TAX TABLES

 

Current Year Tax Brackets and additional taxes for 2020

   
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Tax Tables for Individuals - 2020

Single Taxable Income Brackets and Rates

Rate

Taxable Income Bracket

Tax Owed

10%

$0 to $9,875

10% of Taxable Income

12%

$9,876 to $40,125

$987 plus 12% of the excess over $9,875

22%

$40,126 to $85,525

$4,617.50 plus 22% of the excess over $40,125

24%

$85,526 to $163,300

$14,605.50 plus 24% of the excess over $85,525

32%

$163,301 to $207.350

$33,271.50 plus 32% of the excess over $163,300

35%

$207.351 to $518,400

$47,367.50 plus 35% of the excess over $207,350

37%

$518,401+

$156,235 plus 37% of the excess over $518,400

 

Married Filing Joint Taxable Income Brackets and Rates

Rate

Taxable Income Bracket

Tax Owed

10%

$0 to $19,750

10% of taxable income

12%

$19,751 to $80,250

$1,975 plus 12% of the excess over $19,750

22%

$80,251 to $171,050

$9,235 plus 22% of the excess over $80,250

24%

$171,051 to $326,600

$29,211 plus 24% of the excess over $171,050

32%

$326,601 to 414,700

$66,543 plus 32% of the excess over $326,600

35%

$414,701 to $622,050

$94,735 plus 35% of the excess over $414,700

37%

$622,051+

$167,307.50 plus 39.6% of the excess over $622,050

 

Head of Household Taxable Income Brackets and Rates

Rate

Taxable Income Bracket

Tax Owed

10%

$0 to $14,100

10% of taxable income

12%

$14,101 to $53,700

$1,410 plus 12% of the excess over $14,100

22%

$53,701 to $85,500

$6162 plus 22% of the excess over $53,700

24%

$85,501 to $163,300

$13,158 plus 24% of the excess over $85,500

32%

$163,301 to $207,350

$31,830 plus 32% of the excess over $163,300

35%

$207,351 to $518,400

$45,926 plus 35% of the excess over $207,350

37%

$518,401+

$154,793.50 plus 37% of the excess over $518,400

Source: IRS.

 

- Social Security Tax at a rate of 12.4% on wages and self-employment income up to the annual Social Security wage base of $137,700.

Standard Deduction is $24,800 effective tax year 2020 for married filing jointly. $24,400 for tax year 2019. $12,400 for Single and MFS in 2020. $12,200 in 2019.

- Capital Gains tax rates vary depending on whether the gains are short-term or long-term.

Short-term gains taxed at ordinary income tax rates.

Long-term gains and qualified dividends for MFJ taxed at
* 0% for taxable income up to $80,000
* 15% for taxable income up to$496,600
* 20% for taxable income above $496,600