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|
|||
|
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 |
2021 Tax Rates |
|
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 |
2021 Tax Rates |
|
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 |
|
Maximum employee contribution to SIMPLE IRA |
$13,500 if under age 50 |
|
Maximum Contribution to SEP IRA |
25% of eligible compensation |
|
401(k) maximum employee contribution limit |
$19,500 if under age 50 |
|
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 |
|
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