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 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 - Estates & Trusts
10% 0 to $2,600
24% $2,600 to $9,450
35% $9,450 to $12,950
37% Over $12,950
2020 Tax Rates
Miscellaneous
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 un-recaptured 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
2020 Tax Rates
Education
American Opportunity Credit (Hope) $2,500
Lifetime Learning Credit $2,000
Student Loan Interest Deduction $2,500
Coverdell Education Savings Contribution $2,000
2019 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
2019 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
2019 Tax Rates
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 $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%