Leake CPA, PC

    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

    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

    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

    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

    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

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