Income Tax Brackets 2020 Federal

The idea is that the more money you earn the more you re supposed to pay in taxes.
Income tax brackets 2020 federal. The federal tax brackets are broken down into seven 7 taxable income groups based on your filing status. 2020 federal income tax brackets and rates in 2020 the income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows table 1. The seven federal tax brackets are 10 12 22 24 32 35 and 37. The tax rates for 2020 are.
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. These are the rates for taxes due. Your bracket depends on your taxable income and filing status. 10 12 22 24 32 35 and 37.
2020 individual income tax brackets. The top marginal income tax rate of 37 percent will hit taxpayers with taxable income of 518 400 and higher for single filers and 622 050 and higher for married couples. Keep in mind this only applies to your federal return. Your state may have different brackets or no taxes.