​Income Brackets and Rates for 2021 Tax Season:

Here’s a refresher on how income brackets and tax rates work: Your tax rate (the percentages of your income that you pay in taxes) is based on what tax bracket (income range) you’re in.

For example, if you’re single and your income is $75,000, then you’re in the 22% tax bracket. But that doesn’t mean your tax rate is a flat 22%. Instead, part of your income is taxed at 10%, another part at 12%, and the last part at 22%. (You can check out the chart below to see all the tax brackets with their corresponding tax rate.)

For the 2020 tax year, the tax rates are the same—but there are some slight changes to the brackets. Basically, the brackets have been adjusted by a few hundred dollars from 2019 to account for inflation.

2020 Marginal Income Tax Rates and Brackets

2020 Marginal Tax Rates

       Single                      Married Filing Jointly       Head of Household              Married filing Separately


10%   $0–9,875                  $0–19,750                    $0–14,100                     $0–9,875

12%  $9,875–40,125          $19,750–80,250           $14,100–53,700            $9,875–40,125

22%  $40,125–85,525        $80,250–171,050         $53,700–85,500            $40,125–85,525

24%  $85,525–163,300       $171,050–326,600       $85,500–163,300         $85,525–163,300

32%  $163,300–207,350     $326,600–414,700       $163,300–207,350        $163,300–207,350

35%  $207,350–518,400     $414,700–622,050       $207,350–518,400        $207,350–311,025


37%  Over $518,400Over $622,050Over $518,400Over $311,025