Joseph Oommen | CPA
215.676.7666

Tax rates

Your taxable income

= Gross Income – Standard Deduction – Total Exemptions

Standard Deduction Amounts

Filing status 2019 tax year 2020 tax year
Single $12,200 $12,400
Married, filing jointly $24,400 $24,800
Married, filing separately $12,200 $12,400
Head of household (HH) $18,350 $18,650
The standard deduction is $1,300 higher for those who are over 65 or blind; it’s $1,650 higher if also unmarried and not a surviving spouse.

Federal Income Tax Brackets

Tax Rate Unmarried Individuals,
with taxable income over
Married Individuals filing joint returns,
with taxable income over
Head of Households,
with taxable income over
10% $0 $0 $0
12% $9,700 $19,400 $13,850
22% $39,475 $79,950 $52,850
24% $84,200 $168,400 $84,200
32% $160,725 $321,450 $160,700
35% $204,100 $408,200 $204,100
37% $510,300 $612,350 $510,300

Source

Other credits

Child Tax Credit up to 16:   $2,000
Personal exemptions:   $500
College Tuition Credit:   $2,000

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