Tax Rates
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
32% - $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
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: Employers - 1.45%
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
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
Miscellaneous
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
Standard Meal Rates for Family Child Care Providers for income tax returns
Continental U.S. - 2021-22 Tax Rates (July 1, 2021-June 30, 2022)
For each breakfast - $1.40
For each lunch or supper - $2.63
For each snack (up to 3 per day for each child) - $0.78
Alaska - 2021-22 Tax Rates (July 1, 2021-June 30, 2022)
For each breakfast - $2.23
For each lunch or supper - $4.26
For each snack (up to 3 per day for each child) - $1.27
Hawaii - 2021-22 Tax Rates (July 1, 2021-June 30, 2022)
For each breakfast - $1.63
For each lunch or supper - $3.08
For each snack (up to 3 per day for each child) - $0.91
Source: Federal Register