2020 Tax Rates & Standard Deductions

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

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)
Dependentcannot 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).