2021 Tax Rates

2021 Tax Rates Schedule X – Single

If taxable income is over

But not over

The tax is

$0 $9,950 10% of the taxable amount
$9,950 $40,525 $995 plus 12% of the excess over $9,950
$40,525 $86,375 $4,664 plus 22% of the excess over $40,525
$86,375 $164,925 $14,751 plus 24% of the excess over $86,375
$164,925 $209,425 $33,603 plus 32% of the excess over $164,925
$209,425 $523,600 $47,843 plus 35% of the excess over $209,425
$523,600 no limit $157,804.25 plus 37% of the excess over $523,600

2021 Tax Rates Schedule Y-1 – Married Filing Jointly or Qualifying Widow(er)

If taxable income is over

But not over

The tax is

$0 $19,900 10% of the taxable amount
$19,990 $81,050 $1,990 plus 12% of the excess over $19,990
$81,050 $172,750 $9,328 plus 22% of the excess over $81,050
$172,750 $329,850 $29,502 plus 24% of the excess over $172,750
$329,850 $418,850 $67,206 plus 32% of the excess over $329,850
$418,850 $628,300 $95,686 plus 35% of the excess over $418,850
$628,300 no limit $168,993.50 plus 37% of the excess over $628,300

2021 Tax Rates Schedule Y-2 – Married Filing Separately

If taxable income is over

But not over

The tax is

$0 $9,950 10% of the taxable amount
$9,950 $40,525 $995 plus 12% of the excess over $9,950
$40,525 $86,375 $4,664 plus 22% of the excess over $40,525
$86,375 $164,925 $14,751 plus 24% of the excess over $86,375
$164,925 $209,425 $33,603 plus 32% of the excess over $164,925
$209,425 $314,150 $47,843 plus 35% of the excess over $209,425
$314,150 no limit $84,496.75 plus 37% of the excess over $314,150

2021 Tax Rates Schedule Z – Head of Household

If taxable income is over

But not over

The tax is

$0 $14,200 10% of the taxable amount
$14,200 $54,200 $1,420 plus 12% of the excess over $14,200
$54,200 $86,350 $6,220 plus 22% of the excess over $54,200
$86,350 $164,900 $13,293 plus 24% of the excess over $86,350
$164,900 $209,400 $32,145 plus 32% of the excess over $164,900
$209,400 $523,600 $46,385 plus 35% of the excess over $209,400
$523,600 no limit $156,355 plus 37% of the excess over $523,600

2021 Tax Rates Estates & Trusts

If taxable income is over

But not over

The tax is

$0 $2,650 10% of the taxable income
$2,650 $9,550 $265 plus 24% of the excess over $2,650
$9,550 $13,050 $1,921 plus 35% of the excess over $9,550
$13,050 no limit $3,146 plus 37% of the excess over $13,050

Social Security 2021 Tax Rates

Base Salary $142,800
Social Security Tax Rate 6.20%
Maximum Social Security Tax $8,853.60
Medicare Base Salary unlimited
Medicare Tax Rate 1.45%

Additional Medicare 2021 Tax Rates

Additional Medicare Tax 0.90%
Filing status Compensation over
Married filing jointly $250,000
Married filing separate $125,000
Single $200,000
Head of household (with qualifying person) $200,000
Qualifying widow(er) with dependent child $200,000

Education 2021 Credit and Deduction Limits

American Opportunity Tax Credit (Hope) $2,500
Lifetime Learning Credit $2,000
Student Loan Interest Deduction $2,500
Coverdell Education Savings Contribution $2,000

Miscellaneous 2021 Tax Rates

Standard Deduction:
  • Married filing jointly or Qualifying Widow(er)
$25,100
  • Head of household
$18,800
  • Single or Married filing separately
$12,550
Business Equipment Expense Deduction $1,050,000
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/moving driving 16 cents
Standard mileage rate for charitable driving 14 cents
Child Tax Credit $2,000 per qualifying child
Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $80,800 for joint filers and surviving spouses, $54,100 for heads of household, $40,400 for single filers, $40,400 for married taxpayers filing separately, and $2,700 for estates and trusts 0%
Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $501,600 for joint filers and surviving spouses, $473,750 for heads of household, $445,850 for single filers, $250,800 for married taxpayers filing separately, and $13,250 for estates and trusts 15%
Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $501,600 for joint filers and surviving spouses, $473,750 for heads of household, $445,850 for single filers, $250,800 for married taxpayers filing separately, and $13,250 for estates and trusts 20%
Long-term gain attributable to certain depreciation recapture 25%
Capital gains tax rate on collectibles and qualified small business stock 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 compensation up to $58,000
401(k) maximum employee contribution limit $19,500 if under age 50
$26,000 if 50 or older
Self-employed health insurance deduction 100%
Estate tax exemption $11,700,000
Annual Exclusion for Gifts $15,000
Foreign Earned Income Exclusion $108,700