RESOURCES
Below are some links to federal and state forms and websites for your reference.
Federal and State forms
and Revenue sites
IRS Website – https://www.irs.gov/
IRS Forms, Instructions & Publications – https://www.irs.gov/forms-instructions
MN Department of Revenue – https://www.revenue.state.mn.us/minnesota-department-revenue
W-2 (Wage & Tax Statement) – W-2 Form
W-4 (Employees Withholding Certificate) – W-4 From
W-9 (Request for Taxpayer ID and Certification) – W-9 Form
2020 Tax Table Ceilings and Limits
Individual Taxpayers
If taxable Income is Between: | The Tax Due Is: |
|---|---|
0-$9,875 | 10% of taxable income |
$9,876 – $40,125 | $987.50 + 12% of the amount over $9,875 |
$40,126 – $85,525 | $4,617.50 + 22% of the amount over $40,125 |
$85,526 – $163,300 | $14,605.50 + 24% of the amount over $85,525 |
$163,301 – $207,350 | $33,271.50 + 35% of the amount over $163,300 |
$207,351 – $518, 400 | $47,367.50 + 35% of the amount over $207,350 |
$518,400 | $156,235 + 37% of the amount over $518,400 |
Married Individuals Filing Joint Returns and Surviving Spouses
If taxable Income is Between: | The Tax Due Is: |
|---|---|
0-$19,750 | 10% of taxable income |
$19,751 – $80,250 | $1,975 + 12% of the amount over $19,750 |
$80,251 – $171,050 | $9,235 + 22% of the amount over $80,250 |
$171,051 – $326,600 | $29,211 + 24% of the amount over $171,050 |
$326,601 – $414,700 | $66,543 + 35% of the amount over $414,700 |
$414,701 – $622,050 | $94,735 + 35% of the amount over $414,700 |
$622,051 | $167,307.50 + 37% of the amount over $622,050 |
Married Filing Separately
If taxable Income is Between: | The Tax Due Is: |
|---|---|
0-$9,875 | 10% of taxable income |
$9,876 – $40,125 | $987.50 + 12% of the amount over $9,875 |
$40,126 – $85,525 | $4,617.50 + 22% of the amount over $40,125 |
$85,526 – $163,300 | $14,605.50 + 24% of the amount over $85,525 |
$163,301 – $207,350 | $33,271.50 + 35% of the amount over $163,300 |
$207,351 – $518, 400 | $47,367.50 + 35% of the amount over $207,350 |
$518,400 | $156,235 + 37% of the amount over $518,400 |
Heads of Household
If taxable Income is Between: | The Tax Due Is: |
|---|---|
0-$14,100 | 10% of taxable income |
$14,101 – $53,700 | $1,410 + 12% of the amount over $14,100 |
$53,701 – $85,500 | $6,162 + 22% of the amount over $53,700 |
$85,501 – $163,300 | $13,158 + 24% of the amount over $85,500 |
$163,301 – $207,350 | $31,830 + 35% of the amount over $163,300 |
$207,351 – $518, 400 | $45,926 + 35% of the amount over $207,350 |
$518,401 | $154,793 + 37% of the amount over $518,400 |
Payroll Rates and Bases
Payroll rates and bases | 2019 | 2020 |
|---|---|---|
Employee SS and Medicare | 6.20% and 1.45%* | 6.20% and 1.45%* |
Employer SS and Medicare | 6.20% and 1.45% | 6.20% and 1.45% |
Social Security wage limit | $132,900 | $137,700 |
Medicare wage limit* | Unlimited | Unlimited |
FUTA-taxable wage base | $7,000 | $7,000 |
FUTA rate | 6.00% | 6.00% |
FUTA maximum credit | 5.40% | 5.40% |
*Withhold added Medicare tax of .9% on wages over $200,000
2020 Standard Deduction Amounts
Filing Status | Standard Deduction Amount |
|---|---|
Single | $12,400 |
Married Filing Jointly & Surviving Spouses | $24,800 |
Married Filing Separately | $12,400 |
Heads of Household | $18,650 |
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