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Tax Rates
November 2021
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 $523,600
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
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
2021 Tax Rates- Estates & Trusts
12%
$2,650 to $9,550
22%
$9,550 to $13,050
24%
Over $13,050
10%
0 to $14,200
37%
Over $523,600
10%
0 to $2,650
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 $200,00 (single filers) or $250,000 (joint filers)
0.9%
Medicare Tax on net investment income ($200,000 single filers, $250,00 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
$3,000 to $3,600
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 employee contribution to SIMPLE IRA
$13,500 if under age 50
$16,500 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
Education
2021 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.
2021-22 Tax Rates (July 1, 2021- June 30, 2022)
For each breakfast
$1.40
For each lunch or supper
$2.63
For each snack (up to 3 per day for each child)
$0.78
Alaska
2021-22 Tax Rates (July 1, 2021-June 30, 2022)
For each breakfast
$2.23
For each lunch or supper
$4.26
For each snack (up to 3 per day for each child)
$1.27
Hawaii
2021-22 Tax Rates (July 1, 2021-June 30, 2022)
For each breakfast
$1.63
For each lunch or supper
$3.08
For each snack (up to 3 per day for each child)
$0.91
Source: Federal Register