2020 Federal Income Tax Brackets. Your tax bracket depends on your taxable income and your filing status: The top marginal there are seven federal individual income tax brackets;

For current tax filings, covering the 2020 tax year, refer to the 2020 tax brackets update/table.

For 2021, the top tax rate of 37% will apply to individual taxpayers with income over $523,600 ($628,300 for the 32% bracket will cover single filers with income exceeding $164,925 ($329,850 for married filing jointly), while the 24% bracket will apply to incomes. Each year, the irs adjusts the tax brackets for inflation. But now, as you can see in the tables below, only the top tax bracket contains as a result, only couples with a combined taxable income over $622,050 are at risk when filing their 2020 federal tax return. The tax brackets released in 2020 will affect the taxes about to get filed in 2021. They're slightly higher for tax year 2020 than tax year 2019. The income tax rates go up in steps called. What has changed for 2021—so, for the taxes you'll file in 2022—are the income ranges. Single, married filing jointly or qualifying widow(er), married filing separately, and head of household. updated with 2021 tax brackets below are the official 2021 irs tax brackets. The newly released federal tax brackets depending on your filing status and taxable income for 2020 get stated below the 2018 federal income tax brackets also houses the same seven different taxation rates. Before the 2017 tax reform law, this happened in the four highest tax brackets.