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IRS Tax Tables

IRS Tax Tables

There are seven tax brackets for most ordinary income: 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 37 percent. The U.S. has a progressive tax system, which means that as you move up the pay scale, you also move up the tax scale.

Your tax bracket depends on your taxable income and your filing status: single, married filing jointly or qualifying widow(er), married filing separately, and head of household. The deadline to file taxes is April 15, unless that date falls on a weekend or holiday or you get an extension. However, as part of the government’s relief efforts for those impacted by coronavirus, the tax-filing deadline has been extended to July 15.

Taxes are estimated to increase in 2021. Below is a comparison of 2020 to proposed 2021 tax rates.

Single Tax Payers
2020 Tax Rates 2021 Est Tax Rates
RateTaxable Income RateTaxable Income
10%$0$9,876 10%$0$9,950
12%$9,876$40,126 12%$9,951$40,525
22%$40,126$85,526 22%$40,526$86,375
24%$85,526Or More 24%$86,376$164,925
32%n/an/a 32%$164,926$209,425
35%n/an/a 35%$209,426$523,600
37%n/an/a 37%$523,601Or More
       
Married Tax Payers
2020 Tax Rates 2021 Est Tax Rates
RateTaxable Income RateTaxable Income
10%$0$19,750 10%$0$19,900
12%$19,751$80,250 12%$19,901$81,050
22%$80,251$171,050 22%$81,051$172,750
24%$171,051Or More 24%$172,751$329,850
32%n/an/a 32%$329,851$418,850
35%n/an/a 35%$418,851$628,300
37%n/an/a 37%$628,301

Or More

How to get into a lower tax bracket

There are basically two ways to get into a lower tax bracket: tax credits and tax deductions.

Tax credits are a dollar-for-dollar reduction in your income tax bill. If you have a $2,000 tax bill but are eligible for $500 in tax credits, your bill drops to $1,500.

Tax credits can save you more in taxes than deductions. There are tax credits for a variety of things. The federal government gives tax credits for the cost of buying solar panels for your house and to offset the cost of adopting a child. There are education tax credits and tax credits for the cost of child care and dependent care, to name a few. Many states also offer tax credits.

While tax credits reduce your actual tax bill, tax deductions reduce the amount of your income that is taxable. If you have enough deductions to exceed the standard deduction for your filing status, you can itemize those expenses to lower your taxable income. For example, if your medical expenses exceeded 7.5 percent of your adjusted gross income in 2019, you can claim those and lower your taxable income.

Projected penalty amounts:

Failure to file personal and business tax returns
Failure to pay tax
Failure to file correct information returns
Failure to furnish correct payee statements
Revocation of passports for seriously delinquent tax debts
Projected retirement planning figures:

Income limits for Roth IRA contribution eligibility

Deduction limits for qualified retirement savings contributions
Hundreds of other amounts necessary to calculate clients’ taxes:

Standard deduction amounts

Thresholds for application of wage-basis limit in calculating qualified business income deduction
AMT thresholds
Annual estate tax exemption amount
Annual gift tax exclusion amount
Education credit amounts
Deduction limits for health and medical savings accounts

What is Your Tax Rate for 2021?

rojected penalty amounts: Failure to file personal and business tax returns Failure to pay tax Failure to file correct information returns Failure to furnish correct payee statements Revocation of passports for seriously delinquent tax debts Projected retirement planning figures: Income limits for Roth IRA contribution eligibility Deduction limits for qualified retirement savings contributions Hundreds of other amounts necessary to calculate clients’ taxes: Tax tables Standard deduction amounts Thresholds for application of wage-basis limit in calculating qualified business income deduction AMT thresholds Annual estate tax exemption amount Annual gift tax exclusion amount Education credit amounts Deduction limits for health and medical savings accounts
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