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.
- Sources:
- www.irs.gov
- www.ftb.ca.gov
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%
