Tax Rates 2020
2020 Tax Rates - Single Taxpayers
10%
0 to $9,875
12%
$9,875 to $40,125
22%
$40,125 to $85,525
24%
$85,525 to $163,300
32%
$163,300 to $207,350
35%
$207,350 to $518,400
37%
Over $518,400
2020 Tax Rates - Married Jointly & Surviving Spouses
10%
0 to $9,875
12%
$19,750 to $80,250
22%
$80,250 to $171,050
24%
$171,050 to $326,600
32%
$326,600 to $414,700
35%
$414,700 to $622,050
37%
Over $622,050
2020 Tax Rates - Married Filing Separately
10%
0 to $9,875
12%
$9,875 to $40,125
22%
$40,125 to $85,525
24%
$85,525 to $163,300
32%
$163,300 to $207,350
35%
$207,350 to $311,025
37%
Over $311,025
2020 Tax Rates - Head of Household
10%
0 to $14,100
12%
$14,100 to $53,700
22%
$53,700 to $85,500
24%
$85,500 to $163,300
32%
$163,300 to $207,350
35%
$207,350 to $518,400
37%
Over $518,400
2020 Tax Rates - Estates & Trusts
10%
0 to $2,600
24%
$2,600 to $9,450
35%
$9,450 to $12,950
37%
Over $12,950
2020 Corporate Tax Rates
10%
21%
Standard Deductions 2020
Filing
Status
Amount
Additional Amount for Over age 65 or blindness
Single
12,400.00
1,650.00
Married Filing Jointhly
24,800.00
1,300.00
Married Filing Separately
12,400.00
1,300.00
Head of Household
18,650.00
1,650.00
Qualifying Widow(er) with dependent child
24,800.00
1,300.00
Dependent of Another
1,100 (or Earned plus $350)
1,300 (1,650 if single or HOH)
2020 Tax Rates - Estates & Trusts
Social Security Tax Rate: Employers & Employess (each one)
6.20%
Social Security Tax Rate: Self-Employed
15.30%
Maximum Taxable Earnings
$137,701
Medicare Base Salary
Unlimited
Medicare Tax Rate: Employers & Employees (each one)
1.45%
Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)
0.90%
Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers)
3.80%
2020 Tax Rates - Estates & Trusts
Standard mileage rate for business driving
57.5 cents
Standard mileage rate for medical driving
17 cents
Standard mileage rate for moving driving - Members of the Armed Forces on active duty who move because of a permanent change of station
17 cents
Standard mileage rate for charitable driving
14 cents
2020 Tax Rates - Estates & Trusts
Maximum contribution for Traditional/Roth IRA
If under age 50 is $6,000.00
If 50 or older is $7,000.00
Maximum employee contribution to SIMPLE IRA
If under age 50 is $13,500.00
If 50 or older is $16,500.00
Maximum Contribution to SEP IRA
25% of eligible compensation
up to $57,001
401(k) maximum employee contribution limit
If under age 50 is $19,500.00
If 50 or older is $26,000.00
