Tax Rates
Single Taxpayers - 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 |
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 |
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 $300,000 |
37% | Over $300,000 |
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 |
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 | |
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 | |
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 |
Standard mileage rate for business driving | 54.5 cents |
Standard mileage rate for medical driving | 18 cents |
Standard mileage rate for moving driving - Members of the Armed Forces on active duty who move because of a permanent change of station | 18 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 | $1,050 |
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 | $5,500 if under age 50 $6,500 if 50 or older |
Maximum employee contribution to SIMPLE IRA | $12,500 if under age 50 $15,500 if 50 or older |
Maximum Contribution to SEP IRA | 25% of eligible compensation up to $55,000 |
401(k) maximum employee contribution limit | $18,500 if under age 50 $24,500 if 50 or older |
Estate tax exemption | $11,180,000 |
Annual Exclusion for Gifts | $15,000 |
Education | |
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 |
Standard Meal Rates for Family Child Care Providers for 2020 income tax returns | |
Continental U.S. | 2018-19 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 | 2018-19 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 | 2018-19 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 |
Source: Federal Register |