Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2020 federal income tax brackets (for taxes due in April 2021, or in October 2021 with an extension) Expand the filing status that applies
2020 federal income tax brackets (for taxes due in April 2021, or in October 2021 with an extension) Expand the filing status that applies to you. Single filers Tax rate Taxable income bracket Tax owed 10% 12% 22% 24% 32% 35% $0 to $9,875 $9,876 to $40,125 $40,126 to $85,525 $85,526 to $163,300 $163,301 to $207,350 $207,351 to $518,400 10% of taxable income $987.50 plus 12% of the amount over $9,875 $4,617.50 plus 22% of the amount over $40,125 $14,605.50 plus 24% of the amount over $85,525 $33,271.50 plus 32% of the amount over $163,300 $47,367.50 plus 35% of the amount over
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started