Tax Rates
| 2020 Tax Rates – Single Taxpayers – 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 $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 |
|
The standard mileage rate for business driving |
57.5 cents |
|
The standard mileage rate for medical driving |
17 cents |
|
The 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 |
|
The 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% |
|
The maximum contribution for Traditional/Roth IRA |
$6,000 if under age 50 |
|
Maximum employee contribution to SIMPLE IRA |
$13,500 if under age 50 |
|
Maximum Contribution to SEP IRA |
25% of eligible compensation |
|
401(k) maximum employee contribution limit |
$19,500 if under age 50 |
|
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 |
|
2019 Tax Rates – Single Taxpayers – Standard Deduction $12,200 |
|
|
10% |
0 to $9,700 |
|
12% |
$9,700 to $39,475 |
|
22% |
$39,475 to $84,200 |
|
24% |
$84,200 to $160,725 |
|
32% |
$160,725 to $204,100 |
|
35% |
$204,100 to $510,300 |
|
37% |
Over $510,300 |
|
2019 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $24,400 |
|
|
10% |
0 to $19,400 |
|
12% |
$19,400 to $78,950 |
|
22% |
$78,950 to $168,400 |
|
24% |
$168,400 to $321,450 |
|
32% |
$321,450 to $408,200 |
|
35% |
$408,200 to $612,350 |
|
37% |
Over $612,350 |
|
2019 Tax Rates – Married Filing Separately – Standard Deduction $12,200 |
|
|
10% |
0 to $9,700 |
|
12% |
$9,700 to $39,475 |
|
22% |
$39,475 to $84,200 |
|
24% |
$84,200 to $160,725 |
|
32% |
$160,725 to $204,100 |
|
35% |
$204,100 to $306,175 |
|
37% |
Over $306,175 |
|
2019 Tax Rates – Head of Household – Standard Deduction $18,350 |
|
|
10% |
0 to $13,850 |
|
12% |
$13,850 to $52,850 |
|
22% |
$52,850 to $84,200 |
|
24% |
$84,200 to $160,700 |
|
32% |
$160,700 to $204,100 |
|
35% |
$204,100 to $510,300 |
|
37% |
Over $510,300 |
|
2019 Tax Rates – Estates & Trusts |
|
|
10% |
0 to $2,600 |
|
24% |
$2,600 to $9,300 |
|
35% |
$9,300 to $12,750 |
|
37% |
Over $12,750 |
|
Social Security |
2019 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 |
$132,900 |
|
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 |
2019 Tax Rates |
|
Business expensing limit: Cap on equipment purchases |
$2,550,000 |
|
Business expensing limit: New and Used Equipment and Software |
$1,020,000 |
|
Qualified Business Income threshold amount: |
$160,700 (single and head of household); $321,400 (married filing joint return) |
|
Qualified Small Employer Health Reimbursement Arrangement limit: |
$5,150 (single coverage); $10,450 (family coverage) |
|
Prior-year safe harbor for estimated taxes of higher-income |
110% of your 2018 tax liability |
|
Standard mileage rate for business driving |
58 cents |
|
Standard mileage rate for medical driving |
20 cents |
|
Standard mileage rate for moving driving – Members of the Armed Forces on active duty who move because of a permanent change of station |
20 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 $39,375 for single filers, $78,750 for married filing jointly |
0% |
|
Maximum capital gains tax rate for taxpayers with income above $39,375 for single filers, $78,750 for married filing jointly |
15% |
|
Maximum capital gains tax rate for taxpayers with income above $434,550 for single filers, $488,850 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 |
|
Maximum employee contribution to SIMPLE IRA |
$13,000 if under age 50 |
|
Maximum Contribution to SEP IRA |
25% of eligible compensation |
|
401(k) maximum employee contribution limit |
$19,000 if under age 50 |
|
Estate tax exemption |
$11,400,000 |
|
Annual Exclusion for Gifts |
$15,000 |
|
Education |
2019 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 2018-57 |
|
Standard Meal Rates for Family Child Care Providers for 2019 income tax returns |
|
|
Continental U.S. |
2019-20 Tax Rates (July 1, 2019-June 30, 2020) |
|
For each breakfast |
$1.33 |
|
For each lunch or supper |
$2.49 |
|
For each snack (up to 3 per day for each child) |
$0.74 |
|
Alaska |
2019-20 Tax Rates (July 1, 2019-June 30, 2020) |
|
For each breakfast |
$2.12 |
|
For each lunch or supper |
$4.04 |
|
For each snack (up to 3 per day for each child) |
$1.20 |
|
Hawaii |
2019-20 Tax Rates (July 1, 2019-June 30, 2020) |
|
For each breakfast |
$1.54 |
|
For each lunch or supper |
$2.92 |
|
For each snack (up to 3 per day for each child) |
$0.87 |
|
Source: Federal Register |
|
|
|||
|
10% |
0 to $9,525 |
||
|
12% |
$9,525 to $38,700 |
||
|
22% |
$38,700 to $82,500 |
||
|
24% |
$82,500 to $157,500 |
||
|
32% |
$157,500 to $200,000 |
||
|
35% |
$200,000 to $500,000 |
||
|
37% |
Over $500,000 |
||
|
2018 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $24,000 |
|||
|
10% |
0 to $19,050 |
||
|
12% |
$19,050 to $77,400 |
||
|
22% |
$77,400 to $165,000 |
||
|
24% |
$165,000 to $315,000 |
||
|
32% |
$315,000 to $400,000 |
||
|
35% |
$400,000 to $600,000 |
||
|
37% |
Over $600,000 |
||
|
2018 Tax Rates – Married Filing Separately – Standard Deduction $12,000 |
|||
|
10% |
0 to $9,525 |
||
|
12% |
$9,525 to $38,700 |
||
|
22% |
$38,700 to $82,500 |
||
|
24% |
$82,500 to $157,500 |
||
|
32% |
$157,500 to $200,000 |
||
|
35% |
$200,000 to $500,000 |
||
|
37% |
Over $500,000 |
||
|
2018 Tax Rates – Head of Household – Standard Deduction $18,000 |
|||
|
10% |
0 to $13,600 |
||
|
12% |
$13,600 to $51,800 |
||
|
22% |
$51,800 to $82,500 |
||
|
24% |
$82,500 to $157,500 |
||
|
32% |
$157,500 to $200,000 |
||
|
35% |
$200,000 to $500,000 |
||
|
37% |
Over $500,000 |
||
|
2018 Tax Rates – Estates & Trusts |
|||
|
10% |
0 to $2,550 |
||
|
24% |
$2,550 to $9,150 |
||
|
35% |
$9,150 to $12,500 |
||
|
37% |
Over $12,500 |
||
|
Social Security |
2018 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 |
$128,400 |
|
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 |
2018 Tax Rates |
|
Business expensing limit: Cap on equipment purchases |
$2,500,000 |
|
Business expensing limit: New and Used Equipment and Software |
$1,000,000 |
|
Prior-year safe harbor for estimated taxes of higher-income |
110% of your 2018 tax liability |
|
|||
|
10% |
0 to $9,325 |
||
|
15% |
$9,325 to $37,950 |
||
|
25% |
$37,950 to $91,900 |
||
|
28% |
$91,900 to $191,650 |
||
|
33% |
$191,650 to $416,700 |
||
|
35% |
$416,700 to $418,400 |
||
|
39.6% |
Over $418,400 |
||
|
2017 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $12,700 |
|||
|
10% |
0 to $18,650 |
||
|
15% |
$18,650 to $75,900 |
||
|
25% |
$75,900 to $153,100 |
||
|
28% |
$153,100 to $233,350 |
||
|
33% |
$233,350 to $416,700 |
||
|
35% |
$416,700 to $470,700 |
||
|
39.6% |
Over $470,700 |
||
|
2017 Tax Rates – Married Filing Separately – Standard Deduction $6,350 |
|||
|
10% |
0 to $9,325 |
||
|
15% |
$9,325 to $37,950 |
||
|
25% |
$37,950 to $76,550 |
||
|
28% |
$76,550 to $116,675 |
||
|
33% |
$116,675 to $208,350 |
||
|
35% |
$208,350 to $235,350 |
||
|
39.6% |
Over $235,350 |
||
|
2017 Tax Rates – Head of Household – Standard Deduction $9,350 |
|||
|
10% |
0 to $13,350 |
||
|
15% |
$13,350 to $50,800 |
||
|
25% |
$50,800 to $131,200 |
||
|
28% |
$131,200 to $212,500 |
||
|
33% |
$212,500 to $416,700 |
||
|
35% |
$416,700 to $444,500 |
||
|
39.6% |
Over $444,500 |
||
|
2017 Tax Rates – Estates & Trusts |
|||
|
15% |
0 to $2,550 |
||
|
25% |
$2,550 to $6,000 |
||
|
28% |
$6,000 to $9,150 |
||
|
33% |
$9,150 to $12,500 |
||
|
39.6% |
Over $12,500 |
||
|
Social Security |
2017 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 |
$127,200 |
|
Medicare Base Salary |
Unlimited |
|
Medicare Tax Rate |
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 |
2017 Tax Rates |
| Personal Exemption | $4,050 |
|
Business expensing limit: Cap on equipment purchases |
$2,030,000 |
|
Business expensing limit: New and Used Equipment and Software |
$510,000 |
|
Prior-year safe harbor for estimated taxes of higher-income |
110% of your 2017 tax liability |
|
Standard mileage rate for business driving |
53.5 cents |
|
Standard mileage rate for medical/moving driving |
17 cents |
|
Standard mileage rate for charitable driving |
14 cents |
|
Child Tax Credit |
$1,000 |
|
Unearned income maximum for children under 19 before kiddie tax applies |
$1,050 |
|
Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket |
0% |
|
Maximum capital gains tax rate for taxpayers above the 15% bracket but below the 39.6% bracket |
15% |
|
Maximum capital gains tax rate for taxpayers in the 39.6% bracket |
20% |
|
Capital gains tax rate for unrecaptured Sec. 1250 gains |
25% |
|
Capital gains tax rate on collectibles |
28% |
|
Maximum contribution for Traditional/Roth IRA |
$5,500 if under age 50 |
|
Maximum employee contribution to SIMPLE IRA |
$12,500 if under age 50 |
|
Maximum Contribution to SEP IRA |
25% of eligible compensation |
|
401(k) maximum employee contribution limit |
$18,000 if under age 50 |
|
Estate tax exemption |
$5,490,000 |
|
Annual Exclusion for Gifts |
$14,000 |
|
Education |
2017 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 |
|
Standard Meal Rates for Family Child Care Providers for 2017 income tax returns |
|
|
Continental U.S. |
2016-17 Tax Rates |
|
For each breakfast |
$1.31 |
|
For each lunch or supper |
$2.46 |
|
For each snack (up to 3 per day for each child) |
$0.73 |
|
Alaska |
2016-17 Tax Rates |
|
For each breakfast |
$2.09 |
|
For each lunch or supper |
$3.99 |
|
For each snack (up to 3 per day for each child) |
$1.19 |
|
Hawaii |
2016-17 Tax Rates |
|
For each breakfast |
$1.53 |
|
For each lunch or supper |
$2.88 |
|
For each snack (up to 3 per day for each child) |
$0.86 |
