Tax Rates

Find Your 2020 Tax Rates

Navigate quickly to your Tax Brackets
See 2019 Tax Rates

2020 Single Taxpayers

Standard Deduction $12,400

Taxable IncomeTax Rate Percentage
0 to $9,87510%
$9,875 to $40,12512%
$40,125 to $85,52522%
$85,525 to $163,30024%
$163,300 to $207,35032%
$207,350 to $518,40035%
Over $518,40037%

2020 Married Jointly & Surviving Spouses

Standard Deduction $24,800
See 2019 Tax Rates

Taxable Income Tax Rate Percentage
0 to $19,75010%
$19,750 to $80,25012%
$80,250 to $171,05022%
$171,050 to $326,60024%
$326,600 to $414,70032%
$414,700 to $622,05035%
Over $622,05037%

2020 Married Filing Separately

Standard Deduction $12,400

Taxable Income Tax Rate Percentage
0 to $9,87510%
$9,875 to $40,12512%
$40,125 to $85,52522%
$85,525 to $163,30024%
$163,300 to $207,35032%
$207,350 to $311,02535%
Over $311,02537%

2020 Head of Household

Standard Deduction $18,650

Taxable Income Tax Rate Percentage
0 to $14,10010%
$14,100 to $53,70012%
$53,700 to $85,50022%
$85,500 to $163,30024%
$163,300 to $207,35032%
$207,350 to $518,40035%
Over $518,40037%

2020 Estates & Trusts

Taxable Income Tax Rate Percentage
0 to $2,60010%
$2,600 to $9,45010%
$9,450 to $12,95010%
Over $12,95010%

2020 Social Security

Social Security Tax Rate
Social Security Tax Rate: Employers6.2%
Social Security Tax Rate: Employees
6.2%
Social Security Tax Rate: Self-Employed15.3%
Maximum Taxable Earnings$137,700
Medicare Base SalaryUnlimited
Medicare Tax Rate: Employers1.45%
Medicare Tax Rate: Employees1.45%
Additional Medicare Tax for 
income above $200,000 (single filers) or $250,000 (joint filers)
0.9%
Medicare Tax on net investment income
($200,000 single filers, $250,000 joint filers)
3.8%

2020 Miscellaneous

Miscellaneous Tax Rate Percentage
Business expensing limit: Cap on equipment purchases$2,590,000
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 filing joint return)
Qualified Small Employer Health Reimbursement Arrangement limit:$5,250 (single coverage); $10,450 (family coverage)
Prior-year safe harbor for estimated taxes of higher-income110% of your 2019 tax liability
Standard mileage rate for business driving57.5 cents
Standard mileage rate for medical driving17 cents
Standard mileage rate for moving driving - Members of the Armed Forces on active duty who move because of a permanent change of station17 cents
Standard mileage rate for charitable driving14 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 jointly0%
Maximum capital gains tax rate for taxpayers with income above $40,000 for single filers, $80,000 for married filing jointly15%
Maximum capital gains tax rate for taxpayers with income above $441,450 for single filers, $496,600 for married filing jointly20%
Capital gains tax rate for unrecaptured Sec. 1250 gains25%
Capital gains tax rate on collectibles28%
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 IRA25% 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
Estate tax exemption$11,580,000
Annual Exclusion for Gifts$15,000

2020 Education

Education Tax Rate Percentage
American Opportunity Credit (Hope)$2,500
Lifetime Learning Credit$2,000
Student Loan Interest Deduction$2,500
Coverdell Education Savings Contribution$2,000
Source: IRS Revenue Procedure 2019-44

2020 Standard Meal Rates for Family Child Care Providers for income tax returns

Standard Meal Rates Tax Rate Percentage
0 to $9,87510%
$9,875 to $40,12512%
$40,125 to $85,52522%
$85,525 to $163,30024%
$163,300 to $207,35032%
$207,350 to $518,40037%
Over $518,40037%

Give us a Call

We're always here to help!

+1 (919) 372-5731

Follow Us Online

Our Social Media 

Our Newsletter

Stay Current with Twila

Copyright 2021 Twila Wilt CPA PLLC - All Rights Reserved