2020 California & Federal Tax Rate

Federal Tax Rates

View on our website or download a print-friendly PDF of the 2020 California Federal Tax Rates. We are not tax consultants.

SINGLE Income Bracket

Tax Rate

$0 - $9,875

10% of taxable income

$9,876 - $40,125

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

$40,126 - $85,525

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

$85,526 - $163,300

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

$163,301 - $207,350

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

$207,351 - $518,400

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

$518,401 & Above

$156,235 plus 37% of the amount over $518,400

MARRIED, FILING JOINTLY Income Bracket

Tax Rate

$0 - $19,750

10% of taxable income

$19,750 - $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

$408,200 - $622,050

$93,257 plus 35% of the amount over $408,200

$622,051 & Above

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

HEAD OF HOUSEHOLD Income Bracket

Tax Rate

$0 -$14,100

10% of taxable income

$14,101 - $53,700

$1,410 plus 12% of the amount over $14,100

$53,701 - $85,500

$6,162 plus 22% of the amount over $53,700

$85,501 - $163,300

$13,158 plus 24% of the amount over $85,500

$163,301 - $207,350

$31,830 plus 32% of the amount over $163,300

$207,351 - $518,400

$45,926 plus 35% of the amount over $207,350

$518,401 & Above

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

ESTATES & TRUSTS Income Bracket

Tax Rate

$0 -$2,600

10% of taxable income

$2,601 -$9,450

$260 plus 24% of the excess over $2,600

$9,451 -$12,950

$1,904 plus 35% of the excess over $9,450

$12,951 & Above

$3,129 plus 37% of the excess over $12,950

FEDERAL GIFTS & ESTATE TAX

Details

Gift Tax Annual Exclusion Amount

$15,000

Highest Estate & Gift Tax Rate

40%

Estate Tax Exclusion Amount

$11,580,000

Lifetime Gift Exemption

$11,580,000

Generation Skipping Transfer Tax Exclusion

$11,580,000

FEDERAL PERSONAL EXEMPTION

Federal

State Credit

Individual

$0

FEDERALCAPITAL GAINS TAX

Rate

0-12% Bracket

0%

22% - 35% Bracket

15%

37% Bracket

20%

Unrecaptured Depreciation Rate

25%

California Tax Rates

SINGLE Income Bracket

Tax Rate

$0 - $8,932

1.0% of the amount over $0

$8,933 - $21,175

$89.32 plus 2.0% of the amount over $8,932

$21,176 - $33,421

$334.18 plus 4.0% of the amount over $21,175

$33,422 - $46,394

$824.02 plus 6.0% of the amount over $33,421

$46,395 - $58,634

$1,602.40 plus 8.0% of the amount over $46,394

$58,635 - $299,508

$2,581.60 plus 9.3% of the amount over $58,634

$299,509 - $359,407

$24,982.88 plus 10.3% of the amount over $299,508

$359,408 - $599,012

$31,152.48 plus 11.3% of the amount over $359,407

$599,013 & Above

$58,227.85 plus 12.3% of the amount over $599,012

MARRIED, FILING JOINTLY Income Bracket

Tax Rate

$0 - $17,864

1.0% of the amount over $0

$17,865 - $42,350

$178.64 plus 2.0% of the amount over $17,864

$42,351 - $66,842

$668.36 plus 4.0% of the amount over $42,350

$66,843 - $92,788

$1,648.04 plus 6.0% of the amount over $66,842

$92,789 - $117,268

$3,204.80 plus 8.0% of the amount over $92,788

$117,269 -$599,016

$5,163.20 plus 9.3% of the amount over $117,268

$599,017 - $718,814

$49,965.76 plus 10.3% of the amount over $599,016

$718,815 - $1,198,024

$62,304.95 plus 11.3% of the amount over $718,814

$1,198,025 & Above

$116,455.68 plus 12.3% of the amount over $1,198,024

HEAD OF HOUSEHOLD Income Bracket

Tax Rate

$0 - $17,864

1.0% of the amount over $0

$17,865 - $42,350

$178.64 plus 2.0% of the amount over $17,864

$42,351 - $66,842

$668.36 plus 4.0% of the amount over $42,350

$66,843 - $92,788

$1,648.04 plus 6.0% of the amount over $66,842

$92,789 - $117,268

$3,204.80 plus 8.0% of the amount over $92,788

$117,269 - $599,016

$5,163.20 plus 9.3% of the amount over $117,268

$599,017 - $718,814

$49,965.76 plus 10.3% of the amount over $599,016

$718,815 - $1,198,024

$62,304.95 plus 11.3% of the amount over $718,814

$1,198,025 & Above

$116,455.68 plus 12.3% of the amount over $1,198,024

STANDARD DEDUCTIONS

Federal

State

Single

$12,400

$4,601

Married, Filing Jointly

$24,400

$9,202

Married, Filing Separately

$12,400

$4,601

Head of Household

$18,650

$9,202

Surviving Spouse

$24,800

$9,202

Social Security

Base Amount of Modified AGI* Causing Taxable Benefits:

50% Taxable

85% Taxable

Married Filing Jointly

$32,00

$44,000

Single

$25,000

$34,000

*AGI (Adjusted Gross Income)

Maximum Earnings Before Social Security Benefits Are Reduced:


Under full retirement age

Lose $1 for every $2 earned over

$18,240

Lose $1 for every $3 earned over

$48,600

Applies to earnings prior to full retirement age

Maximum Compensation Subject to FICA Taxes:


OASDI (Social Security) maximum

$137,700

HI (Medicare) maximum

No Limit

OASDI Tax Rate - Employee 6.20%, Self-Employed 12.4%

Traditional & Roth IRAs Contribution Limit

Age

2019

Under Age 50

$6,000

Age 50 & Older

$7,000

Roth Contribution Phase-Out AGI Range

2019

Single/Head of Household

$124,000 - $138,999

Married Filing Jointly

$196,000 - $205.999

Married Filing Separately

$0 - $10,000

Traditional IRA Deductibility Rules

SINGLE


Covered by Employer’s Retirement Plan?

AGI


No

Any Amount

Full Deduction

Yes

$65,000 or less

Full Deduction

Yes

$65,001-$75,000

Partial Deduction

Yes

$75,000 or more

None

MARRIED, FILING JOINTLY


Covered by Employer’s Retirement Plan?

AGI


Neither Spouse Covered

Any Amount

Full Deduction

Both Spouses Covered

$104,000 or less

Full Deduction

Both Spouses Covered

$104,000-$124,000

Partial Deduction

Both Spouses Covered


None

One Spouse Covered

$196,000 or less

Full Deduction

One Spouse Covered

$196,000-$206,000

Partial Deduction

One Spouse Covered

$206,000 or more

None

SER


401(k), 403(b), 457 under age 50

$19,500

401(k), 403(b), 457 age 50 or over

$26,000

Limits on annual additions

$57,000

Annual Benefit Limit

$230,000

Highly Compensated Employee

$130,000

SEP IRA CONTRIBUTION LIMI


SEP contribution (limited by net self-employment income)

$57,000

Minimum compensation for SEP participants

$600

SIMPLE IRA


SIMPLE elective deferral under age 50

$13,500

SIMPLE elective deferral age 50+

$16,500

Health Savings Account (HSA)


Single

Family

Minimum Deductible

$1,400

$2,800

Maximum Out-of-Pocket

$6,900

$13,800

Contribution Limit

$3,550

$7,100

55+ Contribution

$1,000

$1,000

important Information:

As with any real estate investment there are various risks, including but not limited to: illiquidity, limited transferability, and variation in occupancy which may negatively impact cash flow, and even cause a loss of principal. Real Estate values may fluctuate based on economic and environmental factors and are generally illiquid. This does not constitute as an offer to buy or sell any real estate, securities, or insurance. Such offers are only made by prospectus or engagement activity. A prospectus should be read thoroughly and understood before investing.

Neither Cabot Lodge Securities, LLC, nor TFS Properties should be considered to be providing tax advice. For questions regarding your specific situation, please consult a qualified advisor. Although this information was obtained from reliable resources, its accuracy is not guaranteed.

TFS Properties, Inc. (626) 551-4326. 2060 Huntington Dr. Suite 1, San Marino, CA 91108. Securities offered through Cabot Lodge Securities, LLC (CLS), member FINRA/SIPC. Advisory Services offered through CL Wealth Management, LLC (CLCWM), an SEC Registered Investment Advisor. TFS Properties, Inc. is not controlled by or a subsidiary of Cabot Lodge Securities, LLC or CL Wealth Management, LLC.

CA Insurance License #0B13052.

Terms & Definitions

Basis of Property: The basis of the property is the price paid. The basis of real property also includes certain fees & charges you pay in addition to the purchase price. These generally are shown on the settlement statement and include the following:

  • Legal & Recording Fees
  • Abstract of Title Fees
  • Survey Charges
  • Title Insurance
  • Amounts the seller owes on the property that the buyer agrees to pay, such as back taxes or interest, recording or mortgage fees, charges for improvements or repairs, and sales commissions.
  • Fees related to obtaining a mortgage are not added to the basis of the property

Depreciation Periods for Real Property: Residential Rental Property: 27.5 years. Non-residential real property (not including farm buildings): 39 years

Capitalization Rate or Cap Rate: This is the ratio between the net operating income produced by an asset and its capital cost (the original price paid to buy the asset) or alternatively its current market value. The rate is calculated in a simple fashion as follows: $100,000 (net operating income)/$1,000,000 (cost of property) = 0.10 = 10%

Cash-on-Cash Return: This measures the return on cash invested: A cash flow of $15,000.00 per year from an investment of $100,000.00 would give a 15% cash-on-cash return: $15,000.00/$100,000.00 X’s 100 = 15%

2021 Legal Disclaimer
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