Quick Reference 2020
By Jason Watson, CPA
Posted February 22, 2020
Single |
|
Taxable Income | Tax Rate |
0 – 9,875 | 10% of taxable income |
9,875 – 40,125 | 988 plus 12% of the amount over 9,875 |
40,125 – 85,525 | 4,618 plus 22% of the amount over 40,125 |
85,525 – 163,300 | 14,606 plus 24% of the amount over 85,525 |
*163,300 – 207,350 | 33,272 plus 32% of the amount over 163,300 |
207,350 – 518,400 | 47,368 plus 35% of the amount over 207,350 |
518,400 or more | 156,235 plus 37% of the amount over 518,400 |
Married Filing Jointly |
|
Taxable Income | Tax Rate |
0 – 19,750 | 10% of taxable income |
19,751 – 80,250 | 1,975 plus 12% of the amount over 19,750 |
80,251 – 171,050 | 9,235 plus 22% of the amount over 80,250 |
171,051 – 326,600 | 29,211 plus 24% of the amount over 171,050 |
*326,601 – 414,700 | 66,543 plus 32% of the amount over 326,600 |
414,701 – 622,050 | 94,735 plus 35% of the amount over 414,700 |
622,051 or more | 167,308 plus 37% of the amount over 622,050 |
* Start of Section 199A qualified business income phaseout for small business owners.
Standard Deduction Single | 12,400 |
Standard Deduction Married Filing Joint | 24,800 |
Social Security Wage Limit | 137,700 |
IRA Contribution Limit | 6,000 + 1,000 catch up |
Roth Income Phaseout Single | 124,000 |
Roth Income Phaseout Married Filing Joint | 196,000 |
401k Employee | 19,500 + 6,500 catch up |
401k Employer | 37,500 |
Max 401k Total | 57,000 |
Previous Article | Next Article |
Quick Reference 2019 | Chap 1 – Basic Business Entities |
Jason Watson, CPA, is the Managing Partner of WCG, Inc., a progressive Colorado Springs tax and consultation firm.
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