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

10%

0 to $19,750

12%

$19,750 to $80,250

22%

$80,250 to $171,050

24%

$171,050 to $326,600

32%

$326,600 to $414,700

35%

$414,700 to $622,050

37%

Over $622,050

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

10%

0 to $9,875

12%

$9,875 to $40,125

22%

$40,125 to $85,525

24%

$85,525 to $163,300

32%

$163,300 to $207,350

35%

$207,350 to $311,025

37%

Over $311,025

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

10%

0 to $14,100

12%

$14,100 to $53,700

22%

$53,700 to $85,500

24%

$85,500 to $163,300

32%

$163,300 to $207,350

35%

$207,350 to $518,400

37%

Over $518,400

2020 Tax Rates – Estates & Trusts

10%

0 to $2,600

24%

$2,600 to $9,450

35%

$9,450 to $12,950

37%

Over $12,950

Social Security

2020 Tax Rates

Social Security Tax Rate: Employers

6.2%

Social Security Tax Rate: Employees

6.2%

Social Security Tax Rate: Self-Employed

15.3%

Maximum Taxable Earnings

$137,700

Medicare Base Salary

Unlimited

Medicare Tax Rate: Employers

1.45%

1.45%

Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)

0.9%

Miscellaneous

2020 Tax Rates

Business expensing limit: Cap on equipment purchases

Business expensing limit: New and Used Equipment and Software

$1,040,000

Qualified Business Income threshold amount:

$163,300 (single and head of household) ;

$326,600 (married filling joint return)

$5,250 (single coverage); $10,450 (family coverage)

110% of your 2019 tax liability

Standard mileage rate for business driving

57.5 cents

Standard mileage rate for medical driving

17 cents

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

$1,100

Maximum capital gains tax rate for taxpayers with income up to $40,000 for single filers, $80,000 for married filing jointly

0%

Maximum capital gains tax rate for taxpayers with income above $40,000 for single filers, $80,000 for married filing jointly

15%

Maximum capital gains tax rate for taxpayers with income above $441,450 for single filers, $496,600 for married filing jointly

20%

25%

Capital gains tax rate on collectibles

28%

Maximum contribution for Traditional/Roth IRA

$6000 if under age 50

$7000 if 50 or older

$13,500 if under age 50

$16,500 if 50 or older

Maximum Contribution to SEP IRA

25% of eligible compensation up to $57,000

401(k) maximum employee contribution limit

$19,500 if under age 50

$26,000 if 50 or older

$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.

2019-20 Tax Rates (July 1, 2019-June 30, 2020)

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

Alaska

2019-20 Tax Rates (July 1, 2019-June 30, 2020)

For each breakfast

$2.12

For each lunch or supper

$4.04

For each snack (up to 3 per day for each child)

$1.20

Hawaii