|
2020 Tax Rates – Single Taxpayers – Standard Deduction $12,400
|
2019 Rates |
|
|
10%
|
0 to $9,875
|
|
12%
|
$9,875 to $40,125
|
|
22%
|
$40,125 to $85,525
|
|
24%
|
$85,525 to $163,300
|
|
32%
|
$163,300 to $207,350
|
|
35%
|
$207,350 to $518,400
|
|
37%
|
Over $518,400
|
|
2020 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $24,800
|
|
10%
|
0 to $19,750
|
|
12%
|
$19,750 to $80,250
|
|
22%
|
$80,250 to $171,050
|
|
24%
|
$171,050 to $326,600
|
|
32%
|
$326,600 to $414,700
|
|
35%
|
$414,700 to $622,050
|
|
37%
|
Over $622,050
|
|
2020 Tax Rates – Married Filing Separately – Standard Deduction $12,400
|
|
10%
|
0 to $9,875
|
|
12%
|
$9,875 to $40,125
|
|
22%
|
$40,125 to $85,525
|
|
24%
|
$85,525 to $163,300
|
|
32%
|
$163,300 to $207,350
|
|
35%
|
$207,350 to $311,025
|
|
37%
|
Over $311,025
|
|
2020 Tax Rates – Head of Household – Standard Deduction $18,650
|
|
10%
|
0 to $14,100
|
|
12%
|
$14,100 to $53,700
|
|
22%
|
$53,700 to $85,500
|
|
24%
|
$85,500 to $163,300
|
|
32%
|
$163,300 to $207,350
|
|
35%
|
$207,350 to $518,400
|
|
37%
|
Over $518,400
|
|
2020 Tax Rates – Estates & Trusts
|
|
10%
|
0 to $2,600
|
|
24%
|
$2,600 to $9,450
|
|
35%
|
$9,450 to $12,950
|
|
37%
|
Over $12,950
|
|
Social Security
|
2020 Tax Rates
|
|
Social Security Tax Rate: Employers
|
6.2%
|
|
Social Security Tax Rate: Employees
|
6.2%
|
|
Social Security Tax Rate: Self-Employed
|
15.3%
|
|
Maximum Taxable Earnings
|
$137,700
|
|
Medicare Base Salary
|
Unlimited
|
|
Medicare Tax Rate: Employers
|
1.45%
|
|
Medicare Tax Rate: Employees
|
1.45%
|
|
Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)
|
0.9%
|
|
Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers)
|
3.8%
|
|
Miscellaneous
|
2020 Tax Rates
|
|
Business expensing limit: Cap on equipment purchases
|
$2,590,000
|
|
Business expensing limit: New and Used Equipment and Software
|
$1,040,000
|
|
Qualified Business Income threshold amount:
|
$163,300 (single and head of household); $326,600 (married filing joint return)
|
|
Qualified Small Employer Health Reimbursement Arrangement limit:
|
$5,250 (single coverage); $10,450 (family coverage)
|
|
Prior-year safe harbor for estimated taxes of higher-income
|
110% of your 2019 tax liability
|
|
Standard mileage rate for business driving
|
57.5 cents
|
|
Standard mileage rate for medical driving
|
17 cents
|
|
Standard mileage rate for moving driving – Members of the Armed Forces on active duty who move because of a permanent change of station
|
17 cents
|
|
Standard mileage rate for charitable driving
|
14 cents
|
|
Child Tax Credit
|
$2,000
|
|
Unearned income maximum for children under 19 before kiddie tax applies
|
$1,100
|
|
Maximum capital gains tax rate for taxpayers with income up to $40,000 for single filers, $80,000 for married filing jointly
|
0%
|
|
Maximum capital gains tax rate for taxpayers with income above $40,000 for single filers, $80,000 for married filing jointly
|
15%
|
|
Maximum capital gains tax rate for taxpayers with income above $441,450 for single filers, $496,600 for married filing jointly
|
20%
|
|
Capital gains tax rate for unrecaptured Sec. 1250 gains
|
25%
|
|
Capital gains tax rate on collectibles
|
28%
|
|
Maximum contribution for Traditional/Roth IRA
|
$6,000 if under age 50
$7,000 if 50 or older
|
|
Maximum employee contribution to SIMPLE IRA
|
$13,500 if under age 50
$16,500 if 50 or older
|
|
Maximum Contribution to SEP IRA
|
25% of eligible compensation
up to $57,000
|
|
401(k) maximum employee contribution limit
|
$19,500 if under age 50
$26,000 if 50 or older
|
|
Estate tax exemption
|
$11,580,000
|
|
Annual Exclusion for Gifts
|
$15,000
|
|
Education
|
2020 Tax Rates
|
|
American Opportunity Credit (Hope)
|
$2,500
|
|
Lifetime Learning Credit
|
$2,000
|
|
Student Loan Interest Deduction
|
$2,500
|
|
Coverdell Education Savings Contribution
|
$2,000
|
|
Source: IRS Revenue Procedure 2019-44
|
|
|
Standard Meal Rates for Family Child Care Providers for income tax returns
|
|
Continental U.S.
|
2020-21 Tax Rates (July 1, 2020-June 30, 2021)
|
|
For each breakfast
|
$1.39
|
|
For each lunch or supper
|
$2.61
|
|
For each snack (up to 3 per day for each child)
|
$0.78
|
|
Alaska
|
2020-21 Tax Rates (July 1, 2020-June 30, 2019)
|
|
For each breakfast
|
$2.22
|
|
For each lunch or supper
|
$4.24
|
|
For each snack (up to 3 per day for each child)
|
$1.26
|
|
Hawaii
|
2020-21 Tax Rates (July 1, 2020-June 30, 2021)
|
|
For each breakfast
|
$1.62
|
|
For each lunch or supper
|
$3.06
|
|
For each snack (up to 3 per day for each child)
|
$0.91
|
|
Source: Federal Register
|
|
|
