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The certified public accountants of Weslaco’s Gonzalez & Arrambide, Inc. have the knowledge to help you achieve your goals in the financial world. Whether serving the financial needs of an individual or small business, we help our clients eliminate stress by taking the guesswork out of financial planning.
Tax Rates
2020 Federal Tax Rates, Personal Exemptions, Married/Joint Filing and Standard DeductionsIRS Tax Brackets and Deduction Amounts for Tax Year 20192020 Income Tax Brackets
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.
Single:
| 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 |
2020 Tax Brackets for Married Couples Filing Separately and Head-of-Household Filers
| 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 |