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Individual Preparation Fast Answer Chart

FinnKevin
FinnKevin

After reading this you will be able to understand filing requirements, federal tax rate and other relevant terms.

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Individual 1-1
FASTTAXFACTS
Federal Tax Rate Schedule
	 Single Taxable Income
	$	 0	to	 9,875	×	10.0%	 minus	 $	 0.00	=	Tax
		 9,876	to	 40,125	×	12.0%	 minus		 197.50	=	Tax
		 40,126	to	 85,525	×	22.0%	 minus		4,210.00	=	Tax
		 85,526	to	163,300	×	24.0%	 minus		5,920.50	=	Tax
		 163,301	to	207,350	×	32.0%	 minus		
18,984.50	=	Tax
		 207,351	to	518,400	×	35.0%	 minus		
25,205.00	=	Tax
		 518,401	and over		×	37.0%	 minus		
35,573.00	=	Tax
	
Married Filing Jointly (MFJ) or Qualifying Widower (QW)
Taxable Income
	$	 0	to	 19,750	×	10.0%	 minus	 $	 0.00	=	Tax
		 19,751	to	 80,250	×	12.0%	 minus		 395.00	=	Tax
		 80,251	to	171,050	×	22.0%	 minus		8,420.00	=	Tax
		 171,051	to	326,600	×	24.0%	 minus		
11,841.00	=	Tax
		 326,601	to	414,700	×	32.0%	 minus		
37,969.00	=	Tax
		 414,701	to	622,050	×	35.0%	 minus		
50,410.00	=	Tax
		 622,051	and over		×	37.0%	 minus		
62,851.00	=	Tax
	 Married Filing Separately (MFS) Taxable Income
	$	 0	to	 9,875	×	10.0%	 minus	 $	 0.00	=	Tax
		 9,876	to	 40,125	×	12.0%	 minus		 197.50	=	Tax
		 40,126	to	 85,525	×	22.0%	 minus		4,210.00	=	Tax
		 85,526	to	163,300	×	24.0%	 minus		5,920.50	=	Tax
		 163,301	to	207,350	×	32.0%	 minus		
18,984.50	=	Tax
		 207,351	to	311,025	×	35.0%	 minus		
25,205.00	=	Tax
		 311,026	and over		×	37.0%	 minus		
31,425.50	=	Tax
	 Head of Household (HOH) Taxable Income
	 $	 0	to	 14,100	×	10.0%	 minus	 $	 0.00	=	 Tax
		 14,101	to	 53,700	×	12.0%	 minus		 282.00	=	Tax
		 53,701	to	 85,500	×	22.0%	 minus		5,652.00	=	Tax
		 85,501	to	163,300	×	24.0%	 minus		7,362.00	=	Tax
		 163,301	to	207,350	×	32.0%	 minus		
20,426.00	=	Tax
		 207,351	to	518,400	×	35.0%	 minus		
26,646.50	=	Tax
		 518,401	and over		×	37.0%	 minus		
37,014.50	=	Tax
Standard Deduction
Single or MFS.............. $12,400
MFJ or QW.................. $24,800
HOH............................. $18,650
Additional age 65 or older, or
blind, per person, per event:
MFJ, QW, or MFS........... $1,300
Single or HOH................ $1,650
Dependents. The standard deduction is the greater of $ 
1,100 or
earned income plus $350, up to regular standard deduction.
Personal Exemption Deduction
Personal exemption deduction per person................................$0
Qualifying relative gross income limit.................................. $4,300
Kiddie Tax
Applies to children with unearned income over $2,200.
Earned income. Up to $12,400 not taxed. Over $12,400 taxed at
child’s rate.
Unearned income. Taxed at parents’ tax rates if over $2,200.
Filing Requirements — for Most Taxpayers
If filing 	 And at the end of 2020, 	 Then file a return if gross
status is:	 taxpayer was:	 income was at least:
Single................. Under age 65...................................................... $ 12,400
	 Age 65 or older................................................... $ 14,050
MFJ.................... Under age 65 (both spouses)............................... $ 24,800
	 Age 65 or older (one spouse)............................... $ 26,100
	 Age 65 or older (both spouses)............................ $ 27,400
MFS.................... Any age......................................................................$ 5
HOH.................... Under age 65...................................................... $ 18,650
	 Age 65 or older................................................... $ 20,300
QW..................... Under age 65...................................................... $ 24,800
	 Age 65 or older................................................... $ 26,100
Social Security and Medicare Taxes
Maximum earnings subject to:
	 Social Security tax..................$137,700
	 Medicare tax.......................... No Limit
Social Security tax rate:
	Employee.................................. 6.20%
	Self-employed.......................... 12.40%
Maximum Social Security tax:
	Employee.............................. $8,537.40
	Self-employed..................... $17,074.80
Medicare tax rate:
	Employee.................................. 1.45%
	Self-employed........................... 2.90%
Phaseouts Based on Modified AGI
Student Loan Interest
MFJ..................... $	
140,000 to $	
170,000
Single, HOH, QW.... $	70,000 to $	85,000
MFS............................. Does not qualify
Traditional IRA-Covered By Employer
MFJ, QW..............$104,000 to $	
124,000
Single, HOH........... $65,000 to $	75,000
MFS.............................. $0 to $	10,000
Spouse not covered by
employer..........$196,000 to $	
206,000
American Opportunity Credit
MFJ..................... $	
160,000 to $	
180,000
Single, HOH, QW.... $	80,000 to $	90,000
MFS............................. Does not qualify
Roth IRA
MFJ, QW............. $	
196,000 to $	
206,000
Single, HOH......... $	
124,000 to $	
139,000
MFS.................... $	 0 to $	10,000
Lifetime Learning Credit
MFJ..................... $	
118,000 to $	
138,000
Single, HOH, QW.... $	59,000 to $	69,000
MFS............................. Does not qualify
Retirement Savings Contributions
Credit—AGI up to:		 Single,
Rate	 MFJ	 HOH	 QW, MFS
	 50%	 $ 39,000	 $ 29,250	 $ 19,500
	 20%	 $ 42,500	 $ 31,875	 $ 21,250
	 10%	 $ 65,000	 $ 48,750	 $ 32,500
	 0%	 $ 65,001	 $ 48,751	 $ 32,501
Child Tax Credit/Credit for Other
Dependents. Phaseout begins at:
MFJ........................................ $	400,000
Single, HOH, MFS, QW............. $	200,000
Tuition/Fees Deduction
MFJ..................... $	
130,000 to $	
160,000
Single, HOH, QW....$	65,000 to $	80,000
MFS............................. Does not qualify
Adoption Expense Credit or Exclusion
MFJ, Single,
HOH, QW......... $	
214,520 to $	
254,520
Additional Medicare Tax
The additional Medicare tax is a 0.9% additional tax on combined wages, compensa-
tion, and self-employment income above threshold amount.
Filing Status	 Threshold Amount
Single, HOH, QW......................................................................................... $200,000
MFJ............................................................................................................ $250,000
MFS............................................................................................................ $125,000
Employee. An employer must withhold the additional Medicare tax on wages or
compensation it pays to an individual in excess of $200,000 in a calendar year, without
regard to the individual’s filing status or wages paid by another employer.
INDIVIDUAL PREPARATION
FAST ANSWER CHARTS 2020
TAX
YEAR
INDIVIDUAL
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Individual Preparation Fast Answer Chart

  • 1. Individual 1-1 FASTTAXFACTS Federal Tax Rate Schedule Single Taxable Income $ 0 to 9,875 × 10.0% minus $ 0.00 = Tax 9,876 to 40,125 × 12.0% minus 197.50 = Tax 40,126 to 85,525 × 22.0% minus 4,210.00 = Tax 85,526 to 163,300 × 24.0% minus 5,920.50 = Tax 163,301 to 207,350 × 32.0% minus 18,984.50 = Tax 207,351 to 518,400 × 35.0% minus 25,205.00 = Tax 518,401 and over × 37.0% minus 35,573.00 = Tax Married Filing Jointly (MFJ) or Qualifying Widower (QW) Taxable Income $ 0 to 19,750 × 10.0% minus $ 0.00 = Tax 19,751 to 80,250 × 12.0% minus 395.00 = Tax 80,251 to 171,050 × 22.0% minus 8,420.00 = Tax 171,051 to 326,600 × 24.0% minus 11,841.00 = Tax 326,601 to 414,700 × 32.0% minus 37,969.00 = Tax 414,701 to 622,050 × 35.0% minus 50,410.00 = Tax 622,051 and over × 37.0% minus 62,851.00 = Tax Married Filing Separately (MFS) Taxable Income $ 0 to 9,875 × 10.0% minus $ 0.00 = Tax 9,876 to 40,125 × 12.0% minus 197.50 = Tax 40,126 to 85,525 × 22.0% minus 4,210.00 = Tax 85,526 to 163,300 × 24.0% minus 5,920.50 = Tax 163,301 to 207,350 × 32.0% minus 18,984.50 = Tax 207,351 to 311,025 × 35.0% minus 25,205.00 = Tax 311,026 and over × 37.0% minus 31,425.50 = Tax Head of Household (HOH) Taxable Income $ 0 to 14,100 × 10.0% minus $ 0.00 = Tax 14,101 to 53,700 × 12.0% minus 282.00 = Tax 53,701 to 85,500 × 22.0% minus 5,652.00 = Tax 85,501 to 163,300 × 24.0% minus 7,362.00 = Tax 163,301 to 207,350 × 32.0% minus 20,426.00 = Tax 207,351 to 518,400 × 35.0% minus 26,646.50 = Tax 518,401 and over × 37.0% minus 37,014.50 = Tax Standard Deduction Single or MFS.............. $12,400 MFJ or QW.................. $24,800 HOH............................. $18,650 Additional age 65 or older, or blind, per person, per event: MFJ, QW, or MFS........... $1,300 Single or HOH................ $1,650 Dependents. The standard deduction is the greater of $  1,100 or earned income plus $350, up to regular standard deduction. Personal Exemption Deduction Personal exemption deduction per person................................$0 Qualifying relative gross income limit.................................. $4,300 Kiddie Tax Applies to children with unearned income over $2,200. Earned income. Up to $12,400 not taxed. Over $12,400 taxed at child’s rate. Unearned income. Taxed at parents’ tax rates if over $2,200. Filing Requirements — for Most Taxpayers If filing And at the end of 2020, Then file a return if gross status is: taxpayer was: income was at least: Single................. Under age 65...................................................... $ 12,400 Age 65 or older................................................... $ 14,050 MFJ.................... Under age 65 (both spouses)............................... $ 24,800 Age 65 or older (one spouse)............................... $ 26,100 Age 65 or older (both spouses)............................ $ 27,400 MFS.................... Any age......................................................................$ 5 HOH.................... Under age 65...................................................... $ 18,650 Age 65 or older................................................... $ 20,300 QW..................... Under age 65...................................................... $ 24,800 Age 65 or older................................................... $ 26,100 Social Security and Medicare Taxes Maximum earnings subject to: Social Security tax..................$137,700 Medicare tax.......................... No Limit Social Security tax rate: Employee.................................. 6.20% Self-employed.......................... 12.40% Maximum Social Security tax: Employee.............................. $8,537.40 Self-employed..................... $17,074.80 Medicare tax rate: Employee.................................. 1.45% Self-employed........................... 2.90% Phaseouts Based on Modified AGI Student Loan Interest MFJ..................... $ 140,000 to $ 170,000 Single, HOH, QW.... $ 70,000 to $ 85,000 MFS............................. Does not qualify Traditional IRA-Covered By Employer MFJ, QW..............$104,000 to $ 124,000 Single, HOH........... $65,000 to $ 75,000 MFS.............................. $0 to $ 10,000 Spouse not covered by employer..........$196,000 to $ 206,000 American Opportunity Credit MFJ..................... $ 160,000 to $ 180,000 Single, HOH, QW.... $ 80,000 to $ 90,000 MFS............................. Does not qualify Roth IRA MFJ, QW............. $ 196,000 to $ 206,000 Single, HOH......... $ 124,000 to $ 139,000 MFS.................... $ 0 to $ 10,000 Lifetime Learning Credit MFJ..................... $ 118,000 to $ 138,000 Single, HOH, QW.... $ 59,000 to $ 69,000 MFS............................. Does not qualify Retirement Savings Contributions Credit—AGI up to: Single, Rate MFJ HOH QW, MFS 50% $ 39,000 $ 29,250 $ 19,500 20% $ 42,500 $ 31,875 $ 21,250 10% $ 65,000 $ 48,750 $ 32,500 0% $ 65,001 $ 48,751 $ 32,501 Child Tax Credit/Credit for Other Dependents. Phaseout begins at: MFJ........................................ $ 400,000 Single, HOH, MFS, QW............. $ 200,000 Tuition/Fees Deduction MFJ..................... $ 130,000 to $ 160,000 Single, HOH, QW....$ 65,000 to $ 80,000 MFS............................. Does not qualify Adoption Expense Credit or Exclusion MFJ, Single, HOH, QW......... $ 214,520 to $ 254,520 Additional Medicare Tax The additional Medicare tax is a 0.9% additional tax on combined wages, compensa- tion, and self-employment income above threshold amount. Filing Status Threshold Amount Single, HOH, QW......................................................................................... $200,000 MFJ............................................................................................................ $250,000 MFS............................................................................................................ $125,000 Employee. An employer must withhold the additional Medicare tax on wages or compensation it pays to an individual in excess of $200,000 in a calendar year, without regard to the individual’s filing status or wages paid by another employer. INDIVIDUAL PREPARATION FAST ANSWER CHARTS 2020 TAX YEAR INDIVIDUAL