Tax Rates

2021 Tax Rates - Single Taxpayers - Standard Deduction $12,550
10%	0 to $9,950
12%	$9,950 to $40,525
22%	$40,525 to $86,375
24%	$86,375 to $164,925
32%	$164,925 to $209,425
35%	$209,425 to $523,600
37%	Over $518,400
2021 Tax Rates- Married Jointly & Surviving Spouses - Standard Deduction $25,100
10%	0 to $19,900
12%	$19,900 to $81,050
22%	$81,050 to $172,750
24%	$172,750 to $329,850
32%	$329,850 to $418,850
35%	$418,850 to $628,300
37%	Over $628,300
2021 Tax Rates – Married Filing Separately – Standard Deduction $12,550
10%	0 to $9,950
12%	$9,950 to $40,525
22%	$40,525 to $86,375
24%	$86,355 to $164,925
32%	$164,925 to $209,425
35%	$209,425 to $314,150
37%	Over $314,150
2021 Tax Rates – Head of Household – Standard Deduction $18,800
10%	0 to $14,200
12%	$14,200 to $54,200
22%	$54,200 to $86,350
24%	$86,350 to $164,900
34%	$164,900 to $209,400
35%	$209,400 to $523,600
37%	Over $523,600
2021 Tax Rates – Estates & Trusts
10%	0 to $2,650
24%	$2,650 to $9,550
35%	$9,550 to $13,050
37%	Over $13,050

Social Security	2021 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	$142,800
Medicare Base Salary	Unlimited
Medicare Tax Rate: Employees	1.45%
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%

Miscellaneous	2021 Tax Rates
Business expensing limit: Cap on equipment purchases	$2,620,000
Business expensing limit: New and Used Equipment and Software	$1,050,000
Qualified Business Income threshold amount:	$164,925 (single and head of household); $329,800 (married filing joint return)
Qualified Small Employer Health Reimbursement Arrangement limit:	$5,300 (single coverage); $10,700 (family coverage)
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 driving	16 cents
Standard mileage rate for moving driving - Members of the Armed Forces on active duty who move because of a permanent change of station	16 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 $40,400 for single filers, $80,800 for married filing jointly	0%
Maximum capital gains tax rate for taxpayers with income above $40,400 for single filers, $80,800 for married filing jointly	15%
Maximum capital gains tax rate for taxpayers with income above $445,850 for single filers, $501,600 for married filing jointly	20%
Capital gains tax rate for unrecaptured Sec. 1250 gains	25%
Capital gains tax rate on collectibles	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 eligible compensation​ up to $58,000
401(k) maximum employee contribution limit	$19,500 if under age 50​ $26,000 if 50 or older
Estate tax exemption	$11,700,000
Annual Exclusion for Gifts	$15,000

Education	2021 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
Source: IRS Revenue Procedure 2020-45