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Tax Brackets (2020 and 2021)

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Moneyzine Editor
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December 5th, 2023
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Tax Brackets (2020 and 2021)

This article contains the latest information on federal income tax brackets for the years 2020 and 2021. Also known as tax tables or rate schedules, this information can be used to figure out the incremental federal taxes owed on each additional dollar of income.

For example, individuals in the 24% tax bracket owe $0.24 in federal income taxes for each dollar of incremental income. Later in this article, we'll provide an example demonstrating how these tables are used.

Income Tax Rates in 2020 and 2021

For the years 2003 through 2012, there were a total of six federal income tax brackets. The American Taxpayer Relief Act of 2012 added a seventh bracket (39.6%) in 2013. The remaining six rates were unchanged at 10%, 15%, 25%, 28%, 33% and 35%. Starting in 2018, there remains seven tax brackets, with the new values of 10%, 12%, 22%, 24%, 32%, 35% and 37%. As the tables below demonstrate, income taxes in the United States are progressive; as income increases, the rate of tax increases too.

We offer an income tax calculator that can be used to estimate taxes owed for the years 2017 through 2021. To calculate the actual tax due, it's necessary to use the appropriate 1040 tax form.

2021 Income Tax Rates

The tables that follow provide the 2021 income tax brackets.

Unmarried Individuals - Rate Schedule X (2021)

Taxable income is over -

But not over -

The tax is:

Of the amount over -

$0

$9,950

$0 + 10%

$0

9,950

40,525

995.00 + 12%

9,950

40,525

86,375

4,664.00 + 22%

40,525

86,375

164,925

14,751.00 + 24%

86,375

164,925

209,425

33,603.00 + 32%

164,925

209,425

523,600

47,843.00 + 35%

209,425

523,600

-

157,804.00 + 37%

523,600

Married Filing Jointly or Surviving Spouses - Rate Schedule Y-1 (2021)

Taxable income is over -

But not over -

The tax is:

Of the amount over -

$0

$19,900

$0 + 10%

$0

19,900

81,050

1,990.00 + 12%

19,900

81,050

172,750

9,328.00 + 22%

81,050

172,750

329,850

29,502.00 + 24%

172,750

329,850

418,850

67,206.00 + 32%

329,850

418,850

628,300

95,686.00 + 35%

418,850

628,300

-

168,993.50+ 37%

628,300

Married Filing Separately - Rate Schedule Y-2 (2021)

Taxable income is over -

But not over -

The tax is:

Of the amount over -

$0

$9,950

$0 + 10%

$0

9,950

40,525

995.00 + 12%

9,950

40,525

86,375

4,664.00 + 22%

40,525

86,375

164,925

14,751.00 + 24%

86,375

164,925

209,425

33,603.00 + 32%

164,925

209,425

314,150

47,843.00 + 35%

209,425

314,150

-

84,496.75 + 37%

314,150

Head of Household - Rate Schedule Z (2021)

Taxable income is over -

But not over -

The tax is:

Of the amount over -

$0

$14,200

$0 + 10%

$0

14,200

54,200

1,420.00 + 12%

14,200

54,200

86,350

6,220.00 + 22%

54,200

86,350

164,900

13,293.00 + 24%

86,350

164,900

209,400

32,145.00 + 32%

164,900

209,400

523,600

46,385.00 + 35%

209,400

523,600

-

156,355.00 + 37%

523,600

2020 Income Tax Rates

The tables that follow provide the 2020 income tax brackets.

Unmarried Individuals - Rate Schedule X (2020)

Taxable income is over -

But not over -

The tax is:

Of the amount over -

$0

$9,875

$0 + 10%

$0

9,875

40,125

987.50 + 12%

9,875

40,125

85,525

4,617.50 + 22%

40,125

85,525

163,300

14,605.50 + 24%

85,525

163,300

207,350

33,271.50 + 32%

163,300

207,350

518,400

47,367.50 + 35%

207,350

518,400

-

156,235.00 + 37%

518,400

Married Filing Jointly or Surviving Spouses - Rate Schedule Y-1 (2020)

Taxable income is over -

But not over -

The tax is:

Of the amount over -

$0

$19,750

$0 + 10%

$0

19,750

80,205

1,975.00 + 12%

19,750

80,205

171,050

9,235.00 + 22%

80,250

171,050

326,600

29,211.00 + 24%

171,050

326,600

414,700

66,543.00 + 32%

326,600

414,700

622,050

94,735.00 + 35%

414,700

622,050

-

167,307.50 + 37%

622,050

Married Filing Separately - Rate Schedule Y-2 (2020)

Taxable income is over -

But not over -

The tax is:

Of the amount over -

$0

$9,875

$0 + 10%

$0

9,875

40,125

987.50 + 12%

9,875

40,125

85,525

4,605.50 + 22%

40,125

85,525

163,300

14,605.50 + 24%

85,525

163,300

207,350

33,271.50 + 32%

163,300

207,350

311,025

47,367.50 + 35%

207,350

311,025

-

83,653.75 + 37%

311,025

Head of Household - Rate Schedule Z (2020)

Taxable income is over -

But not over -

The tax is:

Of the amount over -

$0

$14,100

$0 + 10%

$0

14,100

53,700

1,410.00 + 12%

14,100

53,700

85,500

6,162.00 + 22%

53,700

85,500

163,300

13,158.00 + 24%

85,500

163,300

207,300

31,830.00 + 32%

163,300

207,350

518,400

45,926.00 + 35%

207,350

518,400

-

154,793.50 + 37%

518,400

Example Calculation of Taxes Owed

Finally, we are going to provide an example demonstrating how to use these tax rate schedules to calculate federal income taxes owed. In this example, let's assume the individual's tax filing status is Unmarried, and taxable income is $100,000 in 2021.

Looking at the above tables we see that $100,000 for Unmarried Individuals means it's necessary to use Rate Schedule X. This individual falls into the 24% tax bracket because $100,000 is between $86,375 and $164,925. Using the 24% row in the above table, it's possible to calculate the federal income taxes owed as follows:

  • $14,751.00 + 24% x ($100,000 - $86,375)

  • $14,751.00 + 0.24 x $13,625

  • $14,751.00 + $3,270.00 = $18,021.00

In this example, a Single filer with $100,000 of taxable income in 2021 would owe $18,021.00 in federal income taxes.

Additional Resources

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  • This article provides a brief overview of the most common federal income tax forms individuals will use when completing a tax return. This includes the three versions of Form 1040, as well as Schedules A and B.
    Moneyzine Editor
    Moneyzine Editor
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  • The Internal Revenue Service (IRS) is a wealth of information when it comes to federal income tax forms. To help round out this section of this website, we've taken some of the most common income tax forms and grouped them together by topic in this article.
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  • Federal Income Tax Returns
    In casual conversation, the term tax return is used rather loosely for two related, but entirely different topics. Sometimes the term is used when talking about filling out an income tax form. The same term is also used when talking about a refund.
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    November 21st, 2023

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