1999 Personal Tax Rates - Tulane University



Personal Tax Rates - 2019Federal (U.S.) Tax RatesSingle TaxpayersMarried with Joint ReturnTax Rate$0 - $9,700$0 - $19,40010%$9,701 - $39,475$19,401 - $78,95012%$39,476 - $84,200$78,951 - $168,40022%$84,201 - $160,725$168,401 - $321,45024%$160,726 - $204,100$321,451 - $408,20032%$204,101 - $510,300$408,201 - $612,35035%Over $510,301Over $612,35137%State (Louisiana) Tax RatesSingle TaxpayersMarried with Joint ReturnTax Rate$0 - $12,500$0 - $25,0002%$12,501 - $50,000$25,001 - $100,0004%Over $50,000 Over $100,0006%FICA (Social Security) Tax RatesIncomeTax Rate$0 - $132,9006.2%Over $132,900NoneEmployers must match this employee contributionSelf-employed individuals must pay both the employee portion and the employer portionMedicare Tax RatesSingle TaxpayersMarried with Joint ReturnTax Rate$0 - $200,000$0 - $250,0001.45%Over $200,000Over $250,0002.35%Employers must pay 1.45% of the employee’s compensation Self-employed individuals must pay both the employee portion and the employer portionExample – Single Person Not ItemizingGross Income$200,000Standard Deduction$ 12,000Taxable Income$188,000Federal Income Tax Liability:Taxable IncomeTax Rate Tax$0 - $9,700 ($9,700) 10%$ 970$9,701 - $39,475 ($29,775) 12%$ 3,573$39,476 - $84,200 ($44,725) 22%$ 9,840$84,201 - $160,725 ($76,525) 24%$18,366$160,726 - $188,000 ($27,275) 32%$ 8,728Federal Tax Due$41,477Note that your Federal Marginal Tax Rate is 32%. This means that if you earn an additional $1,000, it will be taxed at 32% meaning that you will get to keep $680.Louisiana State Tax Liability:Taxable IncomeTax Rate Tax$0 - $12,500 ($12,500) 2%$ 250$12,501 - $50,000 ($37,500) 4%$ 1,500$50,001 - $188,000 ($138,000) 6%$ 8,280State Tax Due $10,030FICA (Social Security) Tax Liability:Taxable IncomeTax Rate Tax$0 - $132,900($132,900) 6.2%$ 8,240FICA Tax Due $ 8,240Medicare Tax Liability:Taxable IncomeTax Rate Tax$0 - $200,000($200,000) 1.45%$ 2,900Medicare Tax Due $ 2,900Total Tax: $62,741Don’t forget the following:Sales tax: about 10% of purchase priceProperty Tax: about $3,000 per year on a $300,000 homeGasoline Tax: about 30 cents per gallonDividend Tax: 15% for most individualsCapital Gains Tax: Generally 15% on the gain when you own something for more than a year and sell it for more than you paid for it (doesn’t apply to personal residence). If you hold it for less than a year, it is taxed at your marginal tax rateThe tax rate for U.S. corporations is 21%Federal Estate and Gift Taxes – see next pageFederal Estate and Gift Tax RatesSpouses can give an unlimited amount of money to each other during their lifetimes and leave each other an unlimited amount of money at death without incurring any taxesAnyone can give anyone else up to $15,000 per year during their life without any tax consequencesAnyone who gives a non-spouse more than $15,000 in a year reduces his/her “lifetime unified credit” on a dollar-for-dollar amount. No tax is due when the gift is made, but the giver has less available to give tax-free later on.When you die, anything you had ownership interest in and do not leave directly to your spouse (or a qualified charity) is subject to Federal Estate Taxes based on its value at your death. This includes:Personal ResidenceFace Value of Life InsuranceBusiness OwnershipFarmsRetirement AccountsIn 2018, the Lifetime Unified Credit is $11.4 million. This means that whatever remains of this amount (that you did not reduce with annual gifts over $15,000 during your lifetime) can be given (estate) tax-free at death. Any amount in excess of $11.4 million is subject to Federal Estate Taxes. If you gift more than $11.4 million (beyond the annual $15,000 per person exclusions) during your lifetime, that amount is subject to Federal Gift Taxes.In both cases (Estate and Gift Taxes) the tax rate is 40%.In most cases, the tax is due six months after a person dies.So, if you die and leave $20 million to your children, before they receive it, $3.44 million in taxes must be paid. ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download