Select A Year | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
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 |
Maximum employee contribution to SIMPLE IRA |
$13,500 if under age 50 |
Maximum Contribution to SEP IRA |
25% of compensation up to $57,000 |
401(k) maximum employee contribution limit |
$19,500 if under age 50 |
Self-employed health insurance deduction |
100% |
Estate tax exemption |
$11,580,000 |
Annual Exclusion for Gifts |
$15,000 |
Foreign Earned Income Exclusion |
$107,600 |