TAX CENTER

2020 Tax Rates – Single Taxpayers – Standard Deduction
$12,400
2020 Rates


10%
0 to $9,875


12%
$9,876 to $40,125


22%
$40,126 to $85,525


24%
$85,526 to $163,300


32%
$163,301 to $207,350


35%
$207,351 to $518,400


37%
Over $518,401


2020 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $24,800


10%
0 to $19,750


12%
$19,751 to $80,250


22%
$80,251 to $171,050


24%
$171,051 to $326,600


32%
$326,601 to $414,700


35%
$414,701 to $622,050


37%
Over $622,051


2020 Tax Rates – Married Filing Separately – Standard Deduction $12,400


10%
0 to $9,875


12%
$9,876 to $40,125


22%
$40,126 to $85,525


24%
$85,526 to $163,300


32%
$163,301 to $207,350


35%
$207,351 to $311,025


37%
Over $311,026


2020 Tax Rates – Head of Household – Standard Deduction $18,650


10%
0 to $14,100


12%
$14,101 to $53,700


22%
$53,701 to $85,500


24%
$85,501 to $163,300


32%
$163,301 to $207,350


35%
$207,351 to $518,400


37%
Over $518,401


2020 Tax Rates – Estates & Trusts


10%
0 to $2,600


24%
$2,601 to $9,450


35%
$9,451 to $12,950


37%
Over $12,951 


Social Security
2016 Tax Rates


Social Security Tax Rate: Employers
6.2%


Social Security Tax Rate: Employees
6.2%


Social Security Tax Rate: Self-Employed
12.4%


Maximum Taxable Earnings
$137,700


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
2020 Tax Rates


Business expensing limit: Cap on equipment purchases
$2,500,000


Business expensing limit: New and Used Equipment and Software
$1,040,000


Standard mileage rate for business driving
57.5 cents


Standard mileage rate for medical/moving driving
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
$2,200


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
$19,500 if 50 or older


Maximum Contribution to SEP IRA
25% of eligible compensation
up to $57,000


401(k) maximum employee contribution limit
$57,000 if under age 50
$63,500 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


Standard Meal Rates for Family Child Care Providers for 2020 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

Book Appointment