Tax Rates
2021
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10% |
0 to $9,950 |
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12% |
$9,950 to $40,525 |
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22% |
$40,525 to $86,375 |
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24% |
$86,375 to $164,925 |
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32% |
$164,925 to $209,425 |
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35% |
$209,425 to $523,600 |
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37% |
Over $518,400 |
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2021 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $25,100 |
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10% |
0 to $19,900 |
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12% |
$19,900 to $81,050 |
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22% |
$81,050 to $172,750 |
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24% |
$172,750 to $329,850 |
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32% |
$329,850 to $418,850 |
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35% |
$418,850 to $628,300 |
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37% |
Over $628,300 |
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2021 Tax Rates – Married Filing Separately – Standard Deduction $12,550 |
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10% |
0 to $9,950 |
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12% |
$9,950 to $40,525 |
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22% |
$40,525 to $86,375 |
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24% |
$86,355 to $164,925 |
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32% |
$164,925 to $209,425 |
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35% |
$209,425 to $314,150 |
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37% |
Over $314,150 |
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2021 Tax Rates – Head of Household – Standard Deduction $18,800 |
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10% |
0 to $14,200 |
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12% |
$14,200 to $54,200 |
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22% |
$54,200 to $86,350 |
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24% |
$86,350 to $164,900 |
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32% |
$164,900 to $209,400 |
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35% |
$209,400 to $523,600 |
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37% |
Over $523,600 |
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2021 Tax Rates – Estates & Trusts |
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10% |
0 to $2,650 |
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24% |
$2,650 to $9,550 |
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35% |
$9,550 to $13,050 |
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37% |
Over $13,050 |
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Social Security |
2021 Tax Rates |
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Social Security Tax Rate: Employers |
6.2% |
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Social Security Tax Rate: Employees |
6.2% |
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Social Security Tax Rate: Self-Employed |
15.3% |
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Maximum Taxable Earnings |
$142,800 |
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Medicare Base Salary |
Unlimited |
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Medicare Tax Rate: Employers |
1.45% |
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Medicare Tax Rate: Employees |
1.45% |
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Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers) |
0.9% |
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Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers) |
3.8% |
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Miscellaneous |
2021 Tax Rates |
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Business expensing limit: Cap on equipment purchases |
$2,620,000 |
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Business expensing limit: New and Used Equipment and Software |
$1,050,000 |
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Qualified Business Income threshold amount: |
$164,925 (single and head of household); $329,800 (married filing joint return) |
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Qualified Small Employer Health Reimbursement Arrangement limit: |
$5,300 (single coverage); $10,700 (family coverage) |
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Prior-year safe harbor for estimated taxes of higher-income |
110% of your 2020 tax liability |
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Standard mileage rate for business driving |
56 cents |
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Standard mileage rate for medical driving |
16 cents |
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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 |
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Standard mileage rate for charitable driving |
14 cents |
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Child Tax Credit |
$2,000 |
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Unearned income maximum for children under 19 before kiddie tax applies |
$1,100 |
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Maximum capital gains tax rate for taxpayers with income up to $40,400 for single filers, $80,800 for married filing jointly |
0% |
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Maximum capital gains tax rate for taxpayers with income above $40,400 for single filers, $80,800 for married filing jointly |
15% |
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Maximum capital gains tax rate for taxpayers with income above $445,850 for single filers, $501,600 for married filing jointly |
20% |
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Capital gains tax rate for unrecaptured Sec. 1250 gains |
25% |
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Capital gains tax rate on collectibles |
28% |
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Maximum contribution for Traditional/Roth IRA |
$6,000 if under age 50 |
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Maximum employee contribution to SIMPLE IRA |
$13,500 if under age 50 |
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Maximum Contribution to SEP IRA |
25% of eligible compensation |
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401(k) maximum employee contribution limit |
$19,500 if under age 50 |
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Estate tax exemption |
$11,700,000 |
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Annual Exclusion for Gifts |
$15,000 |
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Education |
2021 Tax Rates |
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American Opportunity Credit (Hope) |
$2,500 |
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Lifetime Learning Credit |
$2,000 |
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Student Loan Interest Deduction |
$2,500 |
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Coverdell Education Savings Contribution |
$2,000 |
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Source: IRS Revenue Procedure 2020-45 |
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Standard Meal Rates for Family Child Care Providers for income tax returns |
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Continental U.S. |
2021-22 Tax Rates (July 1, 2021-June 30, 2022) |
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For each breakfast |
$1.40 |
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For each lunch or supper |
$2.63 |
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For each snack (up to 3 per day for each child) |
$0.78 |
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Alaska |
2021-22 Tax Rates (July 1, 2021-June 30, 2022) |
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For each breakfast |
$2.23 |
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For each lunch or supper |
$4.26 |
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For each snack (up to 3 per day for each child) |
$1.27 |
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Hawaii |
2021-22 Tax Rates (July 1, 2021-June 30, 2022) |
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For each breakfast |
$1.63 |
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For each lunch or supper |
$3.08 |
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For each snack (up to 3 per day for each child) |
$0.91 |
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Source: Federal Register |
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