Baacke Insurance Services - Brian Baacke - Sarasota, Florida

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  • Home
  • About
    • Our Team
  • Services
    • Services
    • Retirement Income Strategies
    • Tax-Efficient Solutions
    • Investment Planning
    • Long-Term Care
    • Estate Preservation
  • Tax Center
    • Tax Tips
    • Tax Rates
    • Tax Calendar
  • Resources
  • Contact

Tax Rates

2020 Income Tax Brackets

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 April 2021.

2020 federal income tax brackets
(for taxes due in April 2021, or in October 2021 with an extension)

Single Filers
Tax Rate
Taxable income bracket
Tax owed
10%
$0 to $9,875
10% of taxable income
12%
$9,876 to $40,125​
$987.50 plus 12% of the amount over $9,875
22%
​$40,126 to $85,525
$4,617.50 plus 22% of the amount over $40,125
24%
$85,526 to $163,300
$14,605.50 plus 24% of the amount over $85,525
32%
$163,301 to $207,350
$33,271.50 plus 32% of the amount over $163,300
35%
$207,351 to $518,400
$47,367.50 plus 35% of the amount over $207,350
37%
$518,401 or more
$156,235 plus 37% of the amount over $518,400
Married, filing jointly
Tax Rate
Taxable income bracket
Tax owed
10%
$0 to $19,750
10% of taxable income
12%
$19,751 to $80,250
$1,975 plus 12% of the amount over $19,750
22%
$80,251 to $171,050
$9,235 plus 22% of the amount over $80,250
24%
$171,051 to $326,600
$29,211 plus 24% of the amount over $171,050
32%
$326,601 to $414,700
$66,543 plus 32% of the amount over $326,600
 
35%
$414,701 to $622,050
$94,735 plus 35% of the amount over $414,700
37%
$622,051 or more
$167,307.50 plus 37% of the amount over $622,050
Married, filing seperately
Tax Rate
Taxable income bracket
Tax owed
10%
$0 to $9,875
10% of taxable income
12%
$9,876 to $40,125
$987.50 plus 12% of the amount over $9,875
22%
$40,126 to $85,525
$4,617.50 plus 22% of the amount over $40,125
24%
$85,526 to $163,300
$14,605.50 plus 24% of the amount over $85,525
32%
$163,301 to $207,350
$33,271.50 plus 32% of the amount over $163,300​ 
35%
$207,351 to $311,025
$47,367.50 plus 35% of the amount over $207,350
37%
$311,026 or more
$83,653.75 plus 37% of the amount over $311,025
Head of Household
Tax Rate
Taxable income bracket
Tax owed
10%
$0 to $14,100
10% of taxable income
12%
$14,101 to $53,700
$1,410 plus 12% of the amount over $14,100
22%
$53,701 to $85,500
$6,162 plus 22% of the amount over $53,700
24%
$85,501 to $163,300
$13,158 plus 24% of the amount over $85,500
32%
$163,301 to $207,350
$31,830 plus 32% of the amount over $163,300​
35%
$207,351 to $518,400
$45,926 plus 35% of the amount over $207,350
37%
$518,401 or more
$154,793.50 plus 37% of the amount over $518,400
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Brian Baacke

7261 Delainey Court
Sarasota, FL 34240
P: 941.907.4300
​F: 941.907.4301
[email protected]

This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation.
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Brian Baacke & Karin Botelho offer Securities and Advisory Services through Client One Securities, LLC Member FINRA/SIPC and an investment advisor.  Baacke Insurance & Financial Services and Client One Securities, LLC are not affiliated.