Single Taxpayers – Standard Deduction $12,400

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

Married Jointly & Surviving Spouses – Standard Deduction $24,800

10%0 to $19,750
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

Married Filing Separately – Standard Deduction $12,400

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

Head of Household – Standard Deduction $18,650

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

Estates & Trusts

10%0 to $2,600
24%$2,600 to $9,450
35%$9,450 to $12,950
37%Over $12,950

Social Security

Social Security Tax Rate: Employers6.2%
Social Security Tax Rate: Employees6.2%
Social Security Tax Rate: Self-Employed15.3%
Maximum Taxable Earnings$137,700
Medicare Base SalaryUnlimited
Medicare Tax Rate: Employers1.45%
Medicare Tax Rate: Employees1.45%
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%
Miscellaneous2020 Tax Rates
Business expensing limit: Cap on equipment purchases$2,590,000
Business expensing limit: New and Used Equipment and Software$1,040,000
Qualified Business Income threshold amount:$163,300 (single and head of household); $326,600 (married filing joint return)
Qualified Small Employer Health Reimbursement Arrangement limit:$5,250 (single coverage); $10,450 (family coverage)
Prior-year safe harbor for estimated taxes of higher-income110% of your 2019 tax liability
Standard mileage rate for business driving57.5 cents
Standard mileage rate for medical driving17 cents
Standard mileage rate for moving driving – Members of the Armed Forces on active duty who move because of a permanent change of station17 cents
Standard mileage rate for charitable driving14 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 $40,000 for single filers, $80,000 for married filing jointly0%
Maximum capital gains tax rate for taxpayers with income above $40,000 for single filers, $80,000 for married filing jointly15%
Maximum capital gains tax rate for taxpayers with income above $441,450 for single filers, $496,600 for married filing jointly20%
Capital gains tax rate for unrecaptured Sec. 1250 gains25%
Capital gains tax rate on collectibles28%
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 IRA25% of eligible compensation
up to $57,000
401(k) maximum employee contribution limit$19,500 if under age 50
$26,000 if 50 or older
Estate tax exemption$11,580,000
Annual Exclusion for Gifts$15,000
Education2020 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: https://www.irs.gov/pub/irs-drop/rp-19-44.pdf

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