The IRS released the federal tax rates and income brackets for 2020 today. The seven tax rates themselves remain the same as they were in 2019; however, the income limits for each have been adjusted to account for inflation over the course of the year.
These rates will impact what you pay on the income you earn in 2020 that you file taxes for in 2021. It can be good to note now what tax bracket you’re likely to fall in, especially if you’re a freelancer or earn money through a gig job, where you’ll be responsible for paying estimated taxes throughout the year.
And keep in mind that these rates are also just for federal taxes. Your state might adjust its tax rate for 2020 as well, so you should pay attention to that.
For married individuals filing jointly:
10%: Up to $19,750
12%: Income between $19,750 to $80,250
22%: Income between $80,250 to $171,050
24%: Income between $171,050 to $326,600
32%: Income between $326,600 to $414,700
35%: Income between $414,700 to $622,050
37%: Income over $622,050
For unmarried individuals:
10%: Up to $9,875
12%: Income between $9,875 to $40,125
22%: Income between $40,125 to $85,525
24%: Income between $85,525 to $163,300
32% Income between $163,300 to $207,350
35%: Income between $207,350 to $518,400
37%: Income over $518,400
For heads of households:
10%: Up to $14,100
12%: Income between $14,100 to $53,700
22%: Income between $53,700 to $85,500
24%: Income between $85,500 to $163,300
32%: Income between $163,300 to $207,350
35%: Income between $207,350 to $518,400
37%: Income over $518,400
For married individuals filing separately:
10%: Up to $9,875
12%: Income between $9,875 to $40,125
22%: Income between $40,125 to $85,525
24%: Income between $85,525 to $163,300
32%: Income between $163,300 to $207,350
35% Income between $207,350 to $311,025
37%: Income over $311,025

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