Helpful information:

Tax Rate for 2020

Tax Rates                               Single                          Married Jointly

Ordinary       Capital                Income range                       Income range

Income        Gains

10%               0%                  $0 to $9,875                       $0 to $19,750

12%               0%                  $9,876 to $40,125               $19,751 to $80,250

22%              15%                 $40,126 to $85,525              $80,251 to $171,050

24%              15%                 $85,526 to $163,300            $171,051 to $326,600

32%              15%                 $163,301 to $207,350          $326,601 to $414,700

35%              15%-20%         $207,351 to $518,400          $414,701 to $622,050

37%              20%                 Over $518,401                    Over $622,051

2020 Pension and IRA limits

                                Under 50   Over 50

IRA contribution            $6,000     $7,000

SIMPLE contribution     $13,500   $16,500

401K/403B deferrals    $19,500   $26,000

 

Maximum benefit defined contribution plan..$57,000

Maximum benefit defined benefit plan........$230,000

Maximum compensation base...................$285,000

Highly compensated employee wage.........$130,000

Social security taxable wage base..............$137,700

 

Health Savings accounts contribution limits

Individual  $3,550

Family      $7,100

Age 55 and older increase $1,000

Standard Rates

STANDARD MILEAGE RATES

Business...............54 cents/mile

Medical or moving....19 cents/mile

Charitable...............14 cents/mile

 

BUSINESS TRAVEL PER DIEM RATES

                       Lodging   Meals  Total

Low cost area   $132       $57     $189

High cost area   $214       $68     $282

Alaska rates vary by locale but tend to be higher for meals

 

CHILD CARE PROVIDER MEAL RATES ALASKA

Breakfast  $2.09

Lunch or dinner  $3.99

Snack  $1.19

Section 179 and bonus depreciation for 2017

Maximum deduction limit  $500,000

Spending cap  $2 million

Bonus depreciation permitted  50%

There is a dollar for dollar reduction in the 179 deduction for asset purchases in excess of $2 million

Free Consultation for New Bookkeeping and Payroll Clients.

Contact Us

Tel: (907) 868-4623
Email: info@karncpa.com
Address:
1225 E. International Airport Road, Suite 105

               Anchorage, Alaska 99518

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