Brackets, Credits, and more
Social Security & Medicare
Retirement Accounts
Other Tax Stuff
Miscellaneous stuff you should know
100

Name the 7 tax brackets

10,12,22,24,32,35,37

100

What is the social security tax rate and wage base?

6.2% and $160,200

100

Roth IRA contribution limit for someone over 50 and their phaseout range if MFJ?

7,500 and 218,000 to 228,000

100

Annual gift tax exclusion per donee?

17,000

100

Do you have to take RMDs from a Roth IRA? How about a Roth 401k?

No and Yes

200

What are the capital gains tax rates?

0,15,20

200

What is the Medicare payroll tax? At what income limit does it increase for MFJ and by how much?

1.45% and by 0.9% at $250,000

200

401k contribution limit for someone over 50?

30,000

200

What is the lifetime gift and estate tax exclusion?

12.92 million

200

What is the PA inheritance taxes for 1. Spouse 2. Lineal discendent 3. Sibling 4. Other

0, 4.5, 12, 15

300

How much is the child tax credit? How much of the credit is refundable?

Extra Credit: What is the difference between a refundable vs non-refundable credit?

2,000 per qualifying child, 1,500

Refundable = can generate a refund 

Non -Refundable = can only reduce tax liability to 0

300

What is the formula for calculating provisional income? 

AGI + 1/2 SS Benefit + Non-Taxable Interest

300

SEP Contribution Limits?

​66,000 or 25% of comp (20% of self employed)
300

At what age do I have to start taking RMDs? Approximately what % do I have to take from my retirement accounts?

73 and 4%

300

Roth Phaseout for MFS?

0-10,000

400

What is the standard deduction for someone filing HOH?

20,800

400
How much can I make before my SS benefits get reduced if I claimed them prior to FRA? What if I claimed them in the year I turn FRA?

21,240, 56,520

400

Can my wife contribute to a traditional IRA if she doesn’t have a 401k available to her from her employer but I do? We make $180,000 combined.

Yes, Roth phaseout limits apply

400

How much is the American Opportunity Credit? 

2,500

400

I’m going to think of this question on the spot.

TBD

500

What is the PA income tax rate?

3.07%

500

What are the 3 taxable levels of SS Benefits and their income ranges for MFJ couple?

0%    0-32,000

50%  32,000-44,000

85%   44,000+

500

Simple IRA Contribution limit for someone over 50?

19,000

500

Lifetime Learning Credit?

2,000

500

How are distributions from a non-qualified annuity taxed? What if I annuitize it?

1. LIFO (ordinary income)

2. Pro Rata (portion of basis and ordinary income)

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