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
- 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<br>$7,000 if 50 or older"
- Maximum employee contribution to SIMPLE IRA|$13,500 if under age 50<br>$16,500 if 50 or older
- Maximum Contribution to SEP IRA|25% of eligible compensation<br>up to $57,000
- 401(k) maximum employee contribution limit|$19,500 if under age 50<br>$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 2020 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|
