Tax Tools
2021 Tax Rates
| 2021 Tax Rates Schedule X - Single |
|---|
| If taxable income is over | But not over | The tax is |
|---|---|---|
|
$0
|
$9,950 |
10% of the taxable amount |
|
$9,950
|
$40,525
|
$995 plus 12% of the excess over $9,950
|
|
$40,525
|
$86,375
|
$4,664 plus 22% of the excess over $40,525
|
|
$86,375
|
$164,925
|
$14,751 plus 24% of the excess over $86,375
|
|
$164,925
|
$209,425
|
$33,603 plus 32% of the excess over $164,925
|
|
$209,425
|
$523,600
|
$47,843 plus 35% of the excess over $209,425
|
|
$523,600
|
no limit |
$157,804.25 plus 37% of the excess over $523,600
|
| 2021 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er) |
|---|
| If taxable income is over | But not over | The tax is |
|---|---|---|
|
$0
|
$19,900
|
10% of the taxable amount |
|
$19,990
|
$81,050
|
$1,990 plus 12% of the excess over $19,990
|
|
$81,050
|
$172,750
|
$9,328 plus 22% of the excess over $81,050
|
|
$172,750
|
$329,850
|
$29,502 plus 24% of the excess over $172,750
|
|
$329,850
|
$418,850
|
$67,206 plus 32% of the excess over $329,850
|
|
$418,850
|
$628,300
|
$95,686 plus 35% of the excess over $418,850
|
|
$628,300
|
no limit |
$168,993.50 plus 37% of the excess over $628,300
|
| 2021 Tax Rates Schedule Y-2 - Married Filing Separately |
|---|
| If taxable income is over | But not over | The tax is |
|---|---|---|
|
$0
|
$9,950 |
10% of the taxable amount |
|
$9,950
|
$40,525 |
$995 plus 12% of the excess over $9,950 |
|
$40,525 |
$86,375 |
$4,664 plus 22% of the excess over $40,525 |
|
$86,375
|
$164,925
|
$14,751 plus 24% of the excess over $86,375
|
|
$164,925
|
$209,425
|
$33,603 plus 32% of the excess over $164,925
|
|
$209,425
|
$314,150
|
$47,843 plus 35% of the excess over $209,425
|
|
$314,150
|
no limit |
$84,496.75 plus 37% of the excess over $314,150
|
| 2021 Tax Rates Schedule Z - Head of Household |
|---|
| If taxable income is over | But not over | The tax is |
|---|---|---|
|
$0
|
$14,200
|
10% of the taxable amount |
|
$14,200
|
$54,200
|
$1,420 plus 12% of the excess over $14,200
|
|
$54,200
|
$86,350
|
$6,220 plus 22% of the excess over $54,200
|
|
$86,350
|
$164,900
|
$13,293 plus 24% of the excess over $86,350
|
|
$164,900
|
$209,400
|
$32,145 plus 32% of the excess over $164,900
|
|
$209,400
|
$523,600
|
$46,385 plus 35% of the excess over $209,400
|
|
$523,600
|
no limit |
$156,355 plus 37% of the excess over $523,600
|
| 2021 Tax Rates Estates & Trusts |
|---|
| If taxable income is over | But not over | The tax is |
|---|---|---|
|
$0
|
$2,650 |
10% of the taxable income |
|
$2,650
|
$9,550
|
$265 plus 24% of the excess over $2,650
|
|
$9,550
|
$13,050
|
$1,921 plus 35% of the excess over $9,550
|
|
$13,050
|
no limit |
$3,146 plus 37% of the excess over $13,050
|
| Social Security 2021 Tax Rates |
|---|
| Description | Values |
|---|---|
|
Base Salary |
$142,800
|
|
Social Security Tax Rate |
6.20% |
|
Maximum Social Security Tax |
$8,853.60
|
|
Medicare Base Salary |
unlimited |
|
Medicare Tax Rate |
1.45% |
| Additional Medicare 2021 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 2021 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 2021 Tax Rates |
|---|
| Standard Deduction: | Values |
|---|---|
|
Married filing jointly or Qualifying Widow(er) |
$25,100
|
|
Head of household |
$18,800
|
|
Single or Married filing separately |
$12,550
|
|
Business Equipment Expense Deduction |
$1,050,000
|
|
Prior-year safe harbor for estimated taxes of higher-income |
110% of your 2020 tax liability
|
|
Standard mileage rate for business driving |
56 cents
|
|
Standard mileage rate for medical/moving driving |
16 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 $80,800 for joint filers and surviving spouses, $54,100 for heads of household, $40,400 for single filers, $40,400 for married taxpayers filing separately, and $2,700 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 $501,600 for joint filers and surviving spouses, $473,750 for heads of household, $445,850 for single filers, $250,800 for married taxpayers filing separately, and $13,250 for estates and trusts
|
15% |
|
Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $501,600 for joint filers and surviving spouses, $473,750 for heads of household, $445,850 for single filers, $250,800 for married taxpayers filing separately, and $13,250 for estates and trusts
|
20% |
|
Long-term gain attributable to certain depreciation recapture |
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 $58,000 |
|
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 |
$11,700,000
|
|
Annual Exclusion for Gifts |
$15,000 |
|
Foreign Earned Income Exclusion |
$108,700 |