Tax rates change every year. Take a look at the tax rates and standard deductions for 2020.
Federal Income Tax Rates
Single:
| Tax rate | Taxable income bracket | Tax |
| 10% | $0 to $9,875 | 10% of taxable income |
| 12% | $9,876 to $40,125 | $987.50 plus 12% of the excess over $9,875 |
| 22% | $40,126 to $85,525 | $4,617.50 plus 22% of the excess over $40,125 |
| 24% | $85,526 to $163,300 | $14,605.50 plus 24% of the excess over $85,525 |
| 32% | $163,301 to $207,350 | $33,271.50 plus 32% of the excess over $163,300 |
| 35% | $207,351 to $518,400 | $47,367.50 plus 35% of the excess over $207,350 |
| 37% | $518,401 or more | $156,325.00 plus 37% of the excess over $518,400 |
Married Filing Jointly or Qualifying Widow(er):
| Tax rate | Taxable income bracket | Tax |
| 10% | $0 to $19,750 | 10% of taxable income |
| 12% | $19,751 to $80,250 | $1,975.00 plus 12% of the excess over $19,750 |
| 22% | $80,251 to $171,050 | $9,235.00 plus 22% of the excess over $80,250 |
| 24% | $171,051 to $326,600 | $29,211.00 plus 24% of the excess over $171,050 |
| 32% | $326,601 to $414,700 | $66,543.00 plus 32% of the excess over $326,600 |
| 35% | $414,701 to $622,050 | $94,735.00 plus 35% of the excess over $414,700 |
| 37% | $622,051 or more | $167,307.50 plus 37% of the excess over $622,050 |
Married Filing Separately:
| Tax rate | Taxable income bracket | Tax |
| 10% | $0 to $9,875 | 10% of taxable income |
| 12% | $9,876 to $40,125 | $987.50 plus 12% of the excess over $9,875 |
| 22% | $40,126 to $85,525 | $4,617.50 plus 22% of the excess over $40,125 |
| 24% | $85,526 to $163,300 | $14,605.50 plus 24% of the excess over $85,525 |
| 32% | $163,301 to $207,350 | $33,271.50 plus 32% of the excess over $163,300 |
| 35% | $207,351 to $311,025 | $47,367.50 plus 35% of the excess over $207,350 |
| 37% | $311,026 or more | $83,653.75 plus 37% of the excess over $311,025 |
Head of Household:
| Tax rate | Taxable income bracket | Tax |
| 10% | $0 to $14,100 | 10% of taxable income |
| 12% | $14,101 to $53,700 | $1,410.00 plus 12% of the excess over $14,100 |
| 22% | $53,701 to $85,500 | $6,162.00 plus 22% of the excess over $53,700 |
| 24% | $85,501 to $163,300 | $13,158.00 plus 24% of the excess over $85,500 |
| 32% | $163,301 to $207,350 | $31,830.00 plus 32% of the excess over $163,300 |
| 35% | $207,351 to $518,400 | $45,926.00 35% of the excess over $207,350 |
| 37% | $518,401 or more | $154,793.50 plus 37% of the excess over $518,400 |
Estates and Trusts
| Tax rate | Taxable income bracket | Tax |
| 10% | $0 to $2,600 | 10% of taxable income |
| 24% | $2,601 to $9,450 | $260.00 plus 24% of the excess over $2,600 |
| 35% | $9,451 to $12,950 | $1,904.00 plus 35% of the excess over $9,450 |
| 37% | $12,951 more more | $3,129.00 plus 37% of the excess over $12,950 |
Unearned Income of a Minor Child (the “Kiddie Tax”) – The kiddie tax applies to children under 19 or dependent full-time college students under 24 with earned income in excess of $1,000 (for tax year 2020). This income is taxed at the same rate as trusts and estates.
Social Security Tax Rates
| Maximum Income Subject to Social Security Tax | $137,700 | |
| Social Security Tax Rate | 6.2% | |
| Maximum Social Security Tax | $8,537.40 | |
| (NOTE: The 2021 Social Security wage base increases $142,800). |
Medicare Tax Rates
| Maximum Income Subject to Medicare Tax | Unlimited |
| Medicare Tax Rate | 1.45% |
| Additional Medicare Rate for High Earners: | 0.9% |
| For Annual Earned Income Over: | |
| Single | $200,000 |
| Married Filing Separately | $200,000 |
| Head of Household | $200,000 |
| Qualifying Widower | $200,000 |
| Married Filing Jointly | $250,000 |
| Standard Deductions | |
| Single | $12,400 (up from $12,200 for 2019) |
| Married Filing Separately | $12,400 (up from $12,200 for 2019) |
| Married Filing Jointly | $24,800 (up from $24,000 for 2019) |
| Head of Household | $18,650 (up from $18,350 for 2019) |
| Dependent | cannot exceed the greater of |
| (1) $1,100, or | |
| (2) the sum of $350 and the individual’s earned income |
Additional Standard Deduction for Older and Blind Taxpayers
The additional standard deduction for married taxpayers 65 or older or blind will be $1,300 (same as for 2019). For a single taxpayer or head of household who is 65 or older or blind, the additional standard deduction will be $1,650 (same as for 2019).
