Tax Brackets

Federal Tax Brackets 2020

Tax brackets determine what portion of your taxable income will go towards the IRS. Every year, the Internal Revenue Service adjusts the tax brackets against inflation and changes to the cost of living.

In almost every year, we see a slight increase in the amounts that set the marginal tax rates. It is important for every taxpayer to see the updated tax brackets as it can change how much you pay in taxes drastically.

Same as most other tax provisions, the tax bracket that applies to you will depend on your filing status. Below, you can see the tax brackets for 2019 tax returns which you will file this year.

Single and Married Filing Separately

Tax RateTaxable Income
10%$0 to $9,700
12%$9,701 to $39,475
22%$39,476 to $84,200
24%$84,201 to $160,725
32%$160,726 to $204,100
35%$204,101 to $510,300
37%$510,300 and higher

Married Filing Jointly and Qualifying Widow(er)

Tax RateTaxable Income
10%$0 to $19,400
12%$19,401 to $78,950
22%$78,951 to $168,400
24%$168,401 to $321,450
32%$321,451 to $408,200
35%$408,201 to $612,350
37%$612,350 and higher

Head of Household

Tax RateIncome Between
10%$0 to $13,850
12%$13,851 to$52,850
22%$52,851 to $84,200
24%$84,201 to $160,700
32%$160,701 to $204,100
35%$204,101 to $510,300
37%$510,300 and higher

The increase from the last year is about 1.6% to 1.8% for each tax bracket. Considering this is also same the standard deduction amount increase, not much has changed for those who are in the lower tax brackets. Taxpayers who are in higher tax brackets, on the other hand, if your deductions is the same, you may have to pay more tax this year.

Therefore, you might want to take a look at your deductions and credits this year. Learn the latest changes to the tax law this year by reading this post. There might be a couple of tax changes that affect your tax return, as a result of that, your tax bill directly.

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