Tax Brackets for Year 2020-21 for Individuals
The federal income tax rate is not going to change much in the financial year 2020. It is somewhat similar to what it was in the financial year 2019. To give you a clearer idea, we have mentioned the income tax slabs and their respective tax rates for 20-21.
- If Single:
| Tax Rate | Taxable Income |
| 10% | $0 to $9,875 |
| 12% | $9,876 to $40,125 |
| 22% | $40,126 to $85,525 |
| 24% | $85,526 to $163,300 |
| 32% | $163,301 to $207,350 |
| 35% | $207,351 to $518,400 |
| 37% | $518,401 or more |
- If Married and Filing Jointly:
| Tax Rate | Taxable Income |
| 10% | $0 to $19,750 |
| 12% | $19,751 to $80,250 |
| 22% | $80,251 to $171,050 |
| 24% | $171,051 to $326,600 |
| 32% | $326,601 to $414,700 |
| 35% | $414,701 to $622,050 |
| 37% | $622,051 or more |
- If Married and Filing Jointly:
| Tax Rate | Taxable Income |
| 10% | $0 to $9,875 |
| 12% | $9,876 to $40,125 |
| 22% | $40,126 to $85,525 |
| 24% | $85,526 to $163,300 |
| 32% | $163,301 to $207,350 |
| 35% | $207,351 to $311,025 |
| 37% | $311,026 or more |
- If You are Head of Household:
| Tax Rate | Taxable Income |
| 10% | $0 to $14,100 |
| 12% | $14,101 to $53,700 |
| 22% | $53,701 to $85,500 |
| 24% | $85,501 to $163,300 |
| 32% | $163,301 to $207,350 |
| 35% | $207,351 to $518,400 |
| 37% | $518,401 or more |
With the help of these detailed tables income tax slabs you can have an exact idea of which bracket you are falling in. Whichever tax bracket you fall in out of these seven, the respective tax rate will be applied to calculate your total annual income tax liability.