Calculate tax liability. What would be the tax liability for a single taxpayer who has a gross income of $52,000 as a newly hired paraplanner following graduation? 2020 Tax Rate Schedules-2.pdf Standard deduction for 2020: Single or Married filing separately, $12,400 Married filing jointly or Qualifying widow(er), $24,800 Head of household, $18,650 Itemized Deductions or Standard Deduction: In most cases, your federal income tax will be less if you take the larger or your itemized deductions or standard deduction. |Adjusted gross income Standard deduction (2020) (-) Taxable income (=) Tax liability calculation (2020 Tax Rate Schedules) 2020 Tax Rate Schedules The Tax Rate Schedules are shown so you can see the tax rate that applies to all levels of taxable income. Don't use them to figure your tax. Instead, see the instructions for line 16. CAUTION The tax is: of the amount over- so Schedule X-If your filing status is Single If your taxable income is: But not Over- over- $0 $9,875 9,875 40,125 40,125 85,525 85,525 163,300 163,300 207,350 207,350 518,400 518,400 9,875 40,125 10% $987.50 + 12% 4,617.50 + 22% 14,605.50 + 24% 33,271.50 + 32% 47,367.50 + 35% 156,235.00 + 37% 85,525 163,300 207,350 518,400 Over- Schedule Y-1-If your filing status is Married filing jointly or Qualifying widow(er) If your taxable The tax is: income is: of the But not amount Over- over- $0 $19,750 - 10% SO 19,750 80,250 $1,975.00 + 12% 19,750 80,250 171,050 9,235.00 + 22% 80,250 171,050 326,600 29,211.00 + 24% 171,050 326,600 414,700 66,543.00 + 32% 326,600 414,700 622,050 94,735.00 + 35% 414,700 622,050 167,307.50 + 37% 622,050 of the amount over- - 10% Schedule Y-2-If your filing status is Married filing separately If your taxable The tax is: income is: But not Over- over- $0 $9,875 9,875 40,125 $987.50 + 12% 40,125 85,525 4,617.50 + 22% 85,525 163,300 14,605.50 + 24% 163,300 207,350 33,271.50 + 32% 207,350 311,025 47,367.50 + 35% 311,025 83,653.75 + 37% $0 9,875 40,125 85,525 163,300 207,350 311,025 Head of household The tax is: of the amount over- Schedule Z-If your filing status If your taxable income is: But not Over- over- $0 $14,100 14,100 53,700 53,700 85,500 85,500 163,300 163,300 207,350 207,350 518,400 518,400 10% $1,410.00 + 12% 6,162.00 + 22% 13,158.00 + 24% 31,830.00 + 32% 45,926.00 + 35% 154,793.50 + 37% $0 14,100 53,700 85,500 163,300 207,350 518,400