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, 2020 Tax Rate Schedules
Single—Schedule X Head of household—Schedule Z
If taxable of the If taxable of the
income is: But not amount income is: But not amount
Over— over— The tax is: over— Over— over— The tax is: over—
$ 0 $ 9,875 ………10% $ 0 $ 0 $ 14,100 ………10% $ 0
9,875 40,125 $ 987.50 1 12% 9,875 14,100 53,700 $ 1,410.00 1 12% 14,100
40,125 85,525 4,617.50 1 22% 40,125 53,700 85,500 6,162.00 1 22% 53,700
85,525 163,300 14,605.50 1 24% 85,525 85,500 163,300 13,158.00 1 24% 85,500
163,300 207,350 33,271.50 1 32% 163,300 163,300 207,350 31,830.00 1 32% 163,300
207,350 518,400 47,367.50 1 35% 207,350 207,350 518,400 45,926.00 1 35% 207,350
518,400 ……… 156,235.00 1 37% 518,400 518,400 ……… 154,793.50 1 37% 518,400
Married filing jointly or Qualifying widow(er)— Married filing separately—Schedule Y–2
Schedule Y–1
If taxable of the If taxable of the
income is: But not amount income is: But not amount
Over— over— The tax is: over— Over— over— The tax is: over—
$ 0 $ 19,750 ………10% $ 0 $ 0 $ 9,875 ………10% $ 0
19,750 80,250 $ 1,975.00 1 12% 19,750 9,875 40,125 $ 987.50 1 12% 9,875
80,250 171,050 9,235.00 1 22% 80,250 40,125 85,525 4,617.50 1 22% 40,125
171,050 326,600 29,211.00 1 24% 171,050 85,525 163,300 14,605.50 1 24% 85,525
326,600 414,700 66,543.00 1 32% 326,600 163,300 207,350 33,271.50 1 32% 163,300
414,700 622,050 94,735 .00 1 35% 414,700 207,350 311,025 47,367.50 1 35% 207,350
622,050 ……… 167,307.50 1 37% 622,050 311,025 ……… 83,653.75 1 37% 311,025
2021 Tax Rate Schedules
Single—Schedule X Head of household—Schedule Z
If taxable of the If taxable of the
income is: But not amount income is: But not amount
Over— over— The tax is: over— Over— over— The tax is: over—
$ 0 $ 9,950 ………10% $ 0 $ 0 $ 14,200 ………10% $ 0
9,950 40,525 $ 995.00 1 12% 9,950 14,200 54,200 $ 1,420.00 1 12% 14,200
40,525 86,375 4,664.00 1 22% 40,525 54,200 86,350 6,220.00 1 22% 54,200
86,375 164,925 14,751.00 1 24% 86,375 86,350 164,900 13,293.00 1 24% 86,350
164,925 209,425 33,603.00 1 32% 164,925 164,900 209,400 32,145.00 1 32% 164,900
209,425 523,600 47,843.00 1 35% 209,425 209,400 523,600 46,385.00 1 35% 209,400
523,600 ……… 157,804.25 1 37% 523,600 523,600 ……… 156,355.00 1 37% 523,600
Married filing jointly or Qualifying widow(er)— Married filing separately—Schedule Y–2
Schedule Y–1
If taxable of the If taxable of the
income is: But not amount income is: But not amount
Over— over— The tax is: over— Over— over— The tax is: over—
$ 0 $ 19,900 ………10% $ 0 $ 0 $ 9,950 ………10% $ 0
19,900 81,050 $ 1,990.00 1 12% 19,900 9,950 40,525 $ 995.00 1 12% 9,950
81,050 172,750 9,328.00 1 22% 81,050 40,525 86,375 4,664.00 1 22% 40,525
172,750 329,850 29,502.00 1 24% 172,750 86,375 164,925 14,751.00 1 24% 86,375
329,850 418,850 67,206.00 1 32% 329,850 164,925 209,425 33,603.00 1 32% 164,925
418,850 628,300 95,686.00 1 35% 418,850 209,425 314,150 47,843.00 1 35% 209,425
628,300 ……… 168,993.50 1 37% 628,300 314,150 ……… 84,496.75 1 37% 314,150
Copyright 2022 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
Copyright 2022 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
, Tax Formula for Individuals
Income (broadly defined). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $xx,xxx
Less: Exclusions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (x,xxx)
Gross income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $xx,xxx
Less: Deductions for adjusted gross income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (x,xxx)
Adjusted gross income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $xx,xxx
Less: The greater of—
Total itemized deductions
or standard deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (x,xxx)
Less: Personal and dependency exemptions*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (x,xxx)
Deduction for qualified business income** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (x,xxx)
Taxable income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $xx,xxx
Tax on taxable income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ x,xxx
Less: Tax credits (including Federal income tax
withheld and prepaid). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (xxx)
Tax due (or refund). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ xxx
*Exemption deductions are not allowed from 2018 through 2025.
**Only applies from 2018 through 2025.
Note: For 2021, individuals using the standard deduction may also subtract from adjusted gross income, cash charitable
contributions of up to $300 ($600 if married, filing jointly).
Basic Standard Deduction Amounts
Filing Status 2020 2021
Single $12,400 $12,550
Married, filing jointly 24,800 25,100
Surviving spouse 24,800 25,100
Head of household 18,650 18,800
Married, filing separately 12,400 12,550
Amount of Each Additional Standard Deduction
Filing Status 2020 2021
Single $1,650 $1,700
Married, filing jointly 1,300 1,350
Surviving spouse 1,300 1,350
Head of household 1,650 1,700
Married, filing separately 1,300 1,350
Personal and Dependency Exemption
2020 2021
$4,300 $4,300
Note: Exemption deductions have been
suspended from 2018 through 2025.
However, the personal and dependency
exemption amount is used for other purposes
(including determining whether a “qualifying
relative” is a taxpayer’s dependent).
Copyright 2022 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
Copyright 2022 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
