2020 Tax Bracket
Tax Category Individual Self-Employee Max. Taxable Earning
Social Security 6.20% 12.40% $132,900
Medicare 1.45% 2.90% Unlimited
Individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly)
pay an additional 0.9% in Medicare taxes.
Federal Income Tax
37% for incomes over $510,300 ($612,350 for married couples filing jointly)
35% for incomes over $204,100 ($408,200 for married couples filing jointly)
32% for incomes over $160,725 ($321,450 for married couples filing jointly)
24% for incomes over $84,200 ($168,400 for married couples filing jointly)
22% for incomes over $39,475 ($78,950 for married couples filing jointly)
12% for incomes over $9,700 ($19,400 for married couples filing jointly)
10% for incomes of $9,700 or less ($19,400 for married couples filing jointly)
Child Tax Credit
$2,000 per qualifying dependent child 16 years old of age or younger at the end of the year.
Standard Deduction Amount
$12,200 for individuals and $24,400 for married couples filing jointly.