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- The tax brackets for 2020 federal income tax are12:
- 10% for taxable income up to $9,875 ($19,750 for married couples filing jointly)
- 12% for taxable income over $9,875 ($19,750 for married couples filing jointly) and up to $40,125 ($80,250 for married couples filing jointly)
- 22% for taxable income over $40,125 ($80,250 for married couples filing jointly) and up to $85,525 ($171,050 for married couples filing jointly)
- 24% for taxable income over $85,525 ($171,050 for married couples filing jointly) and up to $163,300 ($326,600 for married couples filing jointly)
- 32% for taxable income over $163,300 ($326,600 for married couples filing jointly) and up to $207,350 ($414,700 for married couples filing jointly)
- 35% for taxable income over $207,350 ($414,700 for married couples filing jointly) and up to $518,400 ($622,050 for married couples filing jointly)
- 37% for taxable income over $518,400 ($622,050 for married couples filing jointly)
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.There are seven federal tax brackets for the 2020 tax year: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your bracket depends on your taxable income and filing status. These are the rates for taxes due in May 2021. Tax brackets and rates for the 2021 tax year, as well as for 2019 and previous years, are elsewhere on this page.
www.nerdwallet.com/article/taxes/federal-income-t…The federal tax brackets are broken down into seven (7) taxable income groups, based on your filing status. The tax rates for 2020 are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. It’s important to remember that moving up into a higher tax bracket does not mean that all of your income will be taxed at the higher rate.
www.irs.com/en/2020-federal-tax-rates-brackets-st… - People also ask
In 2020, the income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows (Table 1). The top marginal income tax rate of 37 percent will hit taxpayers with taxable income of $518,400 and higher for single filers and $622,050 and higher for married couples filing jointly. See more
The 2020 federal income tax brackets on ordinary income: 10% tax rate up to $9,875 for singles, up to $19,750 for joint filers, 12% tax rate … See more
The standard deduction for single filers will increase by $200, and by $400 for married couples filing jointly (Table 2). The personal exemption for 2020 remains eliminated. See more
The maximum Earned Income Tax Credit in 2020 for single and joint filers is $538, if there are no children (Table 5). The maximum credit is $3,584 for one child, $5,920 for two children, and $6,660 for three or more children. All these are relatively small … See more
The Alternative Minimum Tax (AMT) was created in the 1960s to prevent high-income taxpayers from avoiding the individual income … See more
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