These Are the 2020 Tax Categories
The IRS released federal tax rates and income levels for 2020 today. The seven tax rates themselves remain the same as in 2019; however, the income caps for each have been adjusted for inflation during the year.
These rates will affect what you pay for the income you earn in 2020 that you file for your tax return in 2021. It can now be helpful to note which tax category you are likely to fall into, especially if you are a freelancer or make money. through a job where you will be responsible for paying the indicative taxes throughout the year.
And keep in mind that these rates also apply to federal taxes only. Your state may also adjust its tax rate for 2020, so you should pay attention to this.
For married persons submitting jointly:
10%: up to $ 19,750
12%: income between $ 19,750 and $ 80,250
22%: income between $ 80,250 and $ 171,050
24%: income between $ 171,050 and $ 326,600
32%: income between $ 326,600 and $ 414,700
35%: income between $ 414,700 and $ 622,050
37%: income over $ 622,050
For unmarried persons:
10%: up to $ 9875
12%: Yield between $ 9,875 and $ 40,125
22%: income between $ 40,125 and $ 85,525
24%: income between $ 85,525 and $ 163,300
32% Income from $ 163,300 to $ 207,350
35%: income between $ 207,350 and $ 518,400
37%: income over $ 518,400
For heads of households:
10%: up to $ 14,100
12%: income between $ 14,100 and $ 53,700
22%: income between $ 53,700 and $ 85,500
24%: income between $ 85,500 and $ 163,300
32%: income between $ 163,300 and $ 207,350
35%: income between $ 207,350 and $ 518,400
37%: income over $ 518,400
For married individuals filing separately:
10%: up to $ 9875
12%: Yield between $ 9,875 and $ 40,125
22%: income between $ 40,125 and $ 85,525
24%: income between $ 85,525 and $ 163,300
32%: income between $ 163,300 and $ 207,350
35% Income from $ 207,350 to $ 311,025
37%: income over $ 311,025