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The other tax brackets for married taxpayers filing jointly are.
Income tax brackets 2020 married filing jointly. Having these 2020 tax brackets in mind will help you estimate what your. 2020 tax brackets for taxes due april 15 2021 tax rate single head of household married filing jointly or qualifying widow married filing separately. The standard deduction for married filing jointly rises to 24 800 for tax year 2020 up 400 from the prior year. Tax season for the 2019 tax year will start in january but it s not too early to do tax planning for the 2020 tax year now.
The standard deduction for married filing jointly rises to 24 800 for tax year 2020 up 400 from 2019. Married filing jointly is the filing type used by taxpayers who are legally married including common law marriage and file a combined joint income tax return rather than two individual income tax returns. 24 for incomes over 168 400. For single taxpayers and married individuals filing separately the standard deduction rises to 12 400 in for 2020 up 200 and for heads of households the standard deduction will be 18 650 for tax year 2020 up 300.
For 2020 the maximum eitc amount available is 6 660 for married taxpayers filing jointly who have three or more qualifying children it s 538 for married. 32 for incomes over 321 450. Earned income tax credit eitc. 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 filing jointly.
For married couples filing jointly the top rate of tax has remained the same at 37. 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. If you and your spouse earn 80 000 in 2020 and are married filing jointly for example the first 19 750 of that will be taxed at 10 and the income over 19 750 will be taxed at 12.
22 for incomes over 78 950. To qualify for the top rate of tax you must have earned more than 612 350. For single taxpayers and married individuals filing separately the standard deduction. 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 filing jointly.
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