Importantly, your highest tax bracket doesn't reflect how much you pay in federal income taxes. The IRS released the federal tax rates and income brackets for 2020 on Wednesday. The seven tax rates remain unchanged, while the income limits have been adjusted for inflation. Earned Income Tax Credit. If you're a single filer in the 22 percent tax bracket for 2019, you don't pay 22 percent on all your taxable income. The maximum Earned Income Tax Credit in 2020 for single and joint filers is $538, if there are no children (Table 5). Income tax tables and other tax information is sourced from the Federal Internal Revenue Service. View 2019 and 2020 IRS income tax brackets for single, married and head of household filings. You pay 10 percent on taxable income up to $9,700, 12 percent on the amount from $9,701 to $39,475 and 22 percent above that (up to $84,200). This page has the latest Federal brackets and tax rates, plus a Federal income tax calculator. All these are relatively small increases from 2019. Federal 2020 income tax ranges from 10% to 37%. The maximum credit is $3,584 for one child, $5,920 for two children, and $6,660 for three or more children.
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