2020 Tax Rates Tables
The Internal Revenue Service (IRS) has announced the annual inflation adjustments for the year 2020, including tax rate schedules, tax tables and cost-of-living adjustments.
There are seven (7) tax rates in 2020. They are: 10%, 12%, 22%, 24%, 32%, 35% and 37% (there is also a zero rate). Here’s how those break out by filing status:
Individual Tax payers
If Taxable Income Is Between: | The Tax Due Is: |
$0 – $9,875 | 10% of taxable income |
$9,876- $40,125 | $987.50 + 12% of the amount over $9,875 |
$40,126 – $85,525 | $4,617.50 + 22% of the amount over $40,125 |
$85,526 – $163,300 | $14,605.50 + 24% of the amount over $85,525 |
$163,301 – $207,350 | $33,271.50 + 32% of the amount over $163,300 |
$207,351 – $518,400 | $47,367.50 + 35% of the amount over $207,350 |
$518,400 | $156,235 + 37% of the amount over $518,400 |
Married Individuals filling Joint returns and surviving spouses
If Taxable Income Is Between: | The Tax Due Is: |
$0 – $19,750 | 10% of taxable income |
$19,751 – $80,250 | $1,975 + 12% of the amount over $19,750 |
$80,251 – $171,050 | $9,235 + 22% of the amount over $80,250 |
$171,051 – $326,600 | $29,211 + 24% of the amount over $171,050 |
$326,601 – $414,700 | $66,543 + 32% of the amount over $326,600 |
$414,701 – $622,050 | $94,735 + 35% of the amount over $414,700 |
$622,051 | $167,307.50 + 37% of the amount over $622,050 |
Heads Of Household
Taxable income Is Between: | The Tax Due Is: |
$0 -$14,100 | 10% of taxable income |
$518,401 | $1,410 + 12% ofthe amount over $14,100 |
$14,101 – $53,700 | $6,162 + of the amount over $53,700 |
$53,701 – $85 500 | $13,158 + 24% of the amount over $85,500 |
$85,501 – $163,300 | $31 ,830 + 32% of the amount over $163,300 |
$163,301 – $207,350 | $45,926 + 35% of the amount over $207 ,350 |
$207,351 – $518,400 | $154,793.50 + 37% of the amount over $518,400 |
Married Filing Separately
If Taxable Income Is Between: | The Tax Due Is: |
$0 – $9,875 | 10% of taxable income |
$9,876 – $40,125 | $987.50 + 12% of the amount over $9,875 |
$40,126 – $85,525 | $4,617.50 + 22% of the amount over $40, 125 |
$85,526 – $163,300 | $14,605.50 + 24% of the amount over $85,525 |
$163,301 – $207,350 | $33,271.50 + 32% of the amount over $163,300 |
$207,351 -$311,025 | $47,367.50 + 35% of the amount over $207,350 |
$311 ,026 | $83,653.75 + 37% of the amount over $311,025 |
Trusts & Estates
If Taxable Income Is Between: | The Tax Due Is: |
$0 – $2,600 | 10% Of taxable income |
$2,601 – $9,450 | $260 + 24% of the amount over $2,600 |
$9,451 – $12,950 | $1,904 + 35% of the amount over $9,450 |
$12,951 | $3,129 + 37% of the amount over $12,950 |