When planning for tax time, it helps to understand the marginal tax rates that apply at various income levels.
The federal tax rates defined in the Tax Cuts and Jobs Act of 2017 are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The standard deduction and tax brackets are updated each year with inflation.
These rates apply to all ordinary income, which includes wages, self-employment income, interest, non-qualified dividends, and short-term capital gains. (The tax brackets for Qualified Dividends and Long-term capital gains are slightly different. More here.)
Standard Deduction
The standard deduction is an amount subtracted from total income to yield taxable income. Or as I like to think of it, the 0% tax bracket.
| Filing Status | Standard Deduction | ||
|---|---|---|---|
| 2019 | 2020 | 2021 | |
| Single | $12,200 | $12,400 | $12,550 |
| Married filing jointly | $24,400 | $24,800 | $25,100 |
| Head of household | $18,350 | $18,650 | $18,800 |
2021 Tax Brackets
Tax Calculator!
For assistance with tax calculations, be sure to check out our simple yet powerful tax calculator!
| Tax Rate | Taxable Income | |||
|---|---|---|---|---|
| 2021 | Single | Married filing jointly | Married filing separately | Head of household |
| 10% | $0 to $9,950 | $0 to $19,900 | $0 to $9,950 | $0 to $14,200 |
| 12% | $9,950 to $40,525 | $19,900 to $81,050 | $9,950 to $40,525 | $14,200 to $54,200 |
| 22% | $40,525 to $86,375 | $81,050 to $172,750 | $40,525 to $86,375 | $54,200 to $86,350 |
| 24% | $86,375 to $164,925 | $172,750 to $329,8500 | $86,375 to $164,925 | $86,350 to $164,900 |
| 32% | $164,925 to $209,425 | $329,850 to $418,850 | $164,925 to $209,425 | $164,900 to $209,400 |
| 35% | $209,425 to $523,600 | $418,850 to $628,300 | $209,425 to $314,150 | $209,400 to $523,600 |
| 37% | $523,600+ | $628,300+ | $314,150+ | $523,600+ |
2021 Tax Brackets for Incomes Up To $200,000
Previous Years
2020 Tax Brackets
| Tax Rate | Taxable Income | |||
|---|---|---|---|---|
| 2020 | Single | Married filing jointly | Married filing separately | Head of household |
| 10% | $0 to $9,875 | $0 to $19,750 | $0 to $9,875 | $0 to $14,100 |
| 12% | $9,875 to $40,125 | $19,750 to $80,250 | $9,875 to $40,125 | $14,100 to $53,700 |
| 22% | $40,125 to $85,525 | $80,250 to $171,050 | $40,125 to $85,525 | $53,700 to $85,500 |
| 24% | $85,525 to $163,300 | $171,050 to $326,600 | $85,525 to $163,300 | $85,500 to $163,300 |
| 32% | $163,300 to $207,350 | $326,600 to $414,700 | $163,300 to $207,350 | $163,300 to $207,350 |
| 35% | $207,350 to $518,400 | $414,700 to $622,050 | $207,350 to $311,025 | $207,350 to $518,400 |
| 37% | $518,400+ | $622,050+ | $311,025+ | $518,400+ |
2019 Tax Brackets
| Tax Rate | Taxable Income | |||
|---|---|---|---|---|
| 2019 | Single | Married filing jointly | Married filing separately | Head of household |
| 10% | $0 to $9,700 | $0 to $19,400 | $0 to $9,700 | $0 to $13,850 |
| 12% | $9,700 to $39,475 | $19,400 to $78,950 | $9,700 to $39,475 | $13,850 to $52,850 |
| 22% | $39,475 to $84,200 | $78,950 to $168,400 | $39,475 to $84,200 | $52,850 to $84,200 |
| 24% | $84,200 to $160,725 | $168,400 to $321,450 | $84,200 to $160,725 | $84,200 to $160,700 |
| 32% | $160,725 to $204,100 | $321,450 to $408,200 | $160,725 to $204,100 | $160,700 to $204,100 |
| 35% | $204,100 to $510,300 | $408,200 to $612,350 | $204,100 to $306,175 | $204,100 to $510,300 |
| 37% | $510,300+ | $612,350+ | $306,175+ | $510,300+ |
Data sourced from IRS:
2019 tax brackets (pdf)
2020 tax brackets (pdf)
2021 tax brackets (pdf)
