Tax Planning

Tax Table

"Always have last year's Federal and State Tax Returns handy when you're doing your taxes. There are a number of items which can save you money if you know where to look."

-Howard Choder

2020 Tax Table

Schedule X
Single

If taxable income is over	But not over	The tax is:
$0	$9,875	10% of the amount over $0
$9,875	$40,125	$987.50 plus 12% of the amount over $9,875
$40,125	$85,525	$4,617.50 plus 22% of the amount over $$40,125
$85,525	$163,300	$14,605.50 plus 24% of the amount over $$85,525
$163,300	$207,350	$33,271.50 plus 32% of the amount over $163,300
$207,350	$518,400	$47,367.50 plus 35% of the amount over $207,350
$518,400	no limit	$156,235 plus 37% of the amount 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 the amount over $0
$19,750	$80,250	$1,975 plus 12% of the amount over $19,750
$80,250	$171,050	$9,235 plus 22% of the amount over $80,250
$171,050	$326,600	$29,211 plus 24% of the amount over $171,050
$326,600	$414,700	$66,543 plus 32% of the amount over $326,600
$414,700	$622,050	$94,735 plus 35% of the amount over $414,700
$622,050	no limit	$167,307.50 plus 37% of the amount over $622,050

Schedule Y-2
Married Filing Separately

If taxable income is over–	But not over–	The tax is:
$0	$9,700	10% of the amount over $0
$9,700	$39,475	$970 plus 12% of the amount over $9,700
$39,475	$84,200	$4,453.50 plus 22% of the amount over $39,475
$84,200	$163,300	$14,382.50 plus 24% of the amount over $84,200
$160,725	$204,100	$32,089.50 plus 32% of the amount over $160,725
$204,100	$306,175	$46,628.50 plus 35% of the amount over $204,100
$306,175	no limit	$82,354.75 plus 37% of the amount over $306,175

Schedule Z
Head of Household

If taxable income is over–	But not over–	The tax is:
$0	$13,850	10% of the amount over $0
$13,850	$52,850	$1,385 plus 12% of the amount over $13,850
$52,850	$84,200	$6,065 plus 22% of the amount over $52,850
$84,200	$160,700	$12,962 plus 24% of the amount over $84,200
$160,700	$204,100	$31,322 plus 32% of the amount over $160,700
$204,100	$510,300	$45,210 plus 35% of the amount over $204,100
$510,300	no limit	$152,380 plus 37% of the amount over $510,300