Current Us Income Tax Brackets

The top marginal income tax rate of 37 percent will hit taxpayers with taxable income of 510 300 and higher for single filers and 612 350 and higher for married couples filing jointly.

Current us income tax brackets. The federal income tax consists of seven marginal tax brackets ranging from a low of 10 to a high of 39 6. If you re one of the lucky few to earn enough to fall into the 37 bracket that doesn t mean that the entirety of your taxable income will be subject to a 37 tax. In 2019 the income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows tables 1. Your bracket depends on your taxable income and filing status.

The federal tax brackets are broken down into seven 7 taxable income groups based on your filing status. Federal income tax brackets were last changed one year ago for tax year 2019 and the tax rates were previously changed in 2018. 10 12 22 24 32 35 and 37. 35 for incomes over 408 200.

Tax brackets for income earned in 2020. The tax rates for 2020 are. 10 tax rate up to 9 875 for singles up to 19 750 for joint filers 12 tax rate up to 40 125. 32 for incomes over 321 450.

There are seven federal tax brackets for the 2020 tax year. These are the rates for taxes due in. 24 for incomes over 168 400. It s important to remember that moving up into a higher tax bracket does not mean that all of your income will be taxed at the higher rate.

Instead 37 is your top marginal tax rate. Currently has seven federal income tax brackets with rates of 10 12 22 24 32 35 and 37. 37 for incomes over 518 400 622 050 for married couples filing jointly 35 for incomes over 207 350 414 700 for married couples filing jointly 32 for incomes over 163 300 326 600 for married couples filing jointly 24 for incomes over 85 525 171 050 for married couples filing jointly. The other tax brackets for married taxpayers filing jointly are.