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:

  • Married filing jointly or Qualifying Widow(er)

$24,800

  • Head of household

$18,650

  • 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