Tax Tools
2020 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 $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 |
|
$14,200
|
$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 |
|---|
| Description | Values |
|---|---|
|
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 |
|---|
| Description | Values |
|---|---|
|
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 |
|---|
| Description | Values |
|---|---|
|
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: | Values |
|---|---|
|
Married filing jointly or Qualifying Widow(er) |
$24,800
|
|
Head of household |
$18,650
|
|
Single or Married filing 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
|