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The standard deduction for 2021 was also increased.
Us income tax brackets 2021. Though actual tax brackets remained the same 10 12 22 24 32 and 35 income limits for each bracket were increased to account for inflation. 10 12 22 24 32. This month the irs released updates to the tax code for tax year 2021. Next year s standard deduction for single taxpayers is 12 550 an increase of 150.
Taxpayers fall into one of seven brackets. The irs on monday released the updated tax brackets for the 2021 filing season which have been modified to reflect inflation. The top marginal income tax rate of 37 percent will hit taxpayers with taxable income of 523 600 and higher for single filers and 628 300 and higher for married couples filing jointly. In 2021 the income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows tables 1.
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