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What's a debt ceiling?
The government borrows money when spending exceeds receipts. The borrowing is done through the issue of securities by the Treasury and other federal government agencies.
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Costs up 9%
Employers' spending on health coverage for workers spiked abruptly this year
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Employment Taxes Rising
State and federal taxes are rising for employers across the U.S.
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Single Taxable Income Brackets and Rates |
Rate |
Taxable Income Bracket |
Tax Owed |
10% |
$0 to $9,875 |
10% of Taxable Income |
12% |
$9,876 to $40,125 |
$987 plus 12% of the excess over $9,875 |
22% |
$40,126 to $85,525 |
$4,617.50 plus 22% of the excess over $40,125 |
24% |
$85,526 to $163,300 |
$14,605.50 plus 24% of the excess over $85,525 |
32% |
$163,301 to $207.350 |
$33,271.50 plus 32% of the excess over $163,300 |
35% |
$207.351 to $518,400 |
$47,367.50 plus 35% of the excess over $207,350 |
37% |
$518,401+ |
$156,235 plus 37% of the excess over $518,400 |
Married Filing Joint Taxable Income Brackets and Rates |
Rate |
Taxable Income Bracket |
Tax Owed |
10% |
$0 to $19,750 |
10% of taxable income |
12% |
$19,751 to $80,250 |
$1,975 plus 12% of the excess over $19,750 |
22% |
$80,251 to $171,050 |
$9,235 plus 22% of the excess over $80,250 |
24% |
$171,051 to $326,600 |
$29,211 plus 24% of the excess over $171,050 |
32% |
$326,601 to 414,700 |
$66,543 plus 32% of the excess over $326,600 |
35% |
$414,701 to $622,050 |
$94,735 plus 35% of the excess over $414,700 |
37% |
$622,051+ |
$167,307.50 plus 39.6% of the excess over $622,050 |
Head of Household Taxable Income Brackets and Rates |
Rate |
Taxable Income Bracket |
Tax Owed |
10% |
$0 to $14,100 |
10% of taxable income |
12% |
$14,101 to $53,700 |
$1,410 plus 12% of the excess over $14,100 |
22% |
$53,701 to $85,500 |
$6162 plus 22% of the excess over $53,700 |
24% |
$85,501 to $163,300 |
$13,158 plus 24% of the excess over $85,500 |
32% |
$163,301 to $207,350 |
$31,830 plus 32% of the excess over $163,300 |
35% |
$207,351 to $518,400 |
$45,926 plus 35% of the excess over $207,350 |
37% |
$518,401+ |
$154,793.50 plus 37% of the excess over $518,400 |
Source: IRS. |
- Social Security Tax at a rate of 12.4% on wages and self-employment income up to the annual Social Security wage base of $137,700.
Standard Deduction is $24,800 effective tax year 2020 for married filing jointly. $24,400 for tax year 2019. $12,400 for Single and MFS in 2020. $12,200 in 2019.
- Capital Gains tax rates vary depending on whether the gains are short-term or long-term.
Short-term gains taxed at ordinary income tax rates.
Long-term gains and qualified dividends for MFJ taxed at
* 0% for taxable income up to
$80,000
* 15% for taxable income up to$496,600
* 20% for taxable income above $496,600
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