Tax 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 $414,699

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 $518,400

37%

Over $518,400

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

15.30%

Maximum Taxable Earnings

$137,700

Medicare Base Salary

Unlimited

Medicare Tax Rate

1.45%

Miscellaneous

2020 Tax Rates

Business expensing limit: Equipment

$510,000

Business expensing limit: New and Used Equipment and Software

$139,000

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2016 tax liability

Standard mileage rate for business driving 1/1/2012 to 12/31/2012

57.5 cents

Standard mileage rate for medical/moving
driving 1/1/2012 to 12/31/2012

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

$2,100

Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket

0%

Maximum capital gains tax rate for taxpayers above the 25% to 35% bracket

15%

Maximum capital gains tax rate for taxpayers above the 35% 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

$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

$11.18 Million

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

Standard Meal Rates for Family Child Care Providers for 2017 income tax returns

Continental U.S.

2020 Tax Rates

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

2020 Tax Rates

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

2020 Tax Rates

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