
The federal income tax has 7 brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The amount of tax you owe depends on your filing status and income level.It’s important to realize that moving into a higher tax bracket does not mean that all of your income will be taxed at a higher rate. Instead, only the money that you earn within a particular tax bracket is subject to that particular tax rate.
Tax Rate | Taxable Income (Single) | Taxable Income (Married, filing jointly) |
---|---|---|
10% | Up to $9,875 | Up to $19,750 |
12% | $9,876 to $40,125 | $19,751 to $80,250 |
22% | $40,126 to $85,525 | $80,251 to $171,050 |
24% | $85,526 to $163,300 | $171,051 to $326,600 |
32% | $163,301 to $207,350 | $326,601 to $414,700 |
35% | $207,351 to $518,400 | $414,701 to $622,050 |
37% | Over $518,400 | Over $622,051 |
Tax Rate 2020 | Taxable Income (Married, filing separately) | Taxable Income (Head of Household) |
---|---|---|
10% | Up to $9,700 | Up to $14,100 |
12% | $9,701 to $39,475 | $14,101 to $53,700 |
22% | $39,476 to $84,200 | $53,701 to $85,500 |
24% | $84,201 to $160,725 | $85,501 to $163,300 |
32% | $160,726 to $204,100 | $163,301 to $207,350 |
35% | $204,101 to $306,175 | $207,351 to $518,400 |
37% | Over $306,176 | Over $518,401 |