2021 Income Tax Rates

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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 2021 Tax Rates

Social Security2021 Tax Rates
Social Security Tax Rate: Employers6.2%
Social Security Tax Rate: Employees6.2%
Social Security Tax Rate: Self-Employed15.3%
Maximum Taxable Earnings$142,800
Medicare Base SalaryUnlimited
Medicare Tax Rate: Employers1.45%
Medicare Tax Rate: Employees1.45%
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

Miscellaneous2021 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-income110% of your 2020 tax liability
Standard mileage rate for business driving56 cents
Standard mileage rate for medical driving16 cents
Standard mileage rate for moving driving - Members of the Armed Forces on active duty who move because of a permanent change of station16 cents
Standard mileage rate for charitable driving14 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 jointly0%
Maximum capital gains tax rate for taxpayers with income above $40,400 for single filers, $80,800 for married filing jointly15%
Maximum capital gains tax rate for taxpayers with income above $445,850 for single filers, $501,600 for married filing jointly20%
Capital gains tax rate for unrecaptured Sec. 1250 gains25%
Capital gains tax rate on collectibles28%
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 IRA25% 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

Education2021 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.2020-21 Tax Rates (July 1, 2020-June 30, 2021)
For each breakfast$1.39
For each lunch or supper$2.61
For each snack (up to 3 per day for each child)$0.78

Alaska2020-21 Tax Rates (July 1, 2020-June 30, 2021)
For each breakfast$2.22
For each lunch or supper$4.24
For each snack (up to 3 per day for each child)$1.26

Hawaii2020-21 Tax Rates (July 1, 2020-June 30, 2021)
For each breakfast$1.62
For each lunch or supper$3.06
For each snack (up to 3 per day for each child)$0.91
Source: Federal Register

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tax rates 2021

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