in

2020 IRS Tax Brackets! Tax Law Changes

New tax laws for 2020 As a result of inflation, the IRS adjusts tax brackets to account for that as a way of eliminating what is known as bracket creep. This year (2020) round, it all looks like Indexing has increased the income brackets by roughly 2% across the board as per IRS.

If you are wondering what the IRS tax brackets are for 2020, they are shown below in the table. Take your time and go through it so you can get to know what you have been searching for.

New rates for Federal Income Tax brackets 2020

Tax Bracket / Filing Status Single Married Filing Jointly or Qualifying Widow Married Filing Separately Head of Household
10% $0 to $9,700 $0 to $19,400 $0 to $9,700 $0 to $13,850
12% $9,701 to $39,475 $19,401 to $78,950 $9,701 to $39,475 $13,851 to $52,850
22% $39,476 to $84,200 $78,951 to $168,400 $39,476 to $84,200 $52,851 to $84,200
24% $84,201 to $160,725 $168,401 to $321,450 $84,201 to $160,725 $84,201 to $160,700
32% $160,726 to $204,100 $321,451 to $408,200 $160,726 to $204,100 $160,701 to $204,100
35% $204,101 to $510,300 $408,201 to $612,350 $204,101 to $306,175 $204,101 to $510,300
37% $510,301 or more $612,351 or more $306,176 or more $510,301 or more
ALSO READ  Surprising But Unusual Facts About Tax Preparation

Each income tax bracket corresponds to a particular tax rate. For example, if your income is $84,200, your tax rate isn’t a flat 22%. See chart above to see all the tax brackets with their corresponding tax rate.

What’s been eliminated?

  • Finding a new job or call it job search fees.
  • Tax prepositional fees.
  • Contributions in form of Charity.

Will post an update on the same post on how to exactly tax brackets work and how you can get into a lower tax bracket and pay a lower federal income tax rate below and more on 2020 tax brackets.

Written by KWS Adams

My name is KWS Adams . (Call me Kateregga). I am an IT addict who loves playing around with computers and internet. Computers help me try out different things while turning them into reality, while the internet powers me stay live online. Besides computers, I am a project planning and management professional with an Award obtained from MUK, one of the oldest and best Universities in Africa. Find me on Twitter, Facebook and Whatsapp. Find more on how to contact me using the contact me page.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Kebab, Lucknow

12 Street Foods You Ought to Taste When in Lucknow

revnew driving permit

How to obtain class B (Learners) driving permit in Uganda