Single Individuals If Your Taxable Income Is Up to $9,875 $9,875-$40,125 $40,125-$85,525 $85,525-$163,300 $163,300-$207,350 You Pay This Amount on the Plus This Percentage on the Excess over 2020 Individual Tax Rates Average Tax Rate at Top Base of the Bracket the Base (Marginal Rate) of Bracket S 0.00 10.0% 10.0% 11.5 987.50 12.0 4,617.50 22.0 17.1 14,605.50 24.0 204 33,271.50 32.0 22.8 $207,350-$518,400 Over $518,400 47,367.50 35.0 30.1 156,235.00 37.0 37.0 Married Couples Filing Joint Returns If Your Taxable Income Is Up to $19,750 You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% Average Tax Rate at Top of Bracket 10.0% 11.5 $ 0.00 $19,750-$80,250 1,975.00 12.0 $80,250-$171,050 9,235.00 22.0 17.1 $171,050-$326,600 29,211.00 24.0 20.4 $326,600-$414,700 66,543.00 32.0 22.8 $414,700-$622,050 94,735.00 35.0 26.9 Over $622,050 167,307.50 37.0 37.0 Notes: 1. These are the 2020 tax rates that will be paid on tax returns due April 15, 2021. The income ranges at which each tax rate takes effect are indexed with inflation, so they change each year. 2. The average tax rates are always below the marginal rates, but in 2020 the average at the top of the brackets approaches 37% as taxable income rises without limit. 3. In 2018, the personal exemption for the taxpayer and dependents was eliminated. With the deduction limitation on state and local property, income, and sales taxes and the existence of payroll taxes (Social Security and Medicare taxes), the 2020 effective tax rate will be higher than 37%