Tax Rates

Tax Rates

Tax Rates

The following sets out key tax rates for 2021

Married Individuals Filing Joint Returns, & Surviving Spouses

Taxable Income2021 Tax
Not over $19,90010% of taxable income
Over $19,900 but not over $81,050$1,990 plus 12% of the excess over $19,900
Over $81,050 but not over $172,750$9,328 plus 22% of the excess over $81,050
Over $172,750 but not over $329,850$29,502 plus 24% of the excess over $172,750
Over $329,850 but not over $418,850$67,206 plus 32% of the excess over $329,850
Over $418,850 but not over $628,300$95,686 plus 35% of the excess over $418,850
Over $628,300$168,993.50 plus 37% of the excess over $628,300

Heads of Households

Taxable Income2021 Tax
Not over $14,20010% of taxable income
Over $14,200 but not over $54,200$1,420 plus 12% of the excess over $14,200
Over $54,200 but not over $86,350$6,220 plus 22% of the excess over $54,200
Over $86,350 but not over $164,900$13,293 plus 24% of the excess over $86,350
Over $164,900 but not over $209,400$32,145 plus 32% of the excess over $164,900
Over $209,400 but not over $523,600$46,385 plus 35% of the excess over $209,425
Over $523,600$156,355 plus 37% of the excess over $523,600

Single Individuals

Taxable Income2021 Tax
Not over $9,95010% of taxable income
Over $9,950 but not over $40,525$995 plus 12% of the excess over $9,950
Over $40,525 but not over $86,375$4,664 plus 22% of the excess over $40,525
Over $86,375 but not over $164,925$14,751 plus 24% of the excess over $86,375
Over $164,925 but not over $209,425$33,603 plus 32% of the excess over $164,925
Over $209,425 but not over $523,600$47,843 plus 35% of the excess over $209,425
Over $523,600$157,804.25 plus 37% of the excess over $523,600

Married Individuals Filing Separate Returns

Taxable Income2021 Tax
Not over $9,95010% of taxable income
Over $9,950 but not over $40,525$995 plus 12% of the excess over $9,950
Over $40,525 but not over $86,375$4,664 plus 22% of the excess over $40,525
Over $86,375 but not over $164,925$14,751 plus 24% of the excess over $86,375
Over $164,925 but not over $209,425$33,603 plus 32% of the excess over $164,925
Over $209,425 but not over $314,150$47,843 plus 35% of the excess over $209,425
Over $314,150$84,496.75 plus 37% of the excess over $314,150
We look forward to assisting you with your tax and accounting needs

Contact us today to schedule a consultation.