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 $414,700
$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
Over $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 $12,698 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 6.2%
Maximum Social Security Tax $8,537.40
Medicare Base Salary unlimited
Medicare Tax Rate 1.45%

additional medicare 2020 tax rates

Additional Medicare Tax 0.9%
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:
1. Married filing jointly or Qualifying Widow(er) $24,800
2. Head of household $18,650
3. Single or Married filling separately $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
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