What Are The Tax Brackets For 2020. There are seven federal tax brackets for the 2020 tax year: Your bracket depends on your taxable income and filing status.

With each new year you can earn a bit more before being taxed at a.

These are the rates for taxes due in may 2021. For single filers for 2020, the exemption starts at $72,900 and phases out at $518,400. Your bracket depends on your taxable income and filing status. The tax bracket you fall into depends on both your filing status and your taxable income. View federal tax rate schedules and get resources to learn more about how tax brackets. It's a secure pdf editor and file storage site just like dropbox. The 2020 tax rates themselves are the same as the rates in effect for the 2019 tax year: It can be good to note now what tax bracket you're likely to fall in, especially if you're a freelancer or earn money through a gig. 10%, 12%, 22%, 24%, 32%, 35% and 37%. To be clear, the following are the tax brackets and marginal. The 2020 tax brackets affect the taxes that will be filed in 2021.