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 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 $7,000 if 50 or older |
| Maximum Contribution to SEP IRA | 25% 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 |
| American Opportunity Credit (Hope) | $2,500 |
| Lifetime Learning Credit | $2,000 |
| Student Loan Interest Deduction | $2,500 |
| Coverdell Education Savings Contribution | $142,800 |
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 |
| Alaska | 2020-21 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 |
| Hawaii | 2020-21 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 |
