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Tax Slabs 2020 for Individuals

by Apr 3, 2020Tax Calender

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. 

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