New Income Tax Brackets for 2021
In 2021 standard deduction for single taxpayers will increase by $150 to $12,550, and standard deduction for married couples filing jointly will increase by $300 to $25,100. There are seven tax brackets and for 2021 the tax rate for each bracket is: 10%, 12%, 22%, 24%, 32%, 35% and 37%. These brackets are marginal, which means that different portions…
