TAX RATES
2020 Tax Rates Schedule X – Single
If taxable income is over | But not over | The tax is |
|---|---|---|
| $0 | $9,875 | 10% of the taxable amount |
| $9,875 | $40,125 | $987.50 plus 12% of the excess over $9,875 |
| $40,125 | $85,525 | $4,617.50 plus 22% of the excess over $40,125 |
| $85,525 | $163,300 | $14,605.50 plus 24% of the excess over $85,525 |
| $163,300 | $207,350 | $33,271.50 plus 32% of the excess over $163,300 |
| $207,350 | $518,400 | $47,367.50 plus 35% of the excess over $207,350 |
| $518,400 | no limit | $156,235.00 plus 37% of the excess over $518,400 |
2020 Tax Rates Schedule Y-1 – Married Filing Jointly or Qualifying Widow(er)
If taxable income is over | But not over | The tax is |
|---|---|---|
| $0 | $19,750 | 10% of the taxable amount |
| $19,750 | $80,250 | $1,975.00 plus 12% of the excess over $19,750 |
| $80,250 | $171,050 | $9,235.00 plus 22% of the excess over $80,250 |
| $171,050 | $326,600 | $29,211.00 plus 24% of the excess over $171,050 |
| $326,600 | $414,700 | $66,543.00 plus 32% of the excess over $326,600 |
| $414,700 | $622,050 | $94,735.00 plus 35% of the excess over $414,700 |
| $622,050 | no limit | $167,307.50 plus 37% of the excess over $622,050 |
2020 Tax Rates Schedule Y-2 – Married Filing Separately
If taxable income is over | But not over | The tax is |
|---|---|---|
| $0 | $9,875 | 10% of the taxable amount |
| $9,875 | $40,125 | $987.50 plus 12% of the excess over $9,875 |
| $40,125 | $85,525 | $4,617.50 plus 22% of the excess over $40,125 |
| $85,525 | $163,300 | $14,605.50 plus 24% of the excess over $85,525 |
| $163,300 | $207,350 | $33,271.50 plus 32% of the excess over $163,300 |
| $207,350 | $311,025 | $47,367.50 plus 35% of the excess over $207,350 |
| $311,025 | no limit | $83,653.75 plus 37% of the excess over $311,025 |
2020 Tax Rates Schedule Z – Head of Household
If taxable income is over | But not over | The tax is |
|---|---|---|
| $0 | $14,100 | 10% of the taxable amount |
| $14,100 | $53,700 | $1,410.00 plus 12% of the excess over $14,100 |
| $53,700 | $85,500 | $6,162.00 plus 22% of the excess over $53,700 |
| $85,500 | $163,300 | $13,158.00 plus 24% of the excess over $85,500 |
| $163,300 | $207,350 | $31,830.00 plus 32% of the excess over $163,300 |
| $207,350 | $518,400 | $45,926.00 plus 35% of the excess over $207,350 |
| $518,400 | no limit | $154,793.50 plus 37% of the excess over $518,400 |
2020 Tax Rates Estates & Trusts
If taxable income is over | But not over | The tax is | $0 | $2,600 | 10% of the taxable income | $2,600 | $9,450 | $260.00 plus 24% of the excess over $2,600 |
|---|---|---|
| $9,450 | $12,950 | $1,904.00 plus 35% of the excess over $9,450 |
| $12,950 | no limit | $3,129.00 plus 37% of the excess over $12,950 |
Social Security 2020 Tax Rates
| Base Salary | $137,700 |
| Social Security Tax Rate | 6.20% |
| Maximum Social Security Tax | $8,537.40 |
| Medicare Base Salary | unlimited |
| Medicare Tax Rate | 1.45% |
Additional Medicare 2020 Tax Rates
| Additional Medicare Tax | 0.90% |
| Filing status | Compensation over |
| Married filing jointly | $250,000 |
| Married filing separate | $125,000 |
| Single | $200,000 |
| Head of household (with qualifying person) | $200,000 |
| Qualifying widow(er) with dependent child | $200,000 |
Education 2020 Credit and Deduction Limits
| American Opportunity Tax Credit (Hope) | $2,500 |
| Lifetime Learning Credit | $2,000 |
| Student Loan Interest Deduction | $2,500 |
| Coverdell Education Savings Contribution | $2,000 |
Miscellaneous 2020 Tax Rates
| Standard Deduction: | |
| $24,800 |
| $18,650 |
| $12,400 |
| Business Equipment Expense Deduction | $1,040,000 |
| 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/moving driving | 17 cents |
| Standard mileage rate for charitable driving | 14 cents |
| Child Tax Credit | $2,000 per qualifying child |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $80,000 for joint filers and surviving spouses, $53,600 for heads of household, $40,000 for single filers, $40,000 for married taxpayers filing separately, and $2,650 for estates and trusts | 0% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $496,600 for joint filers and surviving spouses, $469,050 for heads of household, $441,450 for single filers, $248,300 for married taxpayers filing separately, and $13,150 for estates and trusts | 15% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $496,600 for joint filers and surviving spouses, $469,050 for heads of household, $441,450 for single filers, $248,300 for married taxpayers filing separately, and $13,150 for estates and trusts | 20% |
| Capital gains tax rate for unrecaptured Sec. 1250 gains | 25% |
| Capital gains tax rate on collectibles and qualified small business stock | 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 compensation up to $57,000 |
| 401(k) maximum employee contribution limit | $19,500 if under age 50 $26,000 if 50 or older |
| Self-employed health insurance deduction | 100% |
| Estate tax exemption | $11,580,000 |
| Annual Exclusion for Gifts | $15,000 |
| Foreign Earned Income Exclusion | $107,600 |
