Mark Stevens, CFP®

2019 Key Numbers


Business Planning

Adoption Assistance Programs

Adoption assistance20182019
Maximum amount that can be excluded from employee's gross income$13,810 $14,080
Phaseout threshold amount$207,140$211,160
Completed phaseout amount after$247,140$251,160

Earnings subject to FICA taxes (taxable wage base)

FICA tax20182019
Maximum annual earnings subject to Social Security taxes$128,400 $132,900
Social Security and Medicare combined tax rate15.30%115.30%1
OASDI portion (Social Security)12.40%12.40%
Hospital Insurance portion (Medicare)2.90%12.90%1

1 An additional Medicare (HI) employee contribution rate of 0.9% (for a total employee contribution of 2.35%, and a total combined Medicare contribution rate of 3.8%) is assessed on wages exceeding $200,000 ($250,000 for married couples filing joint returns, $125,000 for married individuals filing separate returns). For married individuals filing joint returns, the additional 0.9% tax applies to the couples combined wages (to the extent the combined wages exceed $250,000).

Health insurance deduction for self-employed

Health insurance premiums20182019
Deduction for health insurance premiums paid by self-employed persons100%100%

Qualified transportation fringe benefits

Qualified transportation fringe benefits20182019
Commuter vehicles and transit pass monthly exclusion amount$260 $265
Qualified parking monthly exclusion amount$260 $265
Qualified bicycle commuting reimbursement fringe benefit (monthly amount)N/AN/A

Section 179 expensing

Section 179 expensing 20182019
Maximum amount that may be deducted under IRC Section 179$1,000,000 $1,020,000
Deduction reduced by the amount by which the cost of §179 property placed in service during the year exceeds this amount$2,500,000$2,550,000

Small business tax credit for providing health-care coverage

Amount of credit20182019
Maximum credit percentage50%50%
Partial credit20182019
Number of full-time equivalent employees (FTEs) fewer than:2525
Maximum average annual wages less than:$53,200 $54,200
Full credit20182019
Number of full-time equivalent employees (FTEs) no more than:1010
Maximum average annual wages less than or equal to:$26,600$27,100

Special additional first-year depreciation allowance

Bonus depreciation20182019
"Bonus" depreciation for qualified property acquired and placed in service during specified time periods100%100%

Standard mileage rate (per mile)

Business use of auto20182019
Use of auto for business purposes$0.545$0.58

Tax on accumulated earnings and personal holding company income

Accumulated earnings and personal holding company income20182019
Maximum tax on these items20%20%

This communication is strictly intended for individuals residing in the state(s) of GA. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2019.