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