Tax Rates

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

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

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

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

10% - 0 to $2,650

24% - $2,650 to $9,550

35% - $9,550 to $13,050

37% - Over $13,050

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%

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

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

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