Monthly Archives: December 2020

New Tax Brackets, Medicare and S.S. info

See the new tax bracket table for 2021 at the bottom of this post. The standard deduction for married filing joint has been increased to $25,100 and $12,550 for single filers. For those of you still working and making your FICA (SS and Medicare payroll contributions) will be applied to more of your income in 2021. The maximum amount of income that will be subject to FICA taxes will be $142,800 (up from $137,700 in 2020). As I wrote a … Continue reading

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