Business Planning

Adoption Assistance Programs

Adoption assistance	2019	2020
Maximum amount that can be excluded from employee's gross income	$14,080	$14,300
Phaseout threshold amount	$211,160	$214,520
Completed phaseout amount after	$251,160	$254,520

Earnings subject to FICA taxes (taxable wage base)

FICA tax	2019	2020
Maximum annual earnings subject to Social Security taxes	$132,900	$137,700
Social Security and Medicare combined tax rate	15.30%¹	15.30%¹
OASDI portion (Social Security)	12.40%	12.40%
Hospital Insurance portion (Medicare)	2.90%¹	2.90%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 premiums	2019	2020
Deduction for health insurance premiums paid by self-employed persons	100%	100%

Qualified transportation fringe benefits

Qualified transportation fringe benefits	2019	2020
Commuter vehicles and transit pass monthly exclusion amount	$265	$270
Qualified parking monthly exclusion amount	$265	$270
Qualified bicycle commuting reimbursement fringe benefit (monthly amount)	N/A	N/A

Section 179 expensing

Section 179 expensing	2019	2020
Maximum amount that may be deducted under IRC Section 179	$1,020,000	$1,040,000
Deduction reduced by the amount by which the cost of §179 property placed in service during the year exceeds this amount	$2,550,000	$2,590,000

Small business tax credit for providing health-care coverage

Amount of credit	2019	2020
Maximum credit percentage	50%	50%

Partial credit	2019	2020
Number of full-time equivalent employees (FTEs) fewer than:	25	25
Maximum average annual wages less than:	$54,200	$55,200

Full credit	2019	2020
Number of full-time equivalent employees (FTEs) no more than:	10	10
Maximum average annual wages less than or equal to:	$27,100	$27,600

Special additional first-year depreciation allowance

Bonus depreciation	2019	2020
"Bonus" depreciation for qualified property acquired and placed in service during specified time periods	100%	100%

Standard mileage rate (per mile)

Business use of auto	2019	2020
Use of auto for business purposes	$0.58	$0.575

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Investment adviser representative and registered representative of, and securities and investment advisory services offered through Voya Financial Advisors, Inc. (member SIPC).

LivingStone Wealth Planning is not a subsidiary of nor controlled by Voya Financial Advisors.

This information was prepared by Broadridge Investor Communication Solutions, Inc. and has been made available for Voya Financial Advisors’ representatives for distribution to the public for educational information only. Broadridge Investor Communication Solutions, Inc. is not affiliated with nor controlled by Voya Financial Advisors. The opinions/views expressed within are that of Broadridge Investor Communication Solutions, Inc. and do not necessarily reflect those of Voya Financial Advisors or its representatives. In addition, they are not intended to provide specific advice or recommendations for any individual. Neither Voya Financial Advisors nor its representatives provide tax or legal advice. You should consult with your financial professional, attorney, accountant or tax advisor regarding your individual situation prior to making any investment decisions.