The IRS announced the 2026 tax rates, which go into effect on January 1. Look up the key individual and businesses federal tax rates and limits for 2026 in the tables below or download our print-friendly tax guide.
Reference this information as you prepare for and make decisions throughout the year.
Are you achieving sound tax and wealth planning simultaneously?
2026 tax rates
2026 personal and business tax rates
| Individual Tax Rate | Filing Status | |||
| Married Filing Jointly (MFJ) | Single | Married Filing Separately | Head of Household | |
| 10% | Up to $24,800 | Up to $12,400 | Up to $12,400 | Up to $17,700 |
| 12% | $24,800 – $100,800 | $12,400 – $50,400 | $12,400 – $50,400 | $17,700 – $67,450 |
| 22% | $100,800 – $211,400 | $50,400 – $105,700 | $50,400 – $105,700 | $67,450 – $105,700 |
| 24% | $211,400– $403,550 | $105,700 – $201,775 | $105,700 – $201,775 | $105,700 – $201,750 |
| 32% | $403,550 – $512,450 | $201,775 – $256,225 | $201,775 – $256,225 | $201,750 – $256,200 |
| 35% | $512,450 – $768,700 | $256,225 – $640,600 | $256,225 – $384,350 | $256,200– $640,600 |
| 37% | More than $768,700 | More than $640,600 | More than $384,350 | More than $640,600 |
| 2026 Standard Deduction | |
|---|---|
| Standard deduction — single and married filing separately | $16,100 |
| Additional deduction age 65 or older — single | $2,050 |
| Standard deduction — married filing jointly | $32,200 |
| Additional deduction age 65 or older — married filing jointly and married filing separately | $1,650 |
| Standard deduction — head of household | $24,150 |
| Additional deduction age 65 or older — head of household | $2,050 |
| Note: the personal exemption was permanently eliminated in the OBBBA. | |
| 2026 Retirement Plans | |
|---|---|
| Maximum annual benefit for defined benefit plan | Up to $290,000 |
| Defined contribution annual addition | $72,000 |
| Defined contribution compensation limit | $360,000 |
| 401(k) maximum exclusion | $24,500 |
| 401(k) catch-up contribution (for individuals 50 or older) |
$8,000 |
| 401(k) catch-up contribution (for individuals 60 – 63) | $11,250 |
| SIMPLE contribution limit | $17,000 |
| SIMPLE catch-up contribution (for individuals 50 or older) | $4,000 |
| SIMPLE catch-up contribution (for individuals 60 – 63) | $5,250 |
| IRA contribution limitation (in general) | $7,500 |
| IRA catch-up contribution (for individuals 50 or older) | $1,100 |
| 2026 Payroll Taxes | |
|---|---|
| Social Security (self-employed) combined rate (OASDI + Medicare) | (6.2% + 1.45%) x 2 = 15.3% |
| Social Security (employee) rate (OASDI + Medicare) | (6.2% + 1.45%) = 7.65% |
| OASDI contribution base | $184,500 |
| Medicare contribution base | Unlimited |
| Additional Medicare Payroll Tax on earnings more than $200,000 (single) and $250,000 (combined, married filing jointly) | 0.9% |
| FUTA wage base | $7,000 |
| FUTA rate | 6% |
| 2026 Social Security | ||
|---|---|---|
| Maximum earned income while receiving Social Security | under full retirement age | $24,480 |
| in the year you reach full retirement age | $65,160 | |
| full retirement age (once reached) | No limit | |
| 2026 Education Phase-Outs | |
|---|---|
| American Opportunity Credit (formerly Hope Credit) | MFJ: $160,000 – $180,000 Other filers: $80,000 – $90,000 |
| Lifetime Learning Credit | MFJ: $160,000 – $180,000 Other Filers: $80,000 – $90,000 |
| Student loan interest deduction |
MFJ: $175,000 – 205,000 |
| 2026 Health Savings Accounts | |
|---|---|
| HSA contribution limit (single insurance coverage) | $4,400 |
| HSA contribution limit (family insurance coverage) | $8,750 |
| HSA catch-up contribution (age 55 or older) | $1,000 |
| 2026 179 Limitation, Gift and Estate Tax Exclusions, and Kiddie Tax | |
|---|---|
| Section 179 limitation | $2,560,000 |
| Annual gift tax exclusion | $19,000 |
| Estate tax exclusion amount | $15,000,000 |
| Kiddie tax base amount | $1,350 |
| 2026 Travel | |
|---|---|
| High cost per diem travel rate within continental United States (high/low method) | $319 |
| Low cost per diem travel rate within continental United States (high/low method) | $225 |
| 2026 Mileage Rates | |
|---|---|
| Business | $.70 per mile |
| Medical/Moving | $.21 per mile |
| Charitable | $.14 per mile |
2025 tax rates
2025 personal and business tax rates
| Individual Tax Rate | Filing Status | |||
| Married Filing Jointly (MFJ) | Single | Married Filing Separately | Head of Household | |
| 10% | Up to $23,850 | Up to $11,925 | Up to $11,925 | Up to $17,000 |
| 12% | $23,851 – $96,950 | $11,926 – $48,475 | $11,926 – $48,475 | $17,001 – $64,850 |
| 22% | $96,951 – $206,700 | $48,476 – $103,350 | $48,476 – $103,350 | $64,851 – $103,350 |
| 24% | $206,701– $394,600 | $103,351 – $197,300 | $103,351 – $197,300 | $103,351 – $197,300 |
| 32% | $394,601 – $501,050 | $197,301 – $250,525 | $197,301 – $250,525 | $197,301 – $250,500 |
| 35% | $401,051 – $751,600 | $250,526 – $626,350 | $250,526 – $375,800 | $250,501– $626,350 |
| 37% | More than $751,600 | More than $609,350 | More than $375,800 | More than $626,350 |
| 2025 Standard Deduction | |
|---|---|
| Standard deduction — single and married filing separately | $15,000 |
| Additional deduction age 65 or older — single | $2,000 |
| Standard deduction — married filing jointly | $30,000 |
| Additional deduction age 65 or older — married filing jointly and married filing separately | $1,600 |
| Standard deduction — head of household | $22,500 |
| Additional deduction age 65 or older — head of household | $2,000 |
| Note: the personal exemption was suspended by the Tax Cuts and Jobs Act of 2017 for the tax years 2018 to 2025. | |
| 2025 Retirement Plans | |
|---|---|
| Maximum annual benefit for defined benefit plan | Up to $280,000 |
| Defined contribution annual addition | $70,000 |
| Defined contribution compensation limit | $350,000 |
| 401(k) maximum exclusion | $23,500 |
| 401(k) catch-up contribution (for individuals 50 or older) |
$7,500 |
| 401(k) catch-up contribution (for individuals 60 – 63) | $3,750 |
| SIMPLE contribution limit | $16,500 |
| SIMPLE catch-up contribution (for individuals 50 or older) | $3,500 |
| SIMPLE catch-up contribution (for individuals 60 – 63) | $1,750 |
| IRA contribution limitation (in general) | $7,000 |
| IRA catch-up contribution (for individuals 50 or older) | $1,000 |
| 2025 Payroll Taxes | |
|---|---|
| Social Security (self-employed) combined rate (OASDI + Medicare) | (6.2% + 1.45%) x 2 = 15.3% |
| Social Security (employee) rate (OASDI + Medicare) | (6.2% + 1.45%) = 7.65% |
| OASDI contribution base | $176,100 |
| Medicare contribution base | Unlimited |
| Additional Medicare Payroll Tax on earnings more than $200,000 (single) and $250,000 (combined, married filing jointly) | 0.9% |
| FUTA wage base | $7,000 |
| FUTA rate | 6% |
| 2025 Social Security | ||
|---|---|---|
| Maximum earned income while receiving Social Security | under full retirement age | $23,400 |
| in the year you reach full retirement age | $62,160 | |
| full retirement age (once reached) | No limit | |
| 2025 Education Phase-Outs | |
|---|---|
| American Opportunity Credit (formerly Hope Credit) | MFJ: $160,000 – $180,000 Other filers: $80,000 – $90,000 |
| Lifetime Learning Credit | MFJ: $160,000 – $180,000 Other Filers: $80,000 – $90,000 |
| Student loan interest deduction |
MFJ: $170,000 – 200,000 |
| 2025 Health Savings Accounts | |
|---|---|
| HSA contribution limit (single insurance coverage) | $4,300 |
| HSA contribution limit (family insurance coverage) | $8,550 |
| HSA catch-up contribution (age 55 or older) | $1,000 |
| 2025 179 Limitation, Gift and Estate Tax Exclusions, and Kiddie Tax | |
|---|---|
| Section 179 limitation | $1,250,000 |
| Annual gift tax exclusion | $19,000 |
| Estate tax exclusion amount | $13,990,000 |
| Kiddie tax base amount | $1,350 |
| 2025 Travel | |
|---|---|
| High cost per diem travel rate within continental United States (high/low method) | $319 |
| Low cost per diem travel rate within continental United States (high/low method) | $225 |
| 2025 Mileage Rates | |
|---|---|
| Business | $.70 per mile |
| Medical/Moving | $.21 per mile |
| Charitable | $.14 per mile |
2024 tax rates
2024 personal and business tax rates
| Individual Tax Rate | Filing Status | |||
| Married Filing Jointly (MFJ) | Single | Married Filing Separately | Head of Household | |
| 10% | Up to $23,200 | Up to $11,600 | Up to $11,600 | Up to $16,550 |
| 12% | $23,201 – $94,300 | $11,601 – $47,150 | $11,601 – $47,150 | $16,551 – $63,100 |
| 22% | $94,301 – $201,050 | $47,151 – $100,525 | $47,151 – $100,525 | $63,101 – $100,500 |
| 24% | $201,051– $383,900 | $101,526 – $191,950 | $101,526 – $191,950 | $100,501 – $191,950 |
| 32% | $383,901 – $487,450 | $191,951 – $243,725 | $191,951 – $243,725 | $191,951 – $243,700 |
| 35% | $487,451 – $731,200 | $243,726 – $609,350 | $243,726 – $365,600 | $243,701– $609,350 |
| 37% | More than $731,200 | More than $609,350 | More than $365,600 | More than $609,350 |
| 2024 Standard Deduction | |
|---|---|
| Standard deduction — single and married filing separately | $14,600 |
| Additional deduction age 65 or older — single | $1,950 |
| Standard deduction — married filing jointly | $29,200 |
| Additional deduction age 65 or older — married filing jointly and married filing separately | $1,550 |
| Standard deduction — head of household | $21,900 |
| Additional deduction age 65 or older — head of household | $1,950 |
| Note: the personal exemption was suspended by the Tax Cuts and Jobs Act of 2017 for the tax years 2018 to 2025. | |
| 2024 Retirement Plans | |
|---|---|
| Maximum annual benefit for defined benefit plan | Up to $275,000 |
| Defined contribution annual addition | $69,000 |
| Defined contribution compensation limit | $345,000 |
| 401(k) maximum exclusion | $23,000 |
| 401(k) catch-up contribution (for individuals 50 or older) | $7,500 |
| SIMPLE contribution limit | $16,000 |
| SIMPLE catch-up contribution (for individuals 50 or older) | $3,500 |
| IRA contribution limitation (in general) | $7,000 |
| IRA catch-up contribution (for individuals 50 or older) | $1,000 |
| 2024 Payroll Taxes | |
|---|---|
| Social Security (self-employed) combined rate (OASDI + Medicare) | (6.2% + 1.45%) x 2 = 15.3% |
| Social Security (employee) rate (OASDI + Medicare) | (6.2% + 1.45%) = 7.65% |
| OASDI contribution base | $168,600 |
| Medicare contribution base | Unlimited |
| Additional Medicare Payroll Tax on earnings more than $200,000 (single) and $250,000 (combined, married filing jointly) | 0.9% |
| FUTA wage base | $7,000 |
| FUTA rate | 6% |
| 2024 Social Security | ||
|---|---|---|
| Maximum earned income while receiving Social Security | under full retirement age | $22,320 |
| in the year you reach full retirement age | $59,520 | |
| full retirement age (once reached) | No limit | |
| 2024 Education Phase-Outs | |
|---|---|
| American Opportunity Credit (formerly Hope Credit) | MFJ: $160,000 – $180,000 Other filers: $80,000 – $90,000 |
| Lifetime Learning Credit | MFJ: $160,000 – $180,000 Other Filers: $80,000 – $90,000 |
| Student loan interest deduction | MFJ: $155,000 – $185,000 Single: $75,000 – $90,000 |
| 2024 Health Savings Accounts | |
|---|---|
| HSA contribution limit (single insurance coverage) | $4,150 |
| HSA contribution limit (family insurance coverage) | $8,300 |
| HSA catch-up contribution (age 55 or older) | $1,000 |
| 2024 179 Limitation, Gift and Estate Tax Exclusions, and Kiddie Tax | |
|---|---|
| Section 179 limitation | $1,220,000 |
| Annual gift tax exclusion | $18,000 |
| Estate tax exclusion amount | $13,610,000 |
| Kiddie tax base amount | $1,300 |
| 2024 Travel | |
|---|---|
| High cost per diem travel rate within continental United States (high/low method) | $309 |
| Low cost per diem travel rate within continental United States (high/low method) | $214 |
| 2024 Mileage Rates | |
|---|---|
| Business | $.67 per mile |
| Medical/Moving | $.21 per mile |
| Charitable | $.14 per mile |
2023 tax rates
2023 personal and business tax rates
| Individual Tax Rate | Filing Status | |||
| Married Filing Jointly (MFJ) | Single | Married Filing Separately | Head of Household | |
| 10% | Up to $22,000 | Up to $11,000 |
Up to $11,000 |
Up to $15,700 |
| 12% | $22,001 – $89,450 |
$11,001 – $44,725 |
$11,001 – $44,725 |
$15,701 – $59,850 |
| 22% | $89,451 – $190,750 |
$44,726 – $95,375 |
$44,726 – $95,375 |
$59,851 – $95,350 |
| 24% | $190,751– $364,200 |
$95,376 – $182,100 |
$95,376 – $182,100 |
$95,351 – $182,100 |
| 32% | $364,201 – $462,500 | $182,101– $231,250 |
$182,101 – $231,250 |
$182,101 – $231,250 |
| 35% | $462,501 – $693,750 |
$231,251– $578,125 |
$231,251 – $346,875 |
$231,251– $578,100 |
| 37% | More than $693,750 | More than $578,125 |
More than $346,875 |
More than $578,100 |
| 2023 Standard Deduction | |
|---|---|
| Standard deduction — single and married filing separately |
$13,850 |
| Additional deduction age 65 or older — single |
$1,850 |
| Standard deduction — married filing jointly |
$27,700 |
| Additional deduction age 65 or older — married filing jointly and married filing separately |
$1,500 |
| Standard deduction — head of household |
$20,800 |
| Additional deduction age 65 or older — head of household |
$1,850 |
| Note: the personal exemption was suspended by the Tax Cuts and Jobs Act of 2017 for the tax years 2018 to 2025. |
|
| 2023 Retirement Plans | |
|---|---|
| Maximum annual benefit for defined benefit plan | Up to $265,000 |
| Defined contribution annual addition | $66,000 |
| Defined contribution compensation limit | $330,000 |
| 401(k) maximum exclusion | $22,500 |
| 401(k) catch-up contribution (for individuals 50 or older) | $7,500 |
| SIMPLE contribution limit | $15,500 |
| SIMPLE catch-up contribution (for individuals 50 or older) | $3,500 |
| IRA contribution limitation (in general) | $6,500 |
| IRA catch-up contribution (for individuals 50 or older) | $1,000 |
| 2023 Payroll Taxes | |
|---|---|
| Social Security (self-employed) combined rate (OASDI + Medicare) | (6.2% + 1.45%) x 2 = 15.3% |
| Social Security (employee) rate (OASDI + Medicare) | (6.2% + 1.45%) = 7.65% |
| OASDI contribution base | $160,200 |
| Medicare contribution base | Unlimited |
| Additional Medicare Payroll Tax on earnings more than $200,000 (single) and $250,000 (combined, married filing jointly) | 0.9% |
| FUTA wage base | $7,000 |
| FUTA rate | 6% |
| 2023 Social Security | ||
|---|---|---|
| Maximum earned income while receiving Social Security benefits | under full retirement age | $21,240 |
| in the year you reach full retirement age | $21,240 | |
| full retirement age (once reached) | No limit | |
| 2023 Education Phase-Outs | |
|---|---|
| American Opportunity Credit (formerly Hope Credit) | MFJ: $160,000 – $180,000 Other filers: $80,000 – $90,000 |
| Lifetime Learning Credit | MFJ: $160,000 – $180,000 Other Filers: $80,000 – $90,000 |
| Student loan interest deduction | MFJ: $155,000 – $185,000 Single: $75,000 – $90,000 |
| 2023 Health Savings Accounts | |
|---|---|
| HSA contribution limit (single insurance coverage) | $3,850 |
| HSA contribution limit (family insurance coverage) | $7,750 |
| HSA catch-up contribution (age 55 or older) | $1,000 |
| 2023 179 Limitation, Gift & Estate Tax Exclusions, and Kiddie Tax | |
|---|---|
| Section 179 limitation | $1,160,000 |
| Annual gift tax exclusion | $17,000 |
| Estate tax exclusion amount | $12,920,000 |
| Kiddie tax base amount | $1,250 |
| 2023 Travel | |
|---|---|
| High cost per diem travel rate within continental United States (high/low method) | $297 |
| Low cost per diem travel rate within continental United States (high/low method) | $204 |
| 2023 Mileage Rates | |
|---|---|
| Business | $.65.5 per mile |
| Medical/Moving | $.22 per mile |
| Charitable | $.14 per mile |
2022 tax rates
2022 personal and business tax rates
| Individual Tax Rate | Filing Status | |||
| Married Filing Jointly (MFJ) | Single | Married Filing Separately | Head of Household | |
| 10% | Up to $20,550 | Up to $10,275 | Up to $10,275 | Up to $14,650 |
| 12% | $20,551 – $83,550 |
$10,276 – $41,775 | $10,276 – $41,775 |
$14,651 – $55,900 |
| 22% | $83,551 – $178,150 |
$41,776 – $89,075 | $41,776 – $89,075 |
$55,901 – $89,050 |
| 24% | $178,151 – $340,100 | $89,076 – $170,050 | $89,076 – $170,050 | $89,051 – $170,050 |
| 32% | $340,101 – $431,900 | $170,051 – $215,950 | $170,051 – $215,950 | $170,051 – $215,950 |
| 35% | $431,901 – $647,850 | $215,951 – $539,900 | $215,951 – $323,925 | $215,951 – $539,900 |
| 37% | More than $647,850 |
More than $539,900 | More than $323,925 | More than $539,900 |
| 2022 Net Long-Term Capital Gains Tax Rates Applicable if Taxable Income is | ||||
|---|---|---|---|---|
| Capital Gain Rate | Filing Status | |||
| Married Filing Jointly (MFJ) | Single | Married Filing Separately | Head of Household | |
| 0% | Up to $83,350 | Up to $41,675 | Up to $41,675 | Up to $55,800 |
| 15% | $83,351 – $517,200 | $41,676 – $459,750 | $41,676 – $258,600 | $55,801 – $488,500 |
| 20% | More than $517,200 | More than $459,750 | More than $258,600 | More than $488,500 |
Net short term capital gains are subject to taxation at ordinary rates; reference previous table.
| 2022 Standard Deduction | |
|---|---|
| Standard deduction — single and married filing separately | $12,950 |
| Additional deduction age 65 or older — single | $1,750 |
| Standard deduction — married filing jointly | $25,900 |
| Additional deduction age 65 or older — married filing jointly and married filing separately | $1,400 |
| Standard deduction — head of household | $19,400 |
| Additional deduction age 65 or older — head of household | $1,750 |
Note: The personal exemption was suspended by the Tax Cuts and Jobs Act of 2017 for the tax years 2018 to 2025.
| 2022 Retirement Plans | |
|---|---|
| Maximum annual benefit for defined benefit plan | Up to $245,000 |
| Defined contribution annual addition | $61,000 |
| Defined contribution compensation limit | $305,000 |
| 401(k) maximum exclusion | $20,500 |
| 401(k) catch-up contribution (for individuals 50 or older) | $6,500 |
| SIMPLE contribution limit | $14,000 |
| SIMPLE catch-up contribution (for individuals 50 or older) | $3,000 |
| IRA contribution limitation (in general) | $6,000 |
| IRA catch-up contribution (for individuals 50 or older) | $1,000 |
| 2022 Payroll Taxes | |
|---|---|
| Social Security (self-employed) combined rate (OASDI + Medicare) | (6.2% + 1.45%) x 2 = 15.3% |
| Social Security (employee) rate (OASDI + Medicare) | (6.2% + 1.45%) = 7.65% |
| OASDI contribution base | $147,000 |
| Medicare contribution base | Unlimited |
| Additional Medicare payroll tax on earnings more than $200,000 (single) and $250,000 (combined, married filing jointly) | 0.9% |
| FUTA wage base | $7,000 |
| FUTA rate | 6% |
| 2022 Social Security | |||
|---|---|---|---|
| Maximum earned income while receiving Social Security | Under full retirement age | $19,560 | |
| In the year you reach full retirement age | $51,960 | ||
| Full retirement age | No limit | ||
| 2022 Education Phase-Outs | |
|---|---|
| American Opportunity Credit (formerly Hope Credit) | MFJ: $160,000 – $180,000
Other filers: $80,000 – $90,000 |
| Lifetime Learning Credit | MFJ: $160,000 – $180,000
Other filers: $80,000 – $90,000 |
| Student loan interest deduction | MFJ: $145,000 – $175,000
Single: $70,000 – $85,000 |
| 2022 Health Savings Accounts | |
|---|---|
| HSA contribution limit (single insurance coverage) | $3,650 |
| HSA contribution limit (family insurance coverage) | $7,300 |
| HSA catch-up contribution (age 55 or older) | $1,000 |
| 2022 179 Limitation, Gift and Estate Tax Exclusions, and Kiddie Tax | |
|---|---|
| Section 179 limitation | $1,080,000 |
| Annual gift tax exclusion | $16,000 |
| Estate tax exclusion amount | $12,060,000 |
| Kiddie tax base amount | $1,150 |
| 2022 Travel | |
|---|---|
| High cost per diem travel rate within continental United States (high/low method) | $296 |
| Low cost per diem travel rate within continental United States (high/low method) | $202 |
| 2022 Mileage Rates | |
|---|---|
| Business | $0.585 |
| Medical/Moving | $0.18 |
| Charitable | $0.14 |
2021 tax rates
2021 personal and business tax rates
| Individual Tax Rate | Filing Status | |||
| Married Filing Jointly (MFJ) | Single | Married Filing Separately | Head of Household | |
| 10% | Up to $19,900 | Up to $9,950 | Up to $9,950 | Up to $14,200 |
| 12% | $19,901 – $81,050 | $9,951 – $40,525 | $9,951 – $40,525 | $14,201 – $54,200 |
| 22% | $81,051 – $172,750 | $40,526 – $86,375 | $40,526 – $86,375 | $54,201 – $86,350 |
| 24% | $172,751 – $329,850 | $86,376 – $164,925 | $86,376 – $164,925 | $86,351 – $164,900 |
| 32% | $329,851 – $418,850 | $164,926 – $209,425 | $164,926 – $209,425 | $164,901 – $209,400 |
| 35% | $418,851 – $628,300 | $209,426 – $523,600 | $209,426 – $314,150 | $209,401 – $523,600 |
| 37% | More than $628,300 | More than $523,600 | More than $314,150 | More than $523,600 |
| 2021 Standard Deduction | |
|---|---|
| Standard deduction — single and married filing separately | $12,550 |
| Additional deduction age 65 or older — single | $1,700 |
| Standard deduction — married filing jointly | $25,100 |
| Additional deduction age 65 or older — married filing jointly and married filing separately | $1,350 |
| Standard deduction — head of household | $18,800 |
| Additional deduction age 65 or older — head of household | $1,700 |
Note: The personal exemption was suspended by the Tax Cuts and Jobs Act of 2017 for the tax years 2018 to 2025.
| 2021 Retirement Plans | |
|---|---|
| Maximum annual benefit for defined benefit plan | Up to $230,000 |
| Defined contribution annual addition | $58,000 |
| Defined contribution compensation limit | $290,000 |
| 401(k) maximum exclusion | $19,500 |
| 401(k) catch-up contribution (for individuals 50 or older) | $6,500 |
| SIMPLE contribution limit | $13,500 |
| SIMPLE catch-up contribution (for individuals 50 or older) | $3,000 |
| IRA contribution limitation (in general) | $6,000 |
| IRA catch-up contribution (for individuals 50 or older) | $1,000 |
| 2021 Payroll Taxes | |
|---|---|
| Social Security (self-employed) combined rate (OASDI + Medicare) | (6.2% + 1.45%) x 2 = 15.3% |
| Social Security (employee) rate (OASDI + Medicare) | (6.2% + 1.45%) = 7.65% |
| OASDI contribution base | $142,800 |
| Medicare contribution base | Unlimited |
| Additional Medicare payroll tax on earnings more than $200,000 (single) and $250,000 (combined, married filing jointly) | 0.9% |
| FUTA wage base | $7,000 |
| FUTA rate | 6% |
| 2021 Social Security | |||
|---|---|---|---|
| Maximum earned income while receiving Social Security | Under full retirement age | $18,960 | |
| In the year you reach full retirement age | $50,520 | ||
| Full retirement age | No limit | ||
| 2021 Education Phase-Outs | |
|---|---|
| American Opportunity Credit (formerly Hope Credit) | MFJ: $160,000 – $180,000
Other filers: $80,000 – $90,000 |
| Lifetime Learning Credit | MFJ: $119,000 – $139,000
Other filers: $59,000 – $69,000 |
| Student loan interest deduction | MFJ: $140,000 – $170,000
Single: $70,000 – $85,000 |
| 2021 Health Savings Accounts | |
|---|---|
| HSA contribution limit (single insurance coverage) | $3,600 |
| HSA contribution limit (family insurance coverage) | $7,200 |
| HSA catch-up contribution (age 55 or older) | $1,000 |
| 2021 179 Limitation, Gift and Estate Tax Exclusions, and Kiddie Tax | |
|---|---|
| Section 179 limitation | $1,050,000 |
| Annual gift tax exclusion | $15,000 |
| Estate tax exclusion amount | $11,700,000 |
| Kiddie tax base amount | $1,100 |
| 2021 Travel | |
|---|---|
| High cost per diem travel rate within continental United States (high/low method) | $292 |
| Low cost per diem travel rate within continental United States (high/low method) | $198 |
| 2021 Mileage Rates | |
|---|---|
| Business | $0.56 |
| Medical/Moving | $0.16 |
| Charitable | $0.14 |
2020 tax rates
2020 personal and business tax rates
| Individual Tax Rate | Filing Status | |||
| Married Filing Jointly (MFJ) | Single | Married Filing Separately | Head of Household | |
| 10% | Up to $19,750 | Up to $9,875 | Up to $9,875 | Up to $14,100 |
| 12% | $19,751 – $80,250 | $9,876 – $40,125 | $9,876 – $40,125 | $14,101 – $53,700 |
| 22% | $80,251 – $171,050 | $40,126 – $85,525 | $40,126 – $85,525 | $53,701 – $85,500 |
| 24% | $171,051 – $326,600 | $85,526 – $163,300 | $85,526 – $163,300 | $85,501 – $163,300 |
| 32% | $326,601 – $414,700 | $163,301 – $207,350 | $163,301 – $207,350 | $163,301 – $207,350 |
| 35% | $414,701 – $622,050 | $207,351 – $518,400 | $207,351 – $311,025 | $207,351 – $518,400 |
| 37% | More than $622,050 | More than $518,400 | More than $311,025 | More than $518,400 |
| 2020 Standard Deduction | |
|---|---|
| Standard deduction — single and married filing separately | $12,400 |
| Additional deduction age 65 or older — single | $1,650 |
| Standard deduction — married filing jointly | $24,800 |
| Additional deduction age 65 or older — married filing jointly and married filing separately | $1,300 |
| Standard deduction — head of household | $18,650 |
| Additional deduction age 65 or older — head of household | $1,650 |
Note: The personal exemption was suspended by the Tax Cuts and Jobs Act of 2017 for the tax years 2018 to 2025.
| 2020 Retirement Plans | |
|---|---|
| Maximum annual benefit for defined benefit plan | Up to $230,000 |
| Defined contribution annual addition | $57,000 |
| Defined contribution compensation limit | $285,000 |
| 401(k) maximum exclusion | $19,500 |
| 401(k) catch-up contribution (for individuals 50 or older) | $6,500 |
| SIMPLE contribution limit | $13,500 |
| SIMPLE catch-up contribution (for individuals 50 or older) | $3,000 |
| IRA contribution limitation (in general) | $6,000 |
| IRA catch-up contribution (for individuals 50 or older) | $1,000 |
| 2020 Payroll Taxes | |
|---|---|
| Social Security (self-employed) combined rate (OASDI + Medicare) | (6.2% + 1.45%) x 2 = 15.3% |
| Social Security (employee) rate (OASDI + Medicare) | (6.2% + 1.45%) = 7.65% |
| OASDI contribution base | $137,700 |
| Medicare contribution base | Unlimited |
| Additional Medicare payroll tax on earnings more than $200,000 (single) and $250,000 (combined, married filing jointly) | 0.9% |
| FUTA wage base | $7,000 |
| FUTA rate | 6% |
| 2020 Social Security | |||
|---|---|---|---|
| Maximum earned income while receiving Social Security | Under full retirement age | $18,240 | |
| In the year you reach full retirement age | $48,600 | ||
| Full retirement age | No limit | ||
| 2020 Education Phase-Outs | |
|---|---|
| American Opportunity Credit (formerly Hope Credit) | MFJ: $160,000 – $180,000
Other filers: $80,000 – $90,000 |
| Lifetime Learning Credit | MFJ: $118,000 – $138,000
Other filers: $59,000 – $69,000 |
| Student loan interest deduction | MFJ: $140,000 – $170,000
Single: $70,000 – $85,000 |
| 2020 Health Savings Accounts | |
|---|---|
| HSA contribution limit (single insurance coverage) | $3,550 |
| HSA contribution limit (family insurance coverage) | $7,100 |
| HSA catch-up contribution (age 55 or older) | $1,000 |
| 2020 179 Limitation, Gift and Estate Tax Exclusions, and Kiddie Tax | |
|---|---|
| Section 179 limitation | $1,040,000 |
| Annual gift tax exclusion | $15,000 |
| Estate tax exclusion amount | $11,580,000 |
| 2020 Travel | |
|---|---|
| High cost per diem travel rate within continental United States (high/low method) | $297 |
| Low cost per diem travel rate within continental United States (high/low method) | $200 |
| 2020 Mileage Rates | |
|---|---|
| Business | $0.575 |
| Medical/Moving | $0.17 |
| Charitable | $0.14 |
2019 tax rates
2019 personal and business tax rates
| Individual Tax Rate | Filing Status | |||
| Married Filing Jointly (MFJ) | Single | Married Filing Separately | Head of Household | |
| 10% | Up to $19,400 | Up to $9,700 | Up to $9,700 | Up to $13,850 |
| 12% | $19,401 – $78,950 | $9,701 – $39,475 | $9,701 – $39,475 | $13,851 – $52,850 |
| 22% | $78,951 – $168,400 | $39,476 – $84,200 | $39,476 – $84,200 | $52,851 – $84,200 |
| 24% | $168,401 – $321,450 | $84,201 – $160,725 | $84,201 – $160,725 | $82,201 – $160,700 |
| 32% | $321,451 – $408,200 | $160,726 – $204,100 | $160,726 – $204,100 | $160,701 – $204,100 |
| 35% | $408,201 – $612,350 | $204,101 – $510,300 | $204,101 – $306,175 | $204,101 – $510,300 |
| 37% | More than $612,350 | More than $510,300 | More than $306,175 | More than $510,300 |
| 2019 Standard Deduction | |
|---|---|
| Standard deduction — single and married filing separately | $12,200 |
| Additional deduction age 65 or older — single | $1,650 |
| Standard deduction — married filing jointly | $24,400 |
| Additional deduction age 65 or older — married filing jointly and married filing separately | $1,300 |
| Standard deduction — head of household | $18,350 |
| Additional deduction age 65 or older — head of household | $1,650 |
Note: The personal exemption was suspended by the Tax Cuts and Jobs Act of 2017 for the tax years 2018 to 2025.
| 2019 Retirement Plans | |
|---|---|
| Maximum annual benefit for defined benefit plan | Up to $225,000 |
| Defined contribution annual addition | $56,000 |
| Defined contribution compensation limit | $280,000 |
| 401(k) maximum exclusion | $19,000 |
| 401(k) catch-up contribution (for individuals 50 or older) | $6,000 |
| SIMPLE contribution limit | $13,000 |
| SIMPLE catch-up contribution (for individuals 50 or older) | $3,000 |
| IRA contribution limitation (in general) | $6,000 |
| IRA catch-up contribution (for individuals 50 or older) | $1,000 |
| 2019 Payroll Taxes | |
|---|---|
| Social Security (self-employed) combined rate (OASDI + Medicare) | (6.2% + 1.45%) x 2 = 15.3% |
| Social Security (employee) rate (OASDI + Medicare) | (6.2% + 1.45%) = 7.65% |
| OASDI contribution base | $132,900 |
| Medicare contribution base | Unlimited |
| Additional Medicare payroll tax on earnings more than $200,000 (single) and $250,000 (combined, married filing jointly) | 0.9% |
| FUTA wage base | $7,000 |
| FUTA rate | 6% |
| 2019 Social Security | |||
|---|---|---|---|
| Maximum earned income while receiving Social Security | Under full retirement age | $17,640 | |
| In the year you reach full retirement age | $46,920 | ||
| Full retirement age | No limit | ||
| 2019 Education Phase-Outs | |
|---|---|
| American Opportunity Credit (formerly Hope Credit) | MFJ: $160,000 – $180,000
Other filers: $80,000 – $90,000 |
| Lifetime Learning Credit | MFJ: $116,000 – $136,000
Other filers: $58,000 – $68,000 |
| Student loan interest deduction | MFJ: $140,000 – $170,000
Single: $70,000 – $85,000 |
| 2019 Health Savings Accounts | |
|---|---|
| HSA contribution limit (single insurance coverage) | $3,500 |
| HSA contribution limit (family insurance coverage) | $7,000 |
| HSA catch-up contribution (age 55 or older) | $1,000 |
| 2019 179 Limitation, Gift and Estate Tax Exclusions, and Kiddie Tax | |
|---|---|
| Section 179 limitation | $1,020,000 |
| Annual gift tax exclusion | $15,000 |
| Estate tax exclusion amount | $11,400,000 |
| 2019 Travel | |
|---|---|
| High cost per diem travel rate within continental United States (high/low method) | $287 |
| Low cost per diem travel rate within continental United States (high/low method) | $195 |