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Lacy is a single taxpayer. In 2020, her taxable income is $42,000. What is her tax liability in each of the following alternative situations? Individuals

Lacy is a single taxpayer. In 2020, her taxable income is $42,000. What is her tax liability in each of the following alternative situations?

Individuals

Schedule X-Single

If taxable income is over: But not over: The tax is:
$ 0 $ 9,875 10% of taxable income
$ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9,875
$ 40,125 $ 85,525 $4,617.50 plus 22% of the excess over $40,125
$ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525
$163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300
$207,350 $518,400 $47,367.50 plus 35% of the excess over $207,350
$518,400 $156,235 plus 37% of the excess over $518,400

Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)

If taxable income is over: But not over: The tax is:
$ 0 $ 19,750 10% of taxable income
$ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750
$ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250
$171,050 $326,600 $29,211 plus 24% of the excess over $171,050
$326,600 $414,700 $66,543 plus 32% of the excess over $326,600
$414,700 $622,050 $94,735 plus 35% of the excess over $414,700
$622,050 $167,307.50 plus 37% of the excess over $622,050

Schedule Z-Head of Household

If taxable income is over: But not over: The tax is:
$ 0 $ 14,100 10% of taxable income
$ 14,100 $ 53,700 $1,410 plus 12% of the excess over $14,100
$ 53,700 $ 85,500 $6,162 plus 22% of the excess over $53,700
$ 85,500 $163,300 $13,158 plus 24% of the excess over $85,500
$163,300 $207,350 $31,830 plus 32% of the excess over $163,300
$207,350 $518,400 $45,926 plus 35% of the excess over $207,350
$518,400 $154,793.50 plus 37% of the excess over $518,400

Schedule Y-2-Married Filing Separately

If taxable income is over: But not over: The tax is:
$ 0 $ 9,875 10% of taxable income
$ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9,875
$ 40,125 $ 85,525 $4,617.50 plus 22% of the excess over $40,125
$ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525
$163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300
$207,350 $311,025 $47,367.50 plus 35% of the excess over $207,350
$311,025 $83,653.75 plus 37% of the excess over $311,025

Tax Rates for Net Capital Gains and Qualified Dividends

Rate* Taxable Income
Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates
0% $0 - $80,000 $0 - $40,000 $0 - $40,000 $0 - $53,600 $0 - $2,650
15% $80,001 - $496,600 $40,001 - $248,300 $40,001 - $441,450 $53,601 - $469,050 $2,651 - $13,150
20% $496,601+ $248,301+ $441,451+ $469,051+ $13,151+

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