11/10/19

USA tax payers only

The IRS released the federal tax rates and income brackets for 2020 on Wednesday. The seven tax rates remain unchanged, while the income limits have been adjusted for inflation.

For married individuals filing jointly: 

10%: Taxable income up to $19,750 12%: Income between $19,750 to $80,250 22%: Income between $80,250 to $171,050 24%: Income between $171,050 to $326,600 32%: Income between $326,600 to $414,700 35%: Income between $414,700 to $622,050 37%: Income over $622,050 

For unmarried individuals: 

10%: Up to $9,875 12%: Income between $9,875 to $40,125 22%: Income between $40,125 to $85,525 24%: Income between $85,525 to $163,300 32% Income between $163,300 to $207,350 35%: Income between $207,350 to $518,400 37%: Income over $518,400 

For heads of households: 

10%: Up to $14,100 12%: Income between $14,100 to $53,700 22%: Income between $53,700 to $85,500 24%: Income between $85,500 to $163,300 32%: Income between $163,300 to $207,350 35%: Income between $207,350 to $518,400 37%: Income over $518,400 

For married individuals filing separately: 

10%: Up to $9,875 12%: Income between $9,875 to $40,125 22%: Income between $40,125 to $85,525 24%: Income between $85,525 to $163,300 32%: Income between $163,300 to $207,350 35% Income between $207,350 to $311,025 37%: Income over $311,025

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