Your taxable income
= Gross Income – Standard Deduction – Total Exemptions

Standard deduction amounts

Filing status2019 tax year2020 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 RateUnmarried 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

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.

Other credits

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