The following list shows the exemption limits for 2018, 2019 and 2020 tax years.
- 732-577-9300
- 732-577-1245
- al@aaccpa.com
Annual Exemptions
| Max Tax Rate | 37.00% | 37.00% |
|---|---|---|
| - Single Top Salary | $510,300.00 | $518,400.00 |
| - Married Top Salary | $612,350.00 | $622,050.00 |
| Personal Exemption | N/A | N/A |
| Standard Deduction | ||
| - Single Standard Deduction | $12,200.00 | $12,400.00 |
| - Married Standard Deduction | $24,400.00 | $24,800.00 |
| - Head of Household Maximum Deduction | $18,350.00 | $18,650.00 |
| FICA Taxable Wages | $132900.00 | $137700.00 |
| FICA % | 6.20% | 6.20% |
| - FICA Max Withholding | $8,239.80 | $8,537.40 |
| Section 179 | $1,020,000.00 | $1,040,000.00 |
| Estate Tax Unified Credit | $11,400,000.00 | $11,580,000.00 |
| Non-Taxable Gifts | $15,000.00 | $15,000.00 |
| Mileage Rates | ||
| - Business Travel | $0.580 | $0.000 |
| - Charity | $0.14 | $0.00 |
| - Medical and Moving | $0.20 | $0.00 |
| Retirement Plans | ||
| - Compensation Limit | $280,000.00 | $285,000.00 |
| - Pension/SEP | $56,000.00 | $57,000.00 |
| - 401K | $19,000.00 | $19,500.00 |
| - > 50 Catch Up (401K) | $6,000.00 | $6,500.00 |
| - Simple | $13,000.00 | $13,500.00 |
| - > 50 Catch Up (Simple) | $3,000.00 | $3,000.00 |
| - IRA | $6,000.00 | $6,000.00 |
| - > 50 Catch Up (IRA) | $1,000.00 | $1,000.00 |
| Flexible Spending Accounts | $2,700.00 | $2,750.00 |
| Qualified Employee Fringe Benefits | $270.00/month | |
| Health Savings Account | ||
| - Self Plan | $3,500.00 | $3,550.00 |
| - Family Plan | $7,000.00 | $7,100.00 |
| - Age 55 and Over Catch Up | $1,000.00 | $1,000.00 |
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