2020-2021 Tax Brackets and Federal Income Tax Rates

There are seven federal income tax brackets. Here's what they are, how they work and how they affect you.
Tina OremMay 13, 2021

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There are seven federal tax brackets for the 2020 tax year: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your bracket depends on your taxable income and filing status. These are the rates for taxes due in May 2021.

Tax brackets and rates for the 2021 tax year, as well as for 2019 and previous years, are elsewhere on this page.

(for taxes due in May 2021, or in October 2021 with an )

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(for taxes due in April 2022)

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The United States has a progressive tax system, meaning people with higher taxable incomes pay higher federal income tax rates.

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Your marginal tax rate is the tax rate you would pay on one more dollar of taxable income. This typically equates to your tax bracket.

For example, if you're a single filer with $30,000 of taxable income, you would be in the 12% tax bracket. If your taxable income went up by $1, you would pay 12% on that extra dollar too.

If you had $41,000 of taxable income, however, much of it would still fall within the 12% bracket, but the last few hundred dollars would land in the 22% tax bracket. Your marginal tax rate would be 22%.

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Two common ways of reducing your tax bill are credits and deductions.

In other words: — they can reduce your taxable income and could kick you to a lower bracket, which means you pay a lower tax rate.

Curious how federal income tax brackets and rates have changed over the years? Take a look back.

Here's a quick look at some of our top-rated tax-software providers.

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