TAX RATES
2021 Tax Rates Schedule X – Single |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $9,950 | 10% of the taxable amount |
| $9,950 | $40,525 | $995 plus 12% of the excess over $9,950 |
| $40,525 | $86,375 | $4,664 plus 22% of the excess over $40,525 |
| $86,375 | $164,925 | $14,751 plus 24% of the excess over $86,375 |
| $164,925 | $209,425 | $33,603 plus 32% of the excess over $164,925 |
| $209,425 | $523,600 | $47,843 plus 35% of the excess over $209,425 |
| $523,600 | no limit | $157,804.25 plus 37% of the excess over $523,600 |
2021 Tax Rates Schedule Y-1 – Married Filing Jointly or Qualifying Widow(er) |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $19,900 | 10% of the taxable amount |
| $19,990 | $81,050 | $1,990 plus 12% of the excess over $19,990 |
| $81,050 | $172,750 | $9,328 plus 22% of the excess over $81,050 |
| $172,750 | $329,850 | $29,502 plus 24% of the excess over $172,750 |
| $329,850 | $418,850 | $67,206 plus 32% of the excess over $329,850 |
| $418,850 | $628,300 | $95,686 plus 35% of the excess over $418,850 |
| $628,300 | no limit | $168,993.50 plus 37% of the excess over $628,300 |
2021 Tax Rates Schedule Y-2 – Married Filing Separately |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $9,950 | 10% of the taxable amount |
| $9,950 | $40,525 | $995 plus 12% of the excess over $9,950 |
| $40,525 | $86,375 | $4,664 plus 22% of the excess over $40,525 |
| $86,375 | $164,925 | $14,751 plus 24% of the excess over $86,375 |
| $164,925 | $209,425 | $33,603 plus 32% of the excess over $164,925 |
| $209,425 | $314,150 | $47,843 plus 35% of the excess over $209,425 |
| $314,150 | no limit | $84,496.75 plus 37% of the excess over $314,150 |
2021 Tax Rates Schedule Z – Head of Household |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $14,200 | 10% of the taxable amount |
| $14,200 | $54,200 | $1,420 plus 12% of the excess over $14,200 |
| $54,200 | $86,350 | $6,220 plus 22% of the excess over $54,200 |
| $86,350 | $164,900 | $13,293 plus 24% of the excess over $86,350 |
| $164,900 | $209,400 | $32,145 plus 32% of the excess over $164,900 |
| $209,400 | $523,600 | $46,385 plus 35% of the excess over $209,400 |
| $523,600 | no limit | $156,355 plus 37% of the excess over $523,600 |
2021 Tax Rates Estates & Trusts |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $2,650 | 10% of the taxable income |
| $2,650 | $9,550 | $265 plus 24% of the excess over $2,650 |
| $9,550 | $13,050 | $1,921 plus 35% of the excess over $9,550 |
| $13,050 | no limit | $3,146 plus 37% of the excess over $13,050 |
Social Security 2021 Tax Rates |
|
| Base Salary | $142,800 |
| Social Security Tax Rate | 6.20% |
| Maximum Social Security Tax | $8,853.60 |
| Medicare Base Salary | unlimited |
| Medicare Tax Rate | 1.45% |
Additional Medicare 2021 Tax Rates |
|
| Additional Medicare Tax | 0.90% |
| Filing status | Compensation over |
| Married filing jointly | $250,000 |
| Married filing separate | $125,000 |
| Single | $200,000 |
| Head of household (with qualifying person) | $200,000 |
| Qualifying widow(er) with dependent child | $200,000 |
Education 2021 Credit and Deduction Limits |
|
| American Opportunity Tax Credit (Hope) | $2,500 |
| Lifetime Learning Credit | $2,000 |
| Student Loan Interest Deduction | $2,500 |
| Coverdell Education Savings Contribution | $2,000 |
Miscellaneous 2021 Tax Rates |
|
| Standard Deduction: | |
|
$25,100 |
|
$18,800 |
|
$12,550 |
| Business Equipment Expense Deduction | $1,050,000 |
| 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 driving | 16 cents |
| Standard mileage rate for charitable driving | 14 cents |
| Child Tax Credit | $2,000 per qualifying child |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $80,800 for joint filers and surviving spouses, $54,100 for heads of household, $40,400 for single filers, $40,400 for married taxpayers filing separately, and $2,700 for estates and trusts | 0% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $501,600 for joint filers and surviving spouses, $473,750 for heads of household, $445,850 for single filers, $250,800 for married taxpayers filing separately, and $13,250 for estates and trusts | 15% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $501,600 for joint filers and surviving spouses, $473,750 for heads of household, $445,850 for single filers, $250,800 for married taxpayers filing separately, and $13,250 for estates and trusts | 20% |
| Long-term gain attributable to certain depreciation recapture | 25% |
| Capital gains tax rate on collectibles and qualified small business stock | 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 compensation up to $58,000 |
| 401(k) maximum employee contribution limit | $19,500 if under age 50 $26,000 if 50 or older |
| Self-employed health insurance deduction | 100% |
| Estate tax exemption | $11,700,000 |
| Annual Exclusion for Gifts | $15,000 |
| Foreign Earned Income Exclusion | $108,700 |