24%
$321,451 - $408,200: 32%
$408,201 - $612,350: 35%
$612,351 and above: 37%
If taxable income is between:
$0 - $9,700: 10%
$9,701 - $39,475: 12%
$39,476 - $84,200: 22%
$84,201 - $160,725: 24%
$160,726 - $204,100: 32%
$204,101 - $306,175: 35%
$306,176 and above: 37%
If taxable income is between:
$0 - $9,700: 10%
$9,701 - $39,475: 12%
$39,476 - $84,200: 22%
$84,201 - $160,725: 24%
$160,726 - $204,100: 32%
$204,101 - $510,300: 35%
$510,301 and above: 37%
If taxable income is between:
$0 - $13,850: 10%
$13,851 - $52,850: 12%
$52,851 - $84,200: 22%
$84,201 - $160,700: 24%
$160,701 - $204,100: 32%
$204,101 - $510,300: 35%
$510,301 and above: 37%
All income levels are taxed at 21%.
Married Filing Jointly: $193,000 - $202,999
Single, Head of Household: $122,000 - $136,999
Married Filing Separately: $1 - $9,999
Not covered by qualified retirement plan: Any amount / Full deduction
Covered by qualified retirement plan:
Neither spouse covered by qualified retirement plan: Any amount / Full deduction
Both spouses covered by qualified retirement plan:
One spouse covered - for covered spouse:
One spouse covered - for non-covered spouse:
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Lamfers & Maas is a certified public accountant of Sioux Falls offering accounting, tax prep, auditing, valuation, and advisory services.