10%

0 – $9,950

12%

$9,950 – $40,525

22%

$40,525 – $86,375

24%

$86,375 – $164,925

32%

$86,375 – $164,925

35%

$209,425 – $523,600

37%

Over $518,400

2021 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $25,100

10%

0 – $19,900

12%

$19,900 – $81,050

22%

$81,050 – $172,750

24%

$172,750 – $329,850

33%

$329,850 – $418,850

35%

$418,850 – $628,300

37%

Over $628,300

2021 Tax Rates - Married Filing Separately - Standard Deduction $12,550

10%

0 – $9,950

12%

$9,950 – $40,525

22%

$40,126 – $85,525

24%

$86,355 – $164,925

32%

$164,925 – $209,425

35%

$209,425 – $314,150

37%

More than $314,150

2021 Tax Rates - Head of Household - Standard Deduction $18,800

10%

0 to $14,200

12%

$14,200 – $54,200

22%

$54,200 – $86,350

24%

$86,350 – $164,900

32%

$164,900 – $209,400

35%

$209,400 – $523,600

37%

Over $523,600

2021 Tax Rates

Estates & Trusts

10%

0 to $2,650

24%

$2,650 – $9,550

35%

$9,550, – $13,050

37%

Over $13,050

2021 Tax Rates

Social Security

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

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%

2021 Tax Rates

Miscellaneous

Personal Exemption

none

Business expensing deduction limit: Cap on equipment purchases

$2,620,000

Business expensing deduction 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 / moving

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 in the 10% or 15% bracket (up to $40,400 for single filers, $80,800 for married filing jointly)

0%

Maximum capital gains tax rate for taxpayers above the 15% bracket but below 37% (up to $40,400 for single filers, $80,800 for married filing jointly)

15%

Maximum capital gains tax rate for taxpayers in the 37% bracket (up to $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

2021 Tax Rates

Education

American Opportunity Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000